I'm am about to be made redundant next month. I have decided to bite the bullet and do something I've talked about doing for the longest time - open my own bridal shop. I have no retail experience as i currently work in financial services. I have spent some time researching this business idea however and feel there is a gap in the market in my area which I could fill.
As I have no previous retail experience however I need some advice on the practical issues.
1) Rent negotiation. I have no experience negotiating rents with landlords. I would hope to get a good deal ie pay x months up front and get x months rent free. Should I have someone do this on my behalf if so who should I speak to about this?
2) What is the best way to source suppliers? I want to carry ranges that are not carried locally but just wondering how I should go about sourcing reliable yet reasonably priced suppliers.
3) How much capital will I need? I believe I can buy stock for €150-€700 per item and I would need 30-40 dresses to start off so I'm budgeting about €15k for stock ie dresses, wedding accessories, underware, shoes etc. I am also thinking of carrying a previously worn range which I would only have to pay for once sold so they shouldn't cost me at all. Outside of this what would I need?
I know people may look at this and say; this ones bit off more than she can chew, but I'm prepared to put in the hard graft and determined to make this work for me..
Any advice I could get from those of you in retail or any other business would be very much appreciated.
Thanks in advance
As I have no previous retail experience however I need some advice on the practical issues.
1) Rent negotiation. I have no experience negotiating rents with landlords. I would hope to get a good deal ie pay x months up front and get x months rent free. Should I have someone do this on my behalf if so who should I speak to about this?
2) What is the best way to source suppliers? I want to carry ranges that are not carried locally but just wondering how I should go about sourcing reliable yet reasonably priced suppliers.
3) How much capital will I need? I believe I can buy stock for €150-€700 per item and I would need 30-40 dresses to start off so I'm budgeting about €15k for stock ie dresses, wedding accessories, underware, shoes etc. I am also thinking of carrying a previously worn range which I would only have to pay for once sold so they shouldn't cost me at all. Outside of this what would I need?
I know people may look at this and say; this ones bit off more than she can chew, but I'm prepared to put in the hard graft and determined to make this work for me..
Any advice I could get from those of you in retail or any other business would be very much appreciated.
Thanks in advance