Starting a retail business ...
 

Hi all...

I'm very interested & keen to open up a small shop selling accessories & clothes.
I have no experience at all whatsoever...
So currently, I'm looking around and trying to find out more on the price,
the license, a good and "worthy" location, etc...
Anybody knows where is good & not very expensive?
I am not interested to open at a mall btw.
Because my aim is to open & close the shop at my own timing &
not be restricted by the mall's business hours..
Any comments / advise / opinions ?

All are welcome...

Cheers!

Re: Starting a business ...
 

hi, i am planning to open one in july, so if u r interested or anyway we can work together, please PM me, jacqueline

Re: Starting a business ...
 

Uniquez,
Where would your shop be? Care to share more info? I am also keen to set up something....

Re: Starting a business ...
 

Hi Uniquez,

I'm interetsed to share the shop with you. Where you intend to open ur shop? Pls PM me to discuss more...

Regards,
Ken

Re: Starting a business ...
 

Yeah....details!! :clap:
Where are you opening and what are you selling?

Re: Starting a business ...
 

If location is good, it means there is good human traffic, and if the shoppers have buying power, that's even better but if it is good, it's gonna be expensive. And this is very true in Singapore where space is limited. :mad:

When looking for a suitable location, also bear in mind who are your target consumers, it makes a diff whether u are selling your stuff to the aunties crowd, the office ladies or teenagers... good luck.... ;)

创业难,守业更难....

Re: Starting a business ...
 

I was thinking of setting up a shop somewhere off the prime shopping area.
I think I will depend more on regular customers & network.
However, having people know about the shop's existence & dropping by is a big bonus. But I was wondering if people are willing to travel / walk there just to browse.

Re: Starting a business ...
 

Advertising is key if you want to be off the prime shopping area. Products muz be really unique to attact customers, preferably something that u can't find elsewhere then it will make their trips worthwhile. Customer service is also crucial... sometimes customers return not just because of your products, it's the excellent customer service that brings them back.

As for your poll, I think option 2 and 3 can be group together. I think most girls will be willing to travel to somewhere far if the shop has a range of items they like but most will do that only once in a while. May be u can consider changing the poll to how often will they visit? Zero (which is equivalent to your Option 1), once a week, twice a month, etc.

Re: Starting a business ...
 

hi there,
do let me know should u be short of contacts for stocks.
i'll be more then glad to help in helping you start up :)

simply mail me will do!

Re: Starting a business ...
 

I found a shophouse, 2 storey....
I don't need that much space but renting out to other people is a risk also..
Cos the stairs inside...It'll be a bit of a chore too cos
my operating hours will be uncertain. What do you guys suggest?

Re: Starting a business ...
 

Y renting out to other people is a risk? is it becos they will damage ur shop?

Re: Starting a business ...
 

Oh......It's ok....
I have a great idea...which I am considering at the moment..
And I think it benefits a lot of people. :)
Will update you guys as soon as I have it firmed.
Meanwhile, can anybody enlighten me on how to start off?
The registration and all....the tax...whatever I should know...?
Anything helps!


Cheers!

Re: Starting a business ...
 

hmm.. shophouse.. ur location got traffic?

anyway i used to do online sales of my handmade accessories (swarovski crystals, glass, beads, etc), but no time to maintain my website cos working fulltime. i still have quite a fair bit of accessories left. i can put the stocks with u on "consignment-like" basis, payment only when items are sold. do pm me if interested :)

Re: Starting a business ...
 

Hi...Yeah, I have exactly the same problem as you..lolx..
But now I'm updating my website again after more than a year!
I'll definitely take in consignments and more when I have a place..
Will update you guys again..
Cos I just checked the shophouse has been rented out.
So, currently I'm still looking... :coffee:

Re: Starting a business ...
 

Yes...its great to hear you starting a biz, i also do wholesale bags, accessories and beauty products in small qty or consigment...if you are
keen, drop PM to me and I will email details to you. In addition, if you are
also keen in displaying your products in an online shopping mall without paying any rental fee, PM me and I'll pass you more info.

:thanx:

Re: Starting a business ...
 

Hi
I'm selling hair accessories, pouches and wristlets.
Do you mind consignment when your shop is ready?

Re: Starting a business ...
 

Hi
I'm interested in finding out more on the online shopping mall that you mention.
Will you mind sharing the info with me?
Thanks

Re: Starting a business ...
 

