I Got $50k Cash - Page 3

jamesma · 17-08-2010, 08:30 PM

Quote:

Originally Posted by 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.

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.

ahpeow · 18-08-2010, 11:35 AM

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....

tycoon · 19-08-2010, 12:09 PM

Hi, juz my newbie 2 cts worth... have you 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.

ultimateworker · 20-08-2010, 02:10 AM

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.

noeclue · 20-08-2010, 08:01 AM

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.

ericyfj · 17-09-2010, 11:07 AM

Emotap..you can Pm me if you wanna do business?

erin · 17-09-2010, 11:20 AM

Quote:

Originally Posted by 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?

hi,i applaud your guts to go into biz..its good to live your 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 you 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, you need at least 6months of emergency cash.
Eg. rent $5k + $5k goods + miscellaneous/repairs $1k + $1k advertising = $12k/ month
$12k x 6 = $72
roughly, you need about $72k as EMERGENCY CASH FLOW, not talking about startup capital.
so my 2 cents worth to you is to start with low capital ideas, and start your biz only when you have set aside emergency cash flow.
In biz, While guts is good, cash is better...

All the best

D'CrystalBelle · 17-09-2010, 11:24 AM

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

Dragonlet · 03-11-2010, 07:15 PM

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...

jemgym · 14-11-2010, 07:55 PM

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

18-08-2010, 11:35 AM	#22
ahpeow Member Join Date: Jan 2009 Location: Balestier Posts: 24 My Reputation: Points: 10/ Rep Power: 0	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....

19-08-2010, 12:09 PM	#23
tycoon Junior Member Join Date: Aug 2010 Location: Woodlands Posts: 1 My Reputation: Points: 10/ Rep Power: 0	Re: I Got $50k Cash Hi, juz my newbie 2 cts worth... have you 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.

20-08-2010, 02:10 AM	#24
ultimateworker Senior Member Join Date: Apr 2007 Location: Singapore Posts: 56 My Reputation: Points: 10/ Rep Power: 19	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.

20-08-2010, 08:01 AM	#25
noeclue Senior Member Join Date: May 2008 Location: Australia/Singapore Posts: 193 My Reputation: Points: 10/ Rep Power: 18	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.

17-09-2010, 11:07 AM	#26
ericyfj Junior Member Join Date: Sep 2010 Location: Bugis, Cinelasure, Tampines Posts: 2 My Reputation: Points: 10/ Rep Power: 0	Re: I Got $50k Cash Emotap..you can Pm me if you wanna do business?

17-09-2010, 11:24 AM	#28
D'CrystalBelle Junior Member Join Date: Jun 2010 Location: Tampines Posts: 4 My Reputation: Points: 10/ Rep Power: 0	Re: I Got $50k Cash I just imported 1 container of ladies shoes & sandals, now looking hard for retail outlets

03-11-2010, 07:15 PM	#29
Dragonlet Junior Member Join Date: Nov 2010 Location: Rochor Road Posts: 3 My Reputation: Points: 10/ Rep Power: 0	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...

14-11-2010, 07:55 PM	#30
jemgym Junior Member Join Date: Nov 2010 Location: Bukit Panjang Posts: 2 My Reputation: Points: 10/ Rep Power: 0	Re: I Got $50k Cash TS 50k is not a small sum of money...plan carefully and make sure you research enough...especially on the demand of your product...do not venture in blind

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