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Help with new idea

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  • 09-02-2015 10:20pm
    #1
    trespaser
    Registered Users Posts: 5 ✭


    I am manufacturing a new product from my home and was hoping to sell it in the local hardware store.

    I was just wondering what's the next step . Obviously I will have to get up fro tax .I was just wondering will I also have to be set up for vat for them to buy the product ?

    Any help appreciated!!


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    You don't have to register for VAT until you hit certain thresholds. For goods its €75k so depending on what sort of turnover you are expecting you may not need to. Are you planning on doing this as something on the side or are you planning on turning this into your main income?

    Good luck with it how long along are you?


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    #3
    trespaser
    Registered Users Posts: 5 ✭trespaser


    Thanks for the reply . I would be hoping to make the products in the evening after my full time job.


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    #4
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    trespaser wrote: »
    Thanks for the reply . I would be hoping to make the products in the evening after my full time job.

    You'll just to have a file a tax return at the end of the year in addition to the PAYE tax you pay then just pay the additional tax due. You should be able to declare it using PAYE anytime.

    Have you approached them with a prototype or is these really early days?


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    #5
    trespaser
    Registered Users Posts: 5 ✭trespaser


    I have a prototype and everything made just have to figure next what's the best way to approach the shops to guarantee a sale.


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    #6
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    trespaser wrote: »
    I have a prototype and everything made just have to figure next what's the best way to approach the shops to guarantee a sale.

    There is no way to guarantee a sale all you can do is give yourself the best chance possible. Make sure you know how much you think it should retail at and how much you are going to charge them the mark-up expected varies quite a lot in hardware depending on how the sort of volume expected I only stock a small amount of things you would typically find in a hardware shop but it appears the norm is around a 30%-40ish% mark up so the retail price should be around 1.6-1.8 times the wholesale price you are charging them. If you are able to offer them sale or return so that they are taking less risk in stocking your product.

    If you have your prices right the only thing you really need to be able to answer is why should they stock your product over rival products?


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