Business Feasibility
Commonly asked questions
Many retailers do not think the process through thoroughly and fool themselves about the level of sales and expenses. Listed below are some of the most commonly asked questions when starting a retail business.
- How much do I need to start a business?
- What are the costs associated with getting a Lease?
- What is the approximate cost of a fit out?
- What is the cost of my overheads?
- What is meant by a business plan?
- Should I buy a franchise? What costs are involved? What are the pitfalls?
- How do I set my business up – sole trader, partnership, company?
- Can I sell enough product to pay all my overheads and still have enough for my lifestyle?
- How much do I really need to sell each month to cover all expenses and pay myself a reasonable salary?
- What proportion of my sales should I apportion towards self marketing?
- Where should I advertise? Do I need a web site or do I rely on local newspapers?
Do I need a Budget? What should I include in the Budget?
Am I paying too much rent? Can I negotiate with the landlord if my business falters and I need rent relief?
These questions, and many others, require careful consideration and thoughtful advice.
It is not enough to be a good salesperson – you have to have basic knowledge of book-keeping in order to keep on top of money in / money out.
You need to call Tim at Retail Lease Solutions to discuss matters which concern you. Even a face to face consultation can sometimes be enough to set your mind at rest. Do not ignore these important matters – they could be the difference between business success and failure.