I Got $50k Cash

Emotap

This is my first post so be kind to the newbie and thank you for your time. i'm 40 years old and i would like to start a shoe retail shop. I've got no experience whatsoever. Only driven by my guts.

Assume i have $50k cash and am most interested in opening up a shop selling shoes for men and women with my own brand izzit possible. How do i start? I search thru internet for any shoe distributors in the Philippine and Malaysia but none seems to be reliable. I heard there are lot of factory making shoes in the Philippine but i don't have any contact i mean not even one. Is there anyone here who got experience or having the same passion like me. I'm maybe a little bit old but i'm a hard-working person. Presently I'm working full time for 18yrs with the same company.(not a shoe shop he he)

Yes i know its a little bit ambitious and stupid of me with no knowledge but i really want this.

So please pm me or advice on how can i start my own business.

KittyMi

Hi,
Sorry, I don't have any contacts and advice for you. I just want to highlight to you 50k may not be enough to open a retail shop. We are presently in the process of setting up our own shop and renovation itself cost us about 20k with just the basic flooring, shutter doors, wiring, lighting etc simple touch up here & there. On top of that we still have to pay 1 mth advance rental, 3 mths rental deposit plus a whole lot of other fees like electrical deposit, insurance etc.

I was checking up China manufacturing website on manufacturing of our own shoes yesterday. Minimum order quantity is 500 units per style, each unit is about US$5.

Don't mean to discourage you but better to count all the figures now then running into cash flow problem later.

prettydress

Is too risky to go to retail business nowadays my advice to you if you have
50k please keep it in the bank and feel stress free.

Emotap

Thank you for your advice and all the information. i know it will be risky and i can just blow my 50k goodbye. i will gather all info and advice. God willing i will opening up my own shop target between march - june next year.

Yes absolutely true. I been working with stress for more then 18yrs and i'm determine to make this happen. else fail i've already got a future business partner who are willing to share his experience and knowledge in sports equipment which is also a hobby of mine.

Emotap

Thank you for all your info and advice. My target of opening up my own shop is in between march - june next year. So now i'm gathering much information as i can to help me in achieving my target. i really appreciate it.

Yes your absolutely right but I've already living in a stress for almost 25yrs. No work mean no stress. So i still got to work no matter what. I really want this to work any advice on how to start or maybe some books for me to read?

noeclue

It was back in 2007-2008. Nowadays, you can negotiate for low MOQ.

timtam

Retail is never easy in SG. Just try to find out how much you need to pay for rental..your 50k can be gone in the blink of an eye....

If this 50k is excess cash....i.e. you have some savings stashed up...then ok ..maybe you can dream a little...else it may just be easier to work for people...
if you think working for others is stressful, wait till you have to worry about paying your staff and paying rent....

it is never easy to sell goods...you must be able to convert your goods to cash...what happens if your goods are stuck?

shoes...there are designs, then there are sizes and colours.....how much of each are you going to have..if you don't have enough designs, you can never compete with the big boys...if you have many many designs, you will be limited by the number of sizes/colours you can have....given you have limited start-up capital....

you will need to have a strategy if you really wanna go into biz....if you r targeting the mass market...you can never do it with just your 50k......what will be your unique selling point? why would people pay for your goods/services and not others? just something for you to ponder....

andtrading

Hi,

Got a lot of contacts in the Philippines, wholesalers.

For me, you go for business that you yourself is really pond of.

Like me, I'm reselling ladies clothes and accessories, started on line and now joining bazaars and flea markets, looking to have my own shop in the future.

Quite difficult but I find it very fullfilling not only because you earn but also you meet a lot of people and in the end make friends. But of course earnings is still priority.

You may check Adam khoo website and I think it will help how to start up.

Janesim

Hi,

Just follow your heart. As long as you have the passion and faith, you will do it. Though we may make some mistakes along the way, its okay. Take its as lesson and you make it through. Cheers!

ideaqueen

Hi Emotap,

$50K? Personally i think you should focus yr interest.
I use to hve garments business.
I sell all type stuffs.
But my main customer is man.
I think alot of people target on women but i think man spend much more nowadays then women.
Selling shoes is a good idea.
I use to sell man shoes & i got my stock from thailand & china.
Maybe you can consider operating a sport spa centre for all mens & gay out there.
I might can help you with some ideas.

Good day!!