Switching from Full Time Employee to Starting Retail Biz

pinkknitter

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...

jamie123

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.

Across

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

Across

Hi,

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

Regards

shadowcast

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

Across

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

pinkknitter

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

KarryMi Jewellery

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 !!!

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!!!

KarryMi Jewellery

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.

Across

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