How do I get from this idea in my head to having a shop?
January 19, 2010 1:51 AM Subscribe
I'm looking for advice in setting up a small store in Sydney, Australia.
I have a few ideas for setting up a small store in Sydney Australia. I've done some research into the areas I'd like to set up in, but theres some things I'm not sure of.
1. Legalities. Is it better to set up some kind of company that is soley liable for the costs, loands etc for setting up, or go as a sole trader? How do I go about doing either of those?
2. Are there any kind of government grants or assistance I'd be eligable for in setting up?
3. When first setting up, is it best to order lots and lots of stock or just enough to fill the shelves and see how things go?
3. What haven't I thought of? I'm sure theres lots, I've done some reasearch on the areas I'd like to set up the store in, where to get the product from, what I want the store to look like, but thats about it. I'm not sure where to go from here.
Am I hopelessly out of my depth here?
Thanks for your advice.
I have a few ideas for setting up a small store in Sydney Australia. I've done some research into the areas I'd like to set up in, but theres some things I'm not sure of.
1. Legalities. Is it better to set up some kind of company that is soley liable for the costs, loands etc for setting up, or go as a sole trader? How do I go about doing either of those?
2. Are there any kind of government grants or assistance I'd be eligable for in setting up?
3. When first setting up, is it best to order lots and lots of stock or just enough to fill the shelves and see how things go?
3. What haven't I thought of? I'm sure theres lots, I've done some reasearch on the areas I'd like to set up the store in, where to get the product from, what I want the store to look like, but thats about it. I'm not sure where to go from here.
Am I hopelessly out of my depth here?
Thanks for your advice.
1) You ought to have an accountant. They will advise you on this, and they can also help you register for GST - which you will want to do, as it lets you reclaim the GST on your business costs.
2) Probably not, and in any event my experience has been that most people seeking government grants spend more time chasing the grant than is warranted.
3) By the time you have shelves you'll have signed a lease, probably paid for setting up the interior of the store, perhaps paid rates and utilities and so forth. So you've committed yourself to a lot of money before you've made any sales. You might consider working in a retail store first, to see how they operate and what sort of stock levels they carry.
It does look to me as if you're a bit out of your depth. Have you thought of beginning in a small way, such as selling on Ebay or at markets?
posted by Joe in Australia at 3:29 AM on January 19, 2010
2) Probably not, and in any event my experience has been that most people seeking government grants spend more time chasing the grant than is warranted.
3) By the time you have shelves you'll have signed a lease, probably paid for setting up the interior of the store, perhaps paid rates and utilities and so forth. So you've committed yourself to a lot of money before you've made any sales. You might consider working in a retail store first, to see how they operate and what sort of stock levels they carry.
It does look to me as if you're a bit out of your depth. Have you thought of beginning in a small way, such as selling on Ebay or at markets?
posted by Joe in Australia at 3:29 AM on January 19, 2010
I lived in Newtown, and the rapidity with which shops came and went shows that getting a shop open, and keeping it open, is far from easy. What will set your shop apart from any other? Will you have an online shop too? How will you promote your shop?
Take a small business course before you spend any money. There are many designed for exactly this.
posted by wingless_angel at 3:53 AM on January 19, 2010
Take a small business course before you spend any money. There are many designed for exactly this.
posted by wingless_angel at 3:53 AM on January 19, 2010
There have been a couple of threads about this in the last year here is one and another. Neither deals with Australia, so they are no good for points 1 and 2, but they have some pretty good advice for the last two points.
There are probably other similar questions in AskMe, but those were the two that came to mind.
posted by GenjiandProust at 7:19 AM on January 19, 2010
There are probably other similar questions in AskMe, but those were the two that came to mind.
posted by GenjiandProust at 7:19 AM on January 19, 2010
Response by poster: Cool thanks for the responses ... Newtown is definately not one of the areas I'm considering, as I've lived there and noticed the same thing with shops opening and closing.
I've lived in the areas I'm thinking of setting up, and recently I've been around to stores that would sell to a similar demographic (but a different set of products) and talked to the store owners about business, which seems to be doing well.
I took the "Are you ready?" quiz on the site robotot gave and it has some excellent links to find more information on getting started. I also think a smal business course is an excellent idea.
posted by Admira at 1:15 PM on January 19, 2010
I've lived in the areas I'm thinking of setting up, and recently I've been around to stores that would sell to a similar demographic (but a different set of products) and talked to the store owners about business, which seems to be doing well.
I took the "Are you ready?" quiz on the site robotot gave and it has some excellent links to find more information on getting started. I also think a smal business course is an excellent idea.
posted by Admira at 1:15 PM on January 19, 2010
This thread is closed to new comments.
http://www.smallbiz.nsw.gov.au/start/Pages/default.aspx
(Where'd the "link" button go?)
posted by robotot at 2:00 AM on January 19, 2010