We are consulting firm assisting entrepreneurs/Business owners the opportunity on enhancing the growth of a business entity. Be it to - to fund my start-up. - to fund my daily operations. - to purchase or construct a factory, building or business premises. - to purchase machinery or equipment. - to expand my business overseas.

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Re: Starting a business ...
 

We are consulting firm assisting entrepreneurs/Business owners the opportunity on enhancing the growth of a business entity. Be it to - to fund my start-up. - to fund my daily operations. - to purchase or construct a factory, building or business premises. - to purchase machinery or equipment. - to expand my business overseas.

We are creating a Network form by several alliance partners(New start up business partners) to benefit each other in business growth and profit from each other. Please contact us at 93218039 or email: [EMAIL REMOVED - Send PM to This User Instead] to discuss further.

Re: Starting a business ...
 

Are you able to PM me and will email the info to you asap.:thanx:

Re: Starting a business ...
 

No offense.
But i believe most of you have not much experience in a real retail environment.

There's many types of retail experience, i believe TS is toking about those similar to Haji lane. I can tell u 100% it won't work, there's no such success module in SG for apparel retail AFAIK. The more successful ones are merely trying to make ends meet. Cannot, recover their capital, or liabilities if they had taken any loans.

I know someone who did not listened and crashed face down. 2 months at Haji lane and ZERO sales.
You cannot expect people go all the way buy your things.

I can tell u go to the malls, play on VM ( Visual Merchandisiing) and Customer Service. Will work much better. Go find out more abt these 2.

I was one of SG's biggest company's best man, trained the best team, broke all the sales records.

Re: Starting a business ...
 

sorry bout was unable to pm...
but can email be at yahoo.com
thanks

Re: Starting a business ...
 

yes you may.
do you have my yahoo email add?
thanks

Re: Starting a business ...
 

erm i dont...is it ur nick pls yahoo?

Re: Starting a business ...
 

[Pls use PM]

:juggle:

Re: Starting a business ...
 

Hi
What products are you look??
We supply Fine 925Sterling silver items
Pm,for info

Re: Starting a business ...
 

actually, he/she might not be talking about haji lane per se. just that area. I know of a shop at bushorrah(?) street thats doing quite well. selling decorations and lacqure ware. already opened a 2nd one.

Re: Starting a retail business ...
 

Actually...Personally I think that in this industry, for you to be successful,
perseverance & patience is the key PLUS you also need loads of luck!
It doesn't matter where is the location. If your products are worth, people wouldn't mind coming all the way. :)

Re: Starting a retail business ...
 

true true.. eg u see those food stalls at amoy food centre.. despite the hour-long lunch hour, people will just join the very long queues if they think the food is nice and worth the money

but of cos cannot take ur customers for granted too. some businesses just die out when they become successful then forget about their customers

Re: Starting a business ...
 

Re: Starting a retail business ...
 

I'm not here to throw in the wet blanket, but its true that unless you are in one of the following category (if not, don't even consider getting yourself in retail biz)

1) just for experience sake
2) have too much $$$$ and would like to try out something adventurous
3) have ready and available 'supplies' of stocks from family business
4) have a vision/ambition to open a chain of shops or even departmental store

I just ended my 7years of retail business and I've been clearing my 7 years of stuff bit by bit for a year now, and STILL clearing...

why I decided to end this is simple
1) cost of stocks keep going up, yet customers refused to accept it, when you increase your selling price

2) cost of rental (be it table space in bazaars or pushcarts or counter) keep going up at the mercy of the organiser and the management, yet you could only choose to leave or swallow the heavy cost.
(I was an organiser of bazaars too, and as time goes by, I was at the mercy of the management, who rented the 'floor area' to me kept increasing the price, if I increase the rental price of the individual stalls, it would be HARD for them to earn...so I stop being an organiser, I'm an organiser with the retailers' interest at heart...)

3) cost of freight forwarding and travel expenses only rise and never falls. Many retaillers forgot to include such expenses as part of the cost of the goods they buy back to sell, hence they always complain that they 'don't see money' - all because their accounts were not properly calculated!

yes, 7 years ago, I earned. But as the years go by...I barely could survive even though I changed my products so many times, I'm not block-head, ok, I don't just sell one product for 7years, cos what people like to buy in the past does not = to what they like now....you've got to be flexible to meet the changing needs.

so here I am clearing all my 7years of stocks and displays and all that stuff....but one thing for sure - that's NO REGRETS, it WAS a great experience.:applause:

Re: Starting a retail business ...
 

