How to Set up my own shop?

Question

What does it take to set up your own shop/business - I'm talking about a small shop selling posters perhaps - I can't believe it simply involves renting a building and putting up some signs, like straight up 'set up shop. Generally and in context, I'd just like some guidance.

Answer 1

There is nothing simple about paying for rates, electric, water charges, heating and then there is the competition and the need for customers.

Answer 2

In lieu of paying for a ecommerce site I suggest opening an eBay store account, witch is very simple and user friendly. it also has the advantage of having a worldwide selling platform, and I believe the first 30 days are completely free - so you can try it completely risk free.

But if you want a brick and mortar store front - and I suggest this anyway - you should write a business plan and letter of intent. There are plenty of resources to assist you in this process, starting with the Internet and also at your local SCORE or SBA (Small Business Administration).

Once completed bring the completed letter of intent to your city hall building department so they can approve you for a business licence. Once this process is complete (and members of the SCORE or SBA will help you as well) you can apply for tax ID numbers and such.

Having your own business is fun, but very very challenging. You get what you put into it - and sometimes you just put into it with out any return. So do your research, talk to other business owners, maybe join a yahoo group or two - but most off all have fun.

Answer 3

Id recommend doing it online. Find someone to help you set up a fully functioning e-commerce site, and sell your posters from there. Do internet marketing to get customers. I say this becasue even though it may cost a bit to get the site up and running, it is SO much cheaper than setting up a brick and mortar place, where rent and other overhead is so expensive. Plus, online you can sell 24 hours a day, to the entire country. Not just when you're there working, during business hours. Im excited for you. Id suggest getting an LLC, and a business license, and finding a web programmer! Let us know when it gets up!

Answer 4

If you want to open a shop selling nothing but posters, you probably won't make enough to pay the rent.  There is a lot more to it than simply renting a building and putting up signs.  You need a business license, a resale permit, insurance, utilities, and a lot more.  

Before you go any further, I STRONGLY recommend you contact the Small Business Development Center (at your local community college) and talk to them; the counseling is FREE.  Their counselors are experienced business people/entrepreneurs who will work with you to determine if your store is feasible.

Then sign up for the NxLevel Entrepreneurial program...  it's a 12 session course that walks you through the ins and outs of starting or growing your business, and as part of that you will write a business plan.  At the end of the class your plan will be reviewed by a lending professional, and will be critiqued, telling you the strong points of your plan AND the weak points.  

Then you can work on the weak points and hopefully get it into shape to actually present to a lender and get the loan you need.  There is a cost for the NxLevel program but it’s a lot cheaper than losing your investment.

Even if you hire a professional to write your plan, you should still take the NxLevel course.  It saved me from going into a business that would have failed within a year or so, taking my investment with it.  I realized by the third week of the class that I could not afford the business I was looking at and changed directions in the middle of the class. .

Business plans may be a pain in the butt to prepare, but without one, your business is doomed to failure.  To start with, you won't know what your start-up costs are going to be, what kind of income to expect, what your ongoing expenses are, who your competition is, and even whether or not you can make a profit.  Without a GOOD business plan, you will not be able to get a business loan to get your business off the ground.