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.