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Setting up shop

  • 18-04-2010 8:30pm
    #1
    Rubiee
    Registered Users, Registered Users 2 Posts: 69 ✭✭


    I'm in the process of setting up a discount store and was just wondering if anyone has any hints/tips on things I should watch out for. Retail is a new area for me so any advice appreciated. Thanks in advance.


Comments

  • #2
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭drunkmonkey


    Cashflow is king, get your figures wrong and you'll be out of business in no time. Have you made a cash flow forecast?

    Stock control is also vital unless you intend working 24/7 yourself, you need to be able to tell if stock is going missing and the correct amount is in the till every day.

    Location, Location, Location, if your business is hidden off the beaten track you'll not have footfall, business is screwed.

    If your opening a discount store you'll need to have high volume sales as your margin won't be as strong, have you though about opening just a store?;)


  • #3
    Rubiee
    Registered Users, Registered Users 2 Posts: 69 ✭✭Rubiee


    Thanks for the tips drunkmonkey!


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Rubiee wrote: »
    I'm in the process of setting up a discount store and was just wondering if anyone has any hints/tips on things I should watch out for. Retail is a new area for me so any advice appreciated. Thanks in advance.

    I'm not joking but if retail is new to you, you will find it very difficult.

    Ask yourself why are you setting up a discount shop and not doing something else?


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