Angeline, I understand your agony here. The psf rental for retail in heartland shopping centre has gone up relatively over the years, let alone the leasing spaces in Orchard and Bugis area. Today, the cheapest that we are looking at is around $30psf so imagine how you need to utilise your leased space to it's fullest...and it is not talking about bringing the buying crowds into your shop.

I have been in the business for the past 8 years too...doing fashion retail and wholesales and is also having to encounter rise in both operating and inventory costs. There will always be a huge gap between small timers like retailer and those huge established departmental stores. The order volume will allow negotiation for better price and huge orders and holding power helps big buyers to cut down on overall freight expenses.

I am sure with your experience, you learned and knows how to better manage your risk and operating costs than many of the newbies. Good luck to you. :-)

Re: Starting a retail business ...
 

Thank you strudel for the good luck!
I'm enjoying my non-retail life right now. Saying goodbye to working for 10-12hours 363 days (minus the 2days of CNY), goodbye to the troubles of getting the 'wrong' staff and in the end caught stealing $ from my stall, goodbye to not having enough time for my 2 kids, goodbye to unhealthy sleeping and eating patterns, goodbye to all of that! *muack* loving my life now.
Thank you strudel, once again!

Re: Starting a retail business ...
 

:laff: :laff: :laff: Life is short, pursue in whatever you feel is your top most priority and your dreams. I agree, there is never a possible case of having the right staff, in fact all staffs steal!!! Either your time, your customer, your inventory or your cash...so at the end of the day, it translate to your investment. That's human nature, greed.

Good to hear that you are enjoying life now. Cheers :yippee:

Re: Starting a retail business ...
 

Life is short. Just do what you want. Afterall we only pass through life but once. I think for retirees or tai tai with extra time on their hands, retail line should be fund. But they must put in effort and $$$$ into the biz. :yippee:

Re: Starting a retail business ...
 

Wow... great experiences to share from angeline and strudel and all here.. :applause:
I've started my accessories business since i quited my hell daytime job. And what i found is the rental here and there are killing me arrhh!!
So i joined flea markets and bazaar elsewhere and made new friends :D \
Thanks to all here for the sharing i really learned alot from ya'll!!

Oh angeline, do you have 2nd hand clothes rack to let go? Can pm me the prices? half size stand manequins as well? Thks!! :)

Re: Starting a retail business ...
 

Reading through this site brings much thoughts and memories to me. I have stepped into the retail line for quite some time. I currently owns a fashion boutique and will be looking forward for expansions when the chance allow.

I'd agree with quite a few of the forumers have said. It's not easy to start a fashion retail shop in singapore. Either you must have heck alot of cash on hand, or you've gotta have alot of luck.

Being in this industry, I know of many big players in singapore. And I also know of many who died down very fast, losing everything they've invested. Honestly, don't jump into this industry for the sake of trying out something. Always ask yourselves if you are prepared to lose everything. Can you afford the loss? if you can, go ahead. if you can't,pls think twice....

In fact, let me just share with you my story. When i started, my rental was 3k + . Considered a outta town area (i'm at chinatown). For the 1st 6 months, my total sales is lower than my rental... so imagine how much is lost there. Subsequently, rental was increased due to some reasons.. now hitting near to 4k. But of cuz i perserved on and had the fundings to pull me through.

In fact if you ask me if i'm solely doing retail now, i'd say No. I turned to manufacturing clothes, buyign my own materials and doing wholesales. But i must say the amount of money thrown in to convert from retail to wholesales is quite significant. Till date, things have started picking up relatively well and I've not regretted with my decisions.

Please calculate your own finance properly. A physical shop is not like an online shop. Your rental, your electrical, your overhead... your contract and your staffs...

Am not discouraging anyone from entering this industry. But think properly.. who knows? some of you might own many many boutiques across the region in the near future?

Re: Starting a retail business ...
 

Me also thinking of starting a small business...but bad economy,rising cost,and now even china currency exchange rates also bad...even really want to start also very risky...:( maybe fleet market will be a better choice for newcomer like me...

Re: Starting a retail business ...
 

Hi score11, if you would like to try out something new such as events, jus drop a message to me. I've got a couple of locations for december and january. (such as, Punggol Plaza, Kovan Linkway and Marine Parade Promenade.)

Re: Starting a retail business ...
 

Thks.. u are the organizer,huh?Rental will be quite high for tis location,rite?:thanx: