Things to Note When Starting Your Very First Retail Shop

Looi78 · 25-10-2010, 10:30 PM

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

RemiserQueen · 28-10-2010, 07:48 PM

Quote:

Originally Posted by Looi78

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

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

tovi123 · 08-02-2011, 12:17 PM

Don't forget insurance and advertising/marketing cost.

xoxoxo · 10-02-2011, 01:00 PM

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

tuckcts · 25-02-2011, 01:02 AM

Quote:

Originally Posted by xoxoxo

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

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!

tovi123 · 02-03-2011, 01:37 AM

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!

Mystech · 03-03-2011, 04:10 AM

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.

tovi123 · 03-03-2011, 12:15 PM

Thanks Mystech!

What's the rate for 7-11 like?

Mystech · 06-03-2011, 04:24 AM

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

nyxynyx · 27-03-2011, 06:20 AM

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

25-10-2010, 10:30 PM	#1
Looi78 Junior Member Join Date: Aug 2010 Location: AMK Posts: 3 My Reputation: Points: 10/ Rep Power: 0	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

08-02-2011, 12:17 PM	#3
tovi123 Member Join Date: Feb 2011 Location: Singapore Posts: 12 My Reputation: Points: 10/ Rep Power: 0	Re: Things to Note When Starting Your Very First Retail Shop Don't forget insurance and advertising/marketing cost.

10-02-2011, 01:00 PM	#4
xoxoxo Senior Member Join Date: May 2007 Location: East Posts: 186 My Reputation: Points: 10/ Rep Power: 18	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, you will know your financial strength and how far you can go, when to expand, when to cut loss, how much stocks to carry, when not to overspend etc etc.

02-03-2011, 01:37 AM	#6
tovi123 Member Join Date: Feb 2011 Location: Singapore Posts: 12 My Reputation: Points: 10/ Rep Power: 0	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!

03-03-2011, 04:10 AM	#7
Mystech Senior Member Join Date: Mar 2008 Location: Singapore Posts: 323 My Reputation: Points: 10/ Rep Power: 18	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.

03-03-2011, 12:15 PM	#8
tovi123 Member Join Date: Feb 2011 Location: Singapore Posts: 12 My Reputation: Points: 10/ Rep Power: 0	Re: Things to Note When Starting Your Very First Retail Shop Thanks Mystech! What's the rate for 7-11 like?

06-03-2011, 04:24 AM	#9
Mystech Senior Member Join Date: Mar 2008 Location: Singapore Posts: 323 My Reputation: Points: 10/ Rep Power: 18	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.

27-03-2011, 06:20 AM	#10
nyxynyx Junior Member Join Date: Mar 2011 Location: Simei Posts: 4 My Reputation: Points: 10/ Rep Power: 0	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 you get bigger...

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