What to put in an available unit in Waterford

Woodgate

Hi,

I have the chance to take a shop at an extremely good deal (cousin owns it), all my experience is in the gift retail area, but I want to do something different, a change. What do people think is the "in thing" at the moment, i.e. a good money spinner. The actual shop is small'ish but is in a good location. (I do have funds to invest into whatever project).

Just putting it out there for pig iron!!!

Thanks

Woody.

jetsonx

depends on what type of area its in - business or residential?

depends on how much managment time - you can devote to it

(now waiting for for the usual candidates such as coffee shop, pizza parlour etc to be suggested)

Woodgate

jetsonx wrote: »

depends on what type of area its in - business or residential?

depends on how much managment time - you can devote to it

(now waiting for for the usual candidates such as coffee shop, pizza parlour etc to be suggested)

As I said it's in a good location, city centre. I can devote as much time as is need to it, as I would be looking at this being my job/employment for the foreseeable future, if I went for it.

Ideally I'm looking for something that's uncomplicated and may not require lots of equipment. A coffee shop & juice/smoothie bar (plus sandwiches, etc...) had crossed my mind, in conjunction with a delivery service to offices & shops, etc...

Bandara

Woodgate wrote: »

As I said it's in a good location, city centre. I can devote as much time as is need to it, as I would be looking at this being my job/employment for the foreseeable future, if I went for it.

Ideally I'm looking for something that's uncomplicated and may not require lots of equipment. A coffee shop & juice/smoothie bar (plus sandwiches, etc...) had crossed my mind, in conjunction with a delivery service to offices & shops, etc...

Hi

there's a massive market saturation in the "coffee shop & sambo combo" places in this country. The recent tightening has put a huge squeeze on these places and the market is being flooded with them for sale. Just today I was contacted about a unit put on the market off Georges St in Dublin, nice fitted out Bagel bar. Except its doing £200k a year t/o and its just not worth the hassle for that money.

The preceived profits from these units are very often not worthwhile in terms of the amount of managing they need, even the tiny ones. IMO your better off with a larger unit. If its not going to make you £100k walk away, thats a very good rule of thumb.

Also I would not let the fact you can get it for a good deal sway your thinking in any way, the price of the unit being cheaper etc is pretty irrelevant in the grand scheme of if the business is a winner or a loser. I know that sounds silly but a £10k a year rent reduction is not making much difference at the end of the day with regard to deciding to take it or not.

There's shed loads of site out there at bargin prices at the moment, your get offered no key money, first 6 months free, first two years at 50% (and in the case of a site last week, I was offered it FREE!!! - thats how bad things are)

Just be careful, have a look on the property sites and you'll gte an indication of what things are going for and how slow they are moving.

Culchie

Go for something 'niche' ... think ahead ..... what is on the horizon over the next few years.

I see alot of people out of work, ageing population means maybe alot of long term unemployed .... maybe a nice bookshop/reading parlour?

The coffee shop/sandwich bar concept is tired at this stage, and people are either sick of it from paying the high prices. Cappucino culture is on the way out ... retro/relax/back to the simple life is on the way back.

Anyways, do you really want to be getting up at 5am (or going to bed at 5am) dealing with often drunk customers.

I bet you can't find a wool shop around Waterford city centre;) Sewing machine sales rose 33% last year .... what does that tell you?

Bandara

Culchie wrote: »

I bet you can't find a wool shop around Waterford city centre;) Sewing machine sales rose 33% last year .... what does that tell you?

All Culchies wear jumpers?

Culchie

Hammertime wrote: »

All Culchies wear jumpers?

Yes, even in this weather, it's a real test of our culchie resolve:D

Bring on the rain!!

Woodgate

Thanks all. I'll give it some further thought.