As a mum to a special little girl (with ASD, ADD & ODD) I interested in opening a toy/sensory shop for children.
They're used to be one in town which closed down & there are a few shops in the area that sell bits and pieces but I get tired of driving all over town looking for specific things, or ordering online & having it 'not work' as I suspected it would.
I'm sure I'm not the only one & as we are linked in with some pretty big support services in the area, everyone has encouraged me to do it & think it would benifit their clients & community.
Now for the nitty gritty.
How do I even start? We have no savings (currently in family court over DD and abusive ex) so I cant invest any money myself. Are there government grants for this type of thing?
How do I purchase items wholesale?
And then theres renting somewhere & running cost..
any advice/tips would be appreciated.
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16-06-2015 07:08 #1Senior Member
- Join Date
- Feb 2015
Where do I start?
16-06-2015 07:14 #2
Sounds like a great idea!
- research grants
- contact wholesalers and suppliers directly just google
- investigate rent, stock purchases, bond, shop fit out, insurance, security costs...
- do a business plan with projected cash flow, competitor analysis
- go to bank
- seek out a business mentor
- finding premises
- designing a marketing strategy
- registering business name, gst etc
- name, logo
- POS and accounting software
- get a book keeper
- begin contacting local schools and other institutions which you think would be aligned with your clientele
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16-06-2015 07:41 #3
I have no practical advice but I just want to say that I think it's a fabulous idea
16-06-2015 07:44 #4
Great idea and pp has great tips - I don't want to be negative but as a small business owner you really do need savings behind you - not only for the set up costs ( average start up for a retail shop with stock and fit outs, insurance, bond, rent in advance etc is approx $50- 100k) plus I recommend having 3-6 months worth of operating expenses in the account as it will take that long for you to get regular income coming in , just be very prepared , you definitely can be successful and I wish you the best of luck!
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