Hi Folks,
I have been toying with the idea of opening up a second hand baby furniture and equipment shop over the last number of months.
My key reason for this is that I see a big gap in the market at the moment for it. Many people cannot afford the prices offered for new equipment from retail stores and are either buying secondhand on websites like donedeal.ie, etc.
The idea would be to have a nice retail unit in a "young" and accessable commuter town. People specifically wishing to sell their baby items (cots, prams, high chairs, etc.) would visit the store and we would offer them a price for said item, depending on the quality of said item. We would then re-sell the item within the shop after smartening it up and making it appealing or doing repair work if necessary. We would also purchase items online advertised for sale and also sell these within the store.
I have researched rent costs within my area of choice and I would be able to negotiate a "trial rental period" with a short 3 month lease as there are a few unoccupied units there at present. If all goes well within the first 3 months I would have an option to continue renting the premise. If all does not go well, I would have stock I could sell online for cost price (hopefully). My area is a large commuter town with ample parking and the unit I am most interested in is v. close to a public car park. I still worry though if I should aim for city centre? No other shop like this exists at the moment anywhere - only second hand shops that carry everything from clothes and shoes, etc.. My store would be specifically baby equipment.
My key worries;
No.1) Registering said business, tax rates, etc. ensuring all is going well. I have no experience in setting up a new business. I have looked at the Fas course and if I feel there is enough reason to go ahead and take a chance at this, I will obviously do this course first. What I am wondering is - is there a lot to it? Could a rookie like myself manage it?
No.2) It would be financially backed mostly by myself (which is hugely scary) and possibly one other business owner looking for an opportunity. I would be rolling up my sleeves and doing all the work to get it off the ground, running the store, purchasing items, etc. Market research will help me determine prices to offer when buying and selling. What would the start-up figures of such a place be?
No.3) Most new mums tend to source hand-me-downs from family and friends for their expected arrival. It worries me that perhaps a second hand store might be overlooked. I need to point out that almost every mum I have spoken to about the idea has mentioned that they would prefer to sell their baby items and receive money instead of just simply "passing them on" to others. It does make sense - employment rates are low and many people are stuck for cash right now.
The shop would also offer some new low cost equipment that I will be tryin to source but all big items will be second hand.
Can I ask peoples ideas and opinions please?
I have been toying with the idea of opening up a second hand baby furniture and equipment shop over the last number of months.
My key reason for this is that I see a big gap in the market at the moment for it. Many people cannot afford the prices offered for new equipment from retail stores and are either buying secondhand on websites like donedeal.ie, etc.
The idea would be to have a nice retail unit in a "young" and accessable commuter town. People specifically wishing to sell their baby items (cots, prams, high chairs, etc.) would visit the store and we would offer them a price for said item, depending on the quality of said item. We would then re-sell the item within the shop after smartening it up and making it appealing or doing repair work if necessary. We would also purchase items online advertised for sale and also sell these within the store.
I have researched rent costs within my area of choice and I would be able to negotiate a "trial rental period" with a short 3 month lease as there are a few unoccupied units there at present. If all goes well within the first 3 months I would have an option to continue renting the premise. If all does not go well, I would have stock I could sell online for cost price (hopefully). My area is a large commuter town with ample parking and the unit I am most interested in is v. close to a public car park. I still worry though if I should aim for city centre? No other shop like this exists at the moment anywhere - only second hand shops that carry everything from clothes and shoes, etc.. My store would be specifically baby equipment.
My key worries;
No.1) Registering said business, tax rates, etc. ensuring all is going well. I have no experience in setting up a new business. I have looked at the Fas course and if I feel there is enough reason to go ahead and take a chance at this, I will obviously do this course first. What I am wondering is - is there a lot to it? Could a rookie like myself manage it?
No.2) It would be financially backed mostly by myself (which is hugely scary) and possibly one other business owner looking for an opportunity. I would be rolling up my sleeves and doing all the work to get it off the ground, running the store, purchasing items, etc. Market research will help me determine prices to offer when buying and selling. What would the start-up figures of such a place be?
No.3) Most new mums tend to source hand-me-downs from family and friends for their expected arrival. It worries me that perhaps a second hand store might be overlooked. I need to point out that almost every mum I have spoken to about the idea has mentioned that they would prefer to sell their baby items and receive money instead of just simply "passing them on" to others. It does make sense - employment rates are low and many people are stuck for cash right now.
The shop would also offer some new low cost equipment that I will be tryin to source but all big items will be second hand.
Can I ask peoples ideas and opinions please?