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Should i take the plunge?

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  • 17-05-2008 2:52pm
    #1
    norm
    Closed Accounts Posts: 68 ✭✭


    :)Hi Folks,
    Just looking for some advice, so i'll keep this short.
    I currently have an on-line store which is running about 18 months now. Business is sporadic and hard to predict how things will go regardless of when and where i advertise, but overall i'm happy with the progress made as feedback is excellant and the name is definitely getting out there.
    The aim has always been to go bricks and mortar and it's something i'm strongly thinking about now.
    I fully understand the research needed before i settle on an area, but my questions are:

    Anyone here recently do this or similar?
    What was the final outlay and did it come under budget?
    Any regrets, achieving the numbers you had hoped for?

    Any feedback would be great. Thanks in advance.


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    #2
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    Hi Norm,

    it might be a great time to give it a go, depending on the business there are mountains of commerical units going for an absolute song at the minute, you could get a lovely setup for peanuts compared to 4 or 5 years ago.

    Will people travel for your service, is there enough of a difference in the amount of business you take online compared to what you will take in a shop to justify taking on a 200k a year in expenses like rent rates, shop fitting & equipment, staff?

    Might be that the way you have it running now is a tidy little operation giving you respectable money without the major hassles a store would. Do you ahev a daytime job, givign it up may be a big mistake?

    Mayeb another year or two online with all the profits being used to promote the business before the big jump to a 'live' shop might be an idea? If the word is just starting to spread the pressure of keeping a shop open beofre the name is strong enough to bring the punters might kill your business.

    Sounds like an interesting situation, I wish you all the best with it.


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    #3
    norm
    Closed Accounts Posts: 68 ✭✭norm


    Gave up the day job last year to concentrate on this business plus another business the better half has. I suppose our thinking is that a store would bring a better income and eventually we could look to sell on the other business. This is the long term goal, to make family life easier i suppose. Don't get a minute these days with one thing or another. Thanks for your thoughts Hammertime.


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    #4
    norm
    Closed Accounts Posts: 68 ✭✭norm


    Anyone else been down this road?
    Any more advice?
    Thanks


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    #5
    onedmc
    Registered Users Posts: 455 ✭✭onedmc


    norm wrote: »
    Anyone else been down this road?
    Any more advice?
    Thanks

    Just to be be careful, shopfronts are expensive, you need to be available at set times, you need staff, you need more stock, location vs cost and space need to be weighed up.

    If you are going to do it then dont think small, think big and know what you are aiming for. You need to make money from the day you open, you cant aford to wait while you pay out for rent.

    Good luck


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