herbal started this topic @ 14:38 on 21/07/2004
I'm in the last stages of opening up a skate shop, my business plan is all but complete but certain costs are proving difficult to ascertain. These include: Insurance, Bank Charges and packaging costs. The shop i am considering is 500 sq Ft and will contian £2000 cost priced stock inside it. The shop has an alarm with door sensors. Because it is a provisional property and not definate i cant obtain a quote from any insurance companies. Any ballpark figures?
Secondly, the same goes for the Bank with holding information until i have the lease. So how much would bank charges be if i wanted credit card facilities?
I want to get hold of pop out handled clear plastic carrier bags wiht the shop logo on it. Once again details are withheld until i amin a premises. ANY IDEAS......?
Cheers, Cane
RE: Last Minute problems!!!
James Smith | 21/07/2004 03:22 PM
Cane,
Insurance will depend on the area. Ballpark £500-£1000 PA if this is a small shop. (£2,000 of stock sounds very very small btw, that’s not many boards)
Bank charges - you may struggle to get facilities straight off. Budget at 5% of sales to be on the safe side and cover fixed fees.
If you are starting this on a tiny budget do look for other lower overhead options such as a market stall, selling in someone else’s shop, a virtual store etc in order to build up some regular trade and business acumen. Small shops are very hard to get working correctly and do have a high rate of failure due to the overheads. Sorry to be doom and gloom but small specialist shops are notorious for failing in their first year. It can be done, but rarely on the cheap.
Regards,
------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: Last Minute problems!!!
herbal | 21/07/2004 04:40 PM
Sorry, that was £2000 a month, so £24000 pa
I guess that understatement may make a big difference!
Cheers, Cane