Switching from Full Time Employee to Starting Retail Biz
 

Hi all, i am new here.... I am thinking of switching from my full time job to start a retail biz but i've got no experience in online biz or shopfront biz at all. I just feel too stressful of my job & want to be in control of my own biz.

(1) can i know what are the average Net earnings that the majority of the forumers here averaged? anyone hit $4-5K (whether online or with shopfront)?

(2) where am i be able to source for cheapest suppliers/wholesalers besides this website?

(3) what are the procedure of starting the biz :-
- need to register with ACRA?
- apply what license?
- implications on GST etc.?
- any others that i missed out & the timelines for these?

Thanks for your valuable advice...
:)

Re: Switching from Full Time Employee to Starting Retail Biz
 

1) This will be difficult. You will need a few months if not years of built up regular customers to achieve that. Business is a long term thingy.

2) I will recommend Alibaba

3) ACRA is a must. The rest of license depends on your trade. You can find more information at ACRA website.

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi,

I agree with jamie123 to certain extent.

1) It's really not easy

2) Not recommended for newbie

3) -You need to register with ACRA to start a retail business unless you talk about bazaar or flea market that you wanna try out first (can consider).
-As Jamie123 said, depends on what trade.
-GST not recommended when your business is small

Actually doing business is really not easy, you might ended up being more stressful than working as an employee.

Correct me if I'm wrong.

Regards

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi,

2) I mean alibaba is not recommended for newbie. Source of supplier will depend on types of products.

Regards

Re: Switching from Full Time Employee to Starting Retail Biz
 

if not alibaba, then what would you suggest @_@.

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi shadowcast,

I'm sorry to say that you have asked a rather sensitive question. Not many people here would like to share with you because you might end up being their competitors.

If you don't mind, many members here would be very happy to supply you or put their stock with you on consignment this will help you save trouble on sourcing too.

As mentioned earlier, supplier will very much depends on types of products you are looking for. May I know what will you be selling? If it's fashion I know of one website, may not be the cheapest but allows you to buy in small quantity, pricing wise is still sellable.

Regards

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi, thanks for all the replies...I am thinking of trying out fashion bags...hope can source cheap priced items & can sell well...:p

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi,
I totally agreed with all the earlier replies, Its really not easy for newbie.
But if your have the passion and never give up attribute and have enought backend $$$ to support you for at least half to 1 year, i still believe one can make !!!:yippee:

I speak from my own experience! I am a IT professional with Monthly salary > 3k in 2007 years. I am very keen to try out something and be my own boss also, So i attempted to booked some bazaar stalls and test water. However cos I still holding my full time IT job, its dam tiring, But quite satifiying and eye opening experience. I couldn't recover my cost most of the time, couldn't even break even for most the days that I tried in 2007. and my $$$ all stuck with my huge investment in my Jewellery stocks that I hold and in fact still holding now.

After attempted a few tries, I realise I cannot cope with the 2 Jobs stress. So i KIV my attempts to be "My own Boss" and concentrate with my IT job wholeheartedly.
However, my passion for my "Own boss business" never dies, I will once a while come back to this forum to read about how others are doing and if there good chance for my to try again. and Recently, I have the urge to "Chong2 Sin2 Chu1 Fa1", and try the bazaar again and past painful experience has given my some conclusions. Part time not easy, if really want to test water, the bazaar/pushcart that you rent cannot be too long. and the current "Kallang Leisure Part" weekend fashion bazaar 28-29 Mar 2009 fit perfectly with my selection and that why I am there yesterday. But SALE not as good as I expected butr lucky enough to just break even. But never mind, Try my best Today. 29 Mar and hope to see a better results.
If you are free, I am more than willing to share my experience with you. See you there at Kalllang Leisure Park Table 22, Hip Hip hurray!!!:yippee:

Re: Switching from Full Time Employee to Starting Retail Biz
 

Forgotton about my most important thing that I hope I could advice.
Hi pinkknitter, I strongly advice you not to jump into this Water like what I have Did in 2007, instead, I suggest you to tried to work for other pushcart/Bazaar owners to gain the Valuable experience of maning a push cart/bazaar and test water first. Don't blindly invest in your $$$ first. if after trying out a few rounds of helping at Pushcart/Bazaar stalls and by then, If you are still confident that you love the jobs and still have passion then that the RIGHT time to make your important decision to go into this business.:)

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi pinkknitter,

I'm sorry that I can't be of any help if you are selling bags. The only website that I know is ladies apparel.

