I want to open a shop. Should I get bank backing first, or find a location first?

Question

I want to open a shop. Should I get bank backing first, or find a location first?

Answer 1

Find a location and check out the costs and the fitting out and then present a business plan to the bank. Without knowing the costs and how you intend to pay back any advances the bank will want to know all of the details. The business plan should outline the product range, estimated buying and selling costs and the projected profit.

Best of luck.

Answer 2

Talk to the small business adviser at your bank. He/she should be able to help.

Answer 3

You should first of all decide what you're going to put IN your shop. Is there a market for it? Are lots of other people already selling the same things?

Answer 4

You could go to the bank first and explain to them what you would like to do, have some figures and forward planning ideas with you. They will tell you if they will help you or not and then you can look for premises

Answer 5

Do  A  Bussiness  Plan  Before  You  Go  To  The  Bank,  There  Will  Want  To  See  Before  Giving  You  A  Answer  About  A  Bussiness  Loan,  When  You  Have  Capital  You  Can  Look  Around  For  A  Shop

Answer 6

have you decided on what you are going to sell??

when you have then look at your target market (who you are selling to)

after that try to calc what is gonna cost

after that you are a bit more prepared

look at locations and then you will have and idea of what the bank can assist you with.

Answer 7

Location so that you can work on a business plan, and therefore be more prepared when you ask your bank to back you up with the cash

Answer 8

location first

Answer 9

well I geuss you could be looking for your  location and go and apply for the loan.Good Luck

Answer 10

bank first or there is no point in looking for a location

Answer 11

location first, then you can do your business plan, with basic cost's, ie rates, rent. then your staffing cost's, depends on area. these will inpress the bank, then may back you, instead of having no business plan. good luck