Things to Note When Starting Your Very First Retail Shop
 

Hi,

am searching around for a retail shop and would appreciate any feedback and sharing on what to lookout for when beginning one's retail shop in view of total cost setup. Below are some items that I feel are pivotal in the consideration.

- Company registration
- Rental Cost
- Renovation cost
- point of sale system
- Furnishings
- Utilities

Re: Things to Note When Starting Your Very First Retail Shop
 

most important thing u forgot is the stocks ! staff salary and expenses

Re: Things to Note When Starting Your Very First Retail Shop
 

Don't forget insurance and advertising/marketing cost.

Re: Things to Note When Starting Your Very First Retail Shop
 

A financial budget please! No matter how small scale is your business, with proper financial planning, u will know your financial strength and how far u can go, when to expand, when to cut loss, how much stocks to carry, when not to overspend etc etc.

Re: Things to Note When Starting Your Very First Retail Shop
 

and always do research. make a few lists:

1. why some business thrive
2. why some business fail

talk to people. talking means you get to learn

all these from my personal experience, let me know if you like to meet up so we can chat more. i like to talk about business. LOL!

Re: Things to Note When Starting Your Very First Retail Shop
 

Sorry to divert the topic abit...

Can anyone advise how much are the market-rate salaries of local and foreign staff (part-time & full-time) manning the counter in a Watson-like retail store?

Most appreciate!

Re: Things to Note When Starting Your Very First Retail Shop
 

should be about 6-7 per hour, i think. thats about min lately. unless you're looking at something like 7-11 which is insanely low.

Re: Things to Note When Starting Your Very First Retail Shop
 

Thanks Mystech!

What's the rate for 7-11 like?

Re: Things to Note When Starting Your Very First Retail Shop
 

last i heard was about half that. Which i frankly think is quite impossible.. its based on hearsay, not 1st hand knowladge.

Re: Things to Note When Starting Your Very First Retail Shop
 

also some legal fees budget.. some weird guy always like to sue out of nowhere when u get bigger...