Regards

Re: Switching from Full Time Employee to Starting Retail Biz
 

Let me share my experience in this biz. I sold ladies fashion bags 3 years ago. I did it in pushcarts and bazaars as well as those yellow boxes. I carried overrun stock and the designs are exactly like famous brands but without the brand name tags or name on it. I'm afraid of getting caught selling fakes. Business was great bcoz many recognised the designs and also know it is not fakes but just brandless. My price is between $20-$50 with profits of 150-200%. Sound fantastic? I gave up this biz after a year. The reasons?
1. the retail hrs are more than 12 hrs everyday, no weekends and holidays
2. I employed part-timers while I rest but most of them are either not selling for you, irresponsible and some steal. I gave up!
3. Moving around in different locations is a challenge. You must have your own means of transport and helpers. The bags can be very bulky, heavy and cannot be crushed or scatch.

These are only some of the problems I face that make me gave up. Now I only be a distributor of a patented sanitary napkins and also jont venture with my friend as ladies fashion supplier. You know what, it is as good as I am running my own show. Oh, I am also a full time employee now too!

Hey, I am not running down your enthusiam, I felt exactly like you back then when I strated my pushcart biz. Who knows you might be successful and be the next Gucci. :clap:

Wish you all the best!

Re: Switching from Full Time Employee to Starting Retail Biz
 

hi,
i will reply to you on my personal experience.. its easy to start a busines but its NOT easy to maintain that business and to be steady instantly. honestly it took me three years to just have a regular customer base. and even longer to learn to meet their expectations and gain trust.

so if u want to start..keep ur job. start a small pushcart or e-shop. get some experience and base. then when you are confident enough then start a full swing busines and switch career. yeah and one more thing.. there is no such thing as a good job environment.. there is SH@@T in every office, and every working environment. its just the magnitude of the shi##t that changes from place to palce. so learn or try to find a way to cope up with pressure, in the mean time start something as a side line. then when u are okay with business say bye bye to ur day job.

Re: Switching from Full Time Employee to Starting Retail Biz
 

Hi,

It is the first move that many people made that changed everything. Not every boss was born to be boss but it was the first move that they made that change everything. Like KarryMi Jewellery said, if you have the passion and never give up attribute and money to back you up, it is worth trying.

It also depends on the context and situation that you are in. Starting up your own business is not only talking about money and passion, time, commitment and energy is also a great part that you have to sacrifice based on chun_dan’s experience. There are many other problems and difficulties that you will be facing like what KarryMi Jewellery has shared, can’t generate inventory into cash and some of the problems that chun_dan’s has encountered.

If you are young and have little commitment, you could go for your passion and dream other than to live with regrets. Whether is a success or a failure it is a character building stage that will change your thinking and personality and might even change you in whole.

Always remember not to put all your eggs into one basket as doing business is a win or lose kind of thing.

Regards

Re: Switching from Full Time Employee to Starting Retail Biz
 

Best is to keep your current job and start out at part time. Gain some experience and regular base then go into full time. Else, it's hard to survive from the money that you earn from the push cart. Also, it's good to test out your products with the market. What you think is good may not be what the public think.

Re: Switching from Full Time Employee to Starting Retail Biz
 

Why have you not considered a stall front? when your business was picking up.

Doing business is long-term. Its a matter of management and customer service.
Once you handle that both well, you will proceed with other matters like sourcing for even cheaper, even better, even nicer products to reach out to your supporters.

Glad you have became a supplier now.
I am interested in your ladies apparel. Do PM me your quotations. :yippee: