seeking advice

murkav

hi all....
very new to this so please bear with me!!!
I am planning to open a shop, selling sweets etc, imported from around the world, in the shop i also plan a side line of dvd rental....
can anyone out there give me any advice on this???
maybe costs involved???
would be very greatful

The Apprentice

Well dvd rental is a dying trade in these dark times.. thats a fact.. the initial purchase of maybe 10-20k dvds is probably going to set you back 50k .. if not more. I dont really know the costs of outfitting a shop like this but im thinking in the region of 10k again+
Shopfitters can be expensive. What is your location ?

http://www.sweetshop.ie/ Heres a link it might help u get some ideas


best of luck

TylerIE

Im normally encouraging about all business ideas but Id really check your market for DVD rental...

Chartbusters was dying for some time before it closed, and a number of independant stores locally went belly-up with doing DVD rental. IIRC I read that Xtra vision was surviving due to non-DVD trade (phones, etc).

In one case it was the huge initial investment which nowhere covered itself, and whatever clients they had stopped coming as they couldnt afford to update the stock. This shop piggy-backed it on Computer repairs, but the DVDs distracted so much (time and resources) from the computer repairs that they had to close after a few months.

Maybe you have done so already, but its one of the few businesses I would be so wary about....

The Apprentice

Ive also read recently about xtravision they are in similar trouble to chartbusters, but they seem to be in talks about getting a rent reduction in hope that buisness that they have will stay and keep trading out of it ..
I cant remember if the "recievership" word was mentioned but u can rent a playstation game now for close to a week for 5 euro ... it used to be 5 per night - i saw today.

Do a lot of research on it as lst suggested.

TylerIE

The Apprentice wrote: »

Ive also read recently about xtravision they are in similar trouble to chartbusters, but they seem to be in talks about getting a rent reduction in hope that buisness that they have will stay and keep trading out of it ..
I cant remember if the "recievership" word was mentioned but u can rent a playstation game now for close to a week for 5 euro ... it used to be 5 per night - i saw today.

Do a lot of research on it as lst suggested.

Judge appoints interim examiner to Xtra-vision

You have a good memory! Seemingly it was in examinership but came out of same on August 4th with 8million of an investment from its parent company. -

Xtra-vision out of examinership, plans digital strategy

Hootanany

All the best with this venture. But DVD I don't know about perhaps in a small Town could work.Again good luck.

foxinsox

Hi,

I would advise you not to get involved in the DVD rental idea.
People can buy DVD's so cheap now, a lot of people throw them in the trolley while doing the weekly shopping.

If you haven't already done a course, I would recommend contacting your local enterprise board, they usually have a "Start your own Business" course. I did one years ago and found it very good.

Not sure on laws but defnitely check out if you need any of those food certs if you would be selling food/sweets.

Also make sure you understand about expiry dates and shelf life of sweets. I personally wouldn't have a clue about any of the food side of retail but it could be an important part of your plan.

If importing stuff - check out customs/tax charges.

Research lots and check out the competition.

Stand outside the shop/premises/area you are thinking of having your shop. Stand there for about half an hours and count your potential customers - passing trade - be honest with yourself - is there enough passing trade to sustain your business? Or will you be relying on internet orders.

You will need a good website - students will often do this as part of their portfolio - make sure it looks good.

Shop-fitting can be done fairly reasonable if you know what you want and shop around.

Best of luck

murkav

Hi
Thank you all so much for your posts!!!
With regards the DVDs.... Our local DVD store(in bettystown co.Meath) also went belly up!! But the rental price was three times more expensive than the property I am lookin at and that was just DVD rental!! I am also in contact with a company in Dublin who will rent me 100 new releases for 200 per month. So the overheads there won't be too bad.
As far as I know the cost of rental lience is 250e per year. Any one confirm this??
Does anyone know if I need a lience for selling the sweets?? Tried lookin it up but not getting far!!!
Also.....
The property I'm looking at has no toilet or sink...... Do you think this will be a problem???
All the stock I am planning on selling is pre packed so I am not even planning on handeling any produce.....
Thanks again )

TylerIE

murkav wrote: »

Hi
Thank you all so much for your posts!!!
With regards the DVDs.... Our local DVD store(in bettystown co.Meath) also went belly up!! But the rental price was three times more expensive than the property I am lookin at and that was just DVD rental!! I am also in contact with a company in Dublin who will rent me 100 new releases for 200 per month. So the overheads there won't be too bad.
As far as I know the cost of rental lience is 250e per year. Any one confirm this??
Does anyone know if I need a lience for selling the sweets?? Tried lookin it up but not getting far!!!
Also.....
The property I'm looking at has no toilet or sink...... Do you think this will be a problem???
All the stock I am planning on selling is pre packed so I am not even planning on handeling any produce.....
Thanks again )

Congratulations on your research so far.

Off the cuff if you have staff the toilet issue could be a biggie... I dont know how that would work if they were there for more than two hours, as in they could have grounds for claiming poor working conditions?

The Apprentice

Well thinking outside the box here, did u think of actually ringing the previous owner about this venture.. He could more than likely name the cons until "the cows came home" but might not be fortcoming about the pro's.
Its worth a phone call at least.. He obviously got out for some reason, speak to his neighbours in the block, thats why i did for market research. They told me more than i could ever find out.
They could tell you the busiest times of the day, slowest trading days, im sure he was in weekly contact from a business perspective. Everyone always keeps the tongues wagging when you know someone isnt in direct competition with them.

Worth a look maybe ! ?

murkav

The Apprentice wrote: »

Well thinking outside the box here, did u think of actually ringing the previous owner about this venture.. He could more than likely name the cons until "the cows came home" but might not be fortcoming about the pro's.
Its worth a phone call at least.. He obviously got out for some reason, speak to his neighbours in the block, thats why i did for market research. They told me more than i could ever find out.
They could tell you the busiest times of the day, slowest trading days, im sure he was in weekly contact from a business perspective. Everyone always keeps the tongues wagging when you know someone isnt in direct competition with them.

Worth a look maybe ! ?

The neighbouring shops is worth a try!!!! But the unit I'm looking at is brand new, so no old owners, business also is my baby, no previous ventures like it in the area!
But thanks again for all the useful posts!!! It's great to have sounding boards