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    1. Aston is offline

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      #1

      Planning on starting a business but i have lots of questions, can anybody help?

      Hi, at the moment i'm only 16 and i have an idea for a menswear store in my town, I only plan on selling branded clothing such as G-Star, Lyle and Scott, Fred Perry etc, this is my niche, and I am aware that this already gives me problems with sourcing the stock.

      I have this idea because my town centre only has shops such as Burtons, Primark, TK Maxx etc and a lot of people in my age group (16-25) like to wear branded clothing such as the brands mentioned above but there is no shop in town that sells it which means we often have to buy it online and pay extra for shipping or go to larger shopping centres such as Milton Keynes, Leicster and some times even London.

      Does this sound like a viable business idea?

      I am attending college at the moment studying business, I.T and eBusiness and i am also taking a University Module in Business Enterprise which involved me making a business plan. I do not want to start my business until i leave college which is 18months away but I do want to start learning about the business enviroment, getting contacts and information etc so i can quickly,eficiently and succesfully start my business as soon as I leave.

      My questions are:

      Legal:

      What Legal obligations do i have when I start a business? ( Registering, VAT etc)

      Is there a minimum price I must sell my products at? ( For example if the RRP of a product is £45 can I sell it at £35?)

      Capital:

      How much capital do I need? ( I have found out that a shop in my town centre can cost up to £6,000 a month )

      Wholesale:

      Where can i get my stock from?

      Government:

      Are there any small business grants I can get from the government to help me? (Since they are "all about" helping small businesses during the current economical climate.

      Any other information or advice anybody can be give me on starting my own business will be greatly appreciated.

      I also do not plan on getting any loans to start up this business, I would rather get a full time job for 5 years to save up the capital to start it than get a bank loan.

      Thank you!
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    2. WholesaleForum's Avatar
      WholesaleForum is online now

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      #2

      Quote:

      Originally Posted by Aston View Post
      Does this sound like a viable business idea?
      Yes absolutely, you may also want to actively look for new upcoming brands. There are many brands few resellers know about, which offer tremendous value and appeal. The best way to unearth these is to visit the main fashion cities in Europe (Paris, Milan, London, Rome, Madrid) and go around trendy clothes shops to evaluate the quality of the brands and note down the brand names. You can then contact these lesser known brands for distribution in the UK (on and offline). Uniqueness means that you can still sell the more popular brands in the UK, but also offer that little bit extra that gets your customers coming back.

      Quote:

      Originally Posted by Aston View Post
      What Legal obligations do i have when I start a business? ( Registering, VAT etc)
      You are required to communicate to the UK government (HMRC) that you are trading within 30 days from the date you begin to do business. The 30 days do not have to include the planning stage of your business, however bear in mind you can deduct any business expenses you incur during the planning stage only if you are officially in business.

      You will want to voluntarily register for UK VAT only if you realize that suppliers will only sell to you if you are VAT registered. The current threshold for compulsory UK VAT registration is £70k turnover (meaning as soon as your turnover is about to reach the threshold, you are required by law to register for VAT and start charging VAT on your sales).

      Quote:

      Originally Posted by Aston View Post
      Is there a minimum price I must sell my products at? ( For example if the RRP of a product is £45 can I sell it at £35?)
      Only if a minimum price is imposed by the brand, which it generally is unless you are selling grey market goods or clearance items (the latter generally have the labels removed or cut).

      Quote:

      Originally Posted by Aston View Post
      How much capital do I need? ( I have found out that a shop in my town centre can cost up to £6,000 a month )
      That will be determined by your ability to leverage your resources and stock. If you can shift stock quickly, then you can start with less cash and reinvest the profits on expansion. Carry out some market research to evaluate what your local buyers are likely to buy (eg get samples from the brand to evaluate demand), and then order in larger quantities once you know a garment sells. This is easier to do with lesser known brands, whereas more popular brands will have restrictions like minimum order requirements and the obligation to order a minimum number of units of each garment.

      Quote:

      Originally Posted by Aston View Post
      Where can i get my stock from?
      If you are looking for established wholesalers and distributors in the UK, try esources, all the best suppliers are listed there. Alternatively identify new trendy brands as mentioned above and contact them directly to set up a distribution agreement.

      Quote:

      Originally Posted by Aston View Post
      Are there any small business grants I can get from the government to help me? (Since they are "all about" helping small businesses during the current economical climate.
      Unlikely, unless your idea is innovative, or your business operates in a way that the government is trying to encourage (eg majority of staff employed are women). Try the direct.gov search facility, for example Search results : Directgov - Search results
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