I Got $50k Cash
 

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.:thanx:

Re: I Got $50k Cash
 

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.

Re: I Got $50k Cash
 

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.

Re: I Got $50k Cash
 

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.

Re: I Got $50k Cash
 

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?

Re: I Got $50k Cash
 

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

Re: I Got $50k Cash
 

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. u 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...u 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....

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

Re: I Got $50k Cash
 

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.

:)

Re: I Got $50k Cash
 

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!

Re: I Got $50k Cash
 

Hi Emotap,

$50K? Personally i think u 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 ppl 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 u with some ideas.

Good day!!

Re: I Got $50k Cash
 

I can say I'm a customer oriented person. Your point of view i like most. Earnings is still priority difficult it may be yet fulfilling because meet a lot of people, customers satisfaction and in the end make friends.

Re: I Got $50k Cash
 

Btw i need help on some of the following matters

1) how can i trademark my own branding

2) To set up my own registered company.

3)izzit a necessary thing for me to be a registered company before i can do any business online. (heard there are some agency who can do it on my behalf to be a registered company. how much it gonna costs me)

4)can i/legal for me to re-branding stocks from my supplier.

5) to be an ACRA retailer

6)Can i still work with my present company even after i've registered as a company

I'm sorry if i've posts silly question. As i said i'm totally a noob.
Thank You all:o

Re: I Got $50k Cash
 

you can easily set up your own registered company from online
www.bizfile.gov.sg

it's very easy and simple steps to follow.
no point paying the agent to do such task

re-branding the products to your own brand is dependable how the contract or working relationship with your supplier. Usually it's no issue to have your own branding but there might be minimum order to do so.

as long as your company didn't have a clause that specifically said you can't own any business under your name while working with them, you can do so. it's better to check your company policy first.

i hope this little info help :)

Re: I Got $50k Cash
 

Hey, i think the fund you set aside for a start is sufficient, do a bit of calculation and start small. Do product launch. Short term lease to try. Start with small min Qty 1st , dont care abt MOQ, sometimes design n quality count. Check on consume needs n interest. Pay a bit more for the 1st few batch of goods to start 1st, dont jjump ight into lease till yu have 80% confident. Cut loss is the best advice i can say... take low risk n dont be greedy. Is never too late. All the Best

Re: I Got $50k Cash
 

Thank You daffodil21 and from all the people. I've have gather so much information here. Will continue to search new ideas and info for me to pursue my passion.

Re: I Got $50k Cash
 

Hi
I am seldom do posting or replying to any topic. But just out of sudden just to make a post to this topic
Actually i am agreed to what they advise to you. And they are really kind hearted people

Re: I Got $50k Cash
 

I have been online selling for 2years, partly to perfect my skills and partly to understand consumer needs.

To use $50K to setup business is totally possible.
Last year, I assist my friend to setup her gown/ROM shop in far east, her renovation is $15K, and stocks added up to $10K. Rental is around $3K. She also pay about $1K on logo design (for branding for her 2 trades) and another $2K for website building.

Since success from online biz for myself, I have decided to setup a shop in Marina Square. For branded malls, the real killer in renovation is the submission to respective regulatory and their demand in design. This portion was a surprise for us and overshoot out reno target by $5K. Some adjustment had to be made, including using Ikea fixture instead of custom made for simple design to save cost to control within target. Setting up shop on our own is not easy, you have to prepare the stress during the initial period.

For reading materials on registering biz, try this link :
http://www.business.gov.sg/EN/Starti...pe_company.htm


Try to do some market study on your product before venturing. I work for 10+years, and finally reached department head level. Many ppl could not understand why I give up a comfy 5days, on the dot job with no stress. But I know I can create a better future if I succeed, and if I did not, I still have this market that I can return to since my profile is good.

Good luck to you, in advance. Take calculated risk, not blindly fall in. Remember, luck is where opportunity meets preparation.

Re: I Got $50k Cash
 

straight to the point, I like your comment:)

Re: I Got $50k Cash
 

straight to the point, I like your comment:)

Re: I Got $50k Cash
 

Yes, they really are. I'll never forget to all the people who giving tips and advice. i've decided when the time come, i'll setup my biz online as on trial to capture and to have understanding the fundamental of doing my own business and if everything works out according to plan god's willing i'll setup my own shop.:clap: :thanx:

Re: I Got $50k Cash
 

hi, i've got the same passion as you, except you have what i don't: 50k. i already have an online presence. If you're really interested, you should have gone down to China factories and ask around. They don't usually advertise on the internet.

Re: I Got $50k Cash
 

Emotap :

Just my 2 cents opinion. I failed in retailing before. My experience makes me realise that local retail business, not impossible, but is extremely difficult to grow if you want to start small nowadays.

Local market is very saturated and buying spree highly dependant on brands or style.

