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starting my own store

BrandonBrandon
edited November 2010 in General Banter
so i was thinking about starting my own shop with imports from india japan china africa ect. But with mostly buddhist supplies and decor. I noticed there are almost no stores like this in texas. Do yall think this business would take off? And what if I had posted up shop near a buddhist temple?

Comments

  • JoshuaJoshua Veteran
    edited November 2010
    Texas is audacious.

    I live in Indiana, it's a bit more liberal and I'd think it'd be sketchy here.

    I was just recently in Texas twice in the past four months, that is officially the most awkward state I've ever been in, with New Mexico coming in second.

    Of course there's some very large cities in Texas, where would you be opening?

    Good luck.
  • MountainsMountains Veteran
    edited November 2010
    Indiana is more liberal than Texas? I'm moving to New Zealand...
  • ShiftPlusOneShiftPlusOne Veteran
    edited November 2010
    Depends on the local market. Chances are, there isn't one. However, there's a massive global market. Even if you open near a Buddhist temple, I wouldn't think there would be much of a demand.

    You're better off with ebay and if that kicks off, you can start a webshop and link to it from your ebay page.
  • BrandonBrandon
    edited November 2010
    i guess its worth a shot at trying. it would be in fort worth
  • ShiftPlusOneShiftPlusOne Veteran
    edited November 2010
    I hope it works out for you, but I'd proceed with great caution. Running a store is very expensive.
  • federicafederica Seeker of the clear blue sky... Its better to remain silent and be thought a fool, than to speak out and remove all doubt Moderator
    edited November 2010
    Location, location, location.

    Usual initial outlay for a business at start-up is anything between $150,000 - $250,000 dollars, plus import fees and duties.

    What's parking like?
    Footfall for the area?
    Are there other similar shops?
    What shops around you would bring people to, or past your store?
    What are all the obvious overheads, and the less obvious ones?
    Would the annual turnover be profitable enough? What do you calculate you need to make?
    What margins would you calculate?
    Would you sell perishables, or simply non-perishables?
    Contents Insurance?
    Security?
    Staff?
    Health and Safety regulations?
    Banking?
    Lighting?
    Décor and shop fittings?
    Amenities (would you need a water supply into the shop premises for a sink, or to feed ornamental fountains, for example?)
    Registering the name?
    Public liability insurance?
    Rent, rates and local taxes?
    Pension and retirement payments (self-employed people really need to look at this carefully.)


    Something to be going on with......

    (You may well already have experience running your own business....if that's the case, you know what's coming. If not, there's a whole lot more besides the above to consider.....)
  • BrandonBrandon
    edited November 2010
    wow i have a lot to learn maybe I should take a class.
  • federicafederica Seeker of the clear blue sky... Its better to remain silent and be thought a fool, than to speak out and remove all doubt Moderator
    edited November 2010
    Several, I should say....
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