Just like my friend advise me when I asked should I go back to retailing, the respond is : How many times you see success stories in retail business in the published media compare to food business (eg)?

Again, just my 2 cents....

Re: I Got $50k Cash
 

Hi, juz my newbie 2 cts worth... have u decided the location for you retail shop? It's no secret that location is vital to a retail biz and the type of customers that you are targetting. Bear in mind that if your location is good, the rental will be high.

Re: I Got $50k Cash
 

small retailers are suffering the real brunt of the crisis...
those with really deep pockets can only survive...
to get the real picture, visit strata shopping malls in singapore...
eg. far east plaza, queensway, katong etc.

Re: I Got $50k Cash
 

You can visit every shopping malls, they are the same. Even wet markets are not spared.

Crazy landlords think double digits economic growth = raising the rental by double digits percentage.

Re: I Got $50k Cash
 

Emotap..u can Pm me if u wanna do business?:thanx:

Re: I Got $50k Cash
 

hi,i applaud your guts to go into biz..its good to live ur dream now..its never too late!
but i would suggest you not to plunge straight into a retail shop.You should start with fleas, bazaars or rent stalls outside shops..to have a feel of the ground.
Once u have your own retail store, its going to be really stressful to cover the overhead cost...and yes, $50k is definitely not enuff.
In proper biz planning, u need at least 6months of emergency cash.
Eg. rent $5k + $5k goods + miscellaneous/repairs $1k + $1k advertising = $12k/ month
$12k x 6 = $72
roughly, u need abt $72k as EMERGENCY CASH FLOW, not talking abt startup capital.
so my 2 cents worth to u is to start with low capital ideas, and start ur biz only when u have set aside emergency cash flow.
In biz, While guts is good, cash is better...:clap:

All the best

Re: I Got $50k Cash
 

I just imported 1 container of ladies shoes & sandals, now looking hard for
retail outlets :coffee:

Re: I Got $50k Cash
 

50K is possible... at most... try to look for a shop with minimal renovation...

true on the part where... you think working for others is stress... wait till you have to stress about the rental and staff salary... as i have been thru this stress... everytime when sales is low and what comes in is barely enough for what need to goes out. at times it can totoally drained one out.. i guess i am starting to get tired now... 3 years into retailing biz now...

Re: I Got $50k Cash
 

TS 50k is not a small sum of money...plan carefully and make sure u research enough...especially on the demand of your product...do not venture in blind

Re: I Got $50k Cash
 

I think, starting your own business is a dream, even you lose it, take it like a degree course which takes 2 years, I am sure you will reap the reward and formulate better strategy to earn back the money :)

Re: I Got $50k Cash
 

Hi Emotap

Can see that the kind souls here have done an awesome job of advising you on the technicalities of starting your retail business.

To me, it's not just about being your own boss, but also how important it is for you to do/offer something that you really loved doing. Entrepreneurs become successful beyond their wildest dreams becos they are passionate about the products or services they are offering to their target market. At the end of day, it's this passion or fire that pulls you through the tough times.


Just my 2 cents worth.

Re: I Got $50k Cash
 

Lots of cash + Lots of guts + Lots of passion + Lots of determination + Lots of persistence + Lots of hard work. Good network + Good foresight + Good planning + Good luck. Be positive + Be flexible + Be creative. Lead, don't follow.

Re: I Got $50k Cash
 

$50K is not a small sum of money, but it is not a lot either.
starting a business is gonna be risky especially since you dont have much experience.

i have some ideas for a small business maybe we can chat. PM me if you like to meet up.

Re: I Got $50k Cash
 

hi Emo

Wondering if you r still interested in the shoe bz, i run shoe bz n shops u can sms or call me at

Re: I Got $50k Cash
 

just a quick follow-up question:
is $50K singapore dollars enough to start a retail shop in Singapore? how does this compare to other countries like bangkok.

just want to know.

have quite a few product ideas - imported from overseas and just wondering if it can even be done with that budget. maybe someone got shop can PM me and we can maybe work something out?

:)

Re: I Got $50k Cash
 

50 k to start a shop is possible in singapore, just that you have very little in reserve. rental is gonna take up 10k, for deposits and all, min. say your goods at 10 k too. and your reno, 15 k for a conservertive estimate. thats 35 k gone. 15 k would need to cover salary, utilites, rent, etc etc. conventional wisdom says that you must be prepared to go at least 6 months before you start to break even. So, yes, its possible, just that you have to really do your home work before hand. how is your item special? what is your USP? Frankly, what you can import, others can follow. unless you get exclusive distributership. if you have 50k, my advice is to import something new, and distribute it as widely as you can. I do know of someone who is in the wholesale distribution side for gift items. if you want, I can pass you the contact and you can see if you can work something out with them.