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Clarelouise | Should I buy Shop? |
My husband and I are thinking of buying a local shop ( grocery store) that has recently become run down due to bad management. it used to be a little gold mine years ago..and could be again. Just worried am doing the right thing?
he is currently unemployed and struggling to find work, I work full time...and wud continue to do so to keep regular money coming in. Just to be sfe for now!
Shop comes with 4 bed house attached and swimming pool and is really nice...just expensive at 300k !!!
Shoudl I be brave and go for it?? Im only 34 years old!!
Additional Details
bearing in mind I have equity in our current property, and have experience of running a small business before. |
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Joey
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Yes - sounds like a great place and if you don't buy it, it might be knocked down, and we need to support our local business. |
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penelope pitstop
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Do you think you can borrow 300k when only one of you is bringing in a salary.
Unless you are earning megabucks I don't think so.
If you can afford it then go for it, but sounds a bit "pie in the sky" to me. |
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Bindesh M
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could be a good investment, one thing I would check and make sure of, before committing to purchase is to find out if there are and big supermarkets nearby, or if there are any planed to be built, check with local council planning dept and ask local people and other shopkeepers in the area as you can get to know of any such rumours on the grapevine as well as official sources |
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Jaffa Rookie
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Would the local community support the shop or do they prefer to go the giant Tesco down the road. If you were just buying a home how much could you afford to pay. Will your salary alone cover the mortgage payments if the business is slow to pick up. Have other local shops in the area closed down, or is it just this particular one. Is your husband fully commited and capable of running the shop.
Do a lot of research, speak to any business people that you know. If you go ahead I hope it works out for you |
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zs_ilt
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Do your calculations property, and make sure you undertake proper risk assessment, and due dilligence. There is no real reason why a business cannot succeed as a relaunch - if the customer base can be regained. Do your figures on the basis that whoever runs the shop must get a fair wage - there is no point in 'buying a job'.
Any new business will eat all of your time, and much of your money. But the returns can be good. Financing a business with a home will be on commercial, not residential, basis, and could be expensive.
I always ask about your capacity for risk, too. Do you personally know anyone that has starved to death? If you bought the business and it failed, would you starve to death? Would you be comfortable with losing all (or some) of your money? |
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beverley.newman1@btinternet.com
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NO No No.Unless you and your husband want to give up your whole life,I do not recomend this as an alternative to your husband finding a job.You will probably earn more per hour stacking shelves at a supermarket than you will running your own shop.There is so much shop lifting these days,that your Husband will need eyes up his ---- to keep an eye out for them and this much stress you can live without. The hours are crippling and rewards are few and the rules and regulations,vat and taxes etc are just legalised robbery.You are too young to die!!!! |
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fat tart
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Having been in business for the best part of 30 years, I would strongly advise you not to go ahead with the plan. You don't know that it is failing because of bad management - it could be due to numerous other reasons.
Local shops in reality are NOT supported by the local community as there is generally no parking nearby and they all prefer the bargains at the likes of Tesco and Asda (whose purchasing power from suppliers you would never be able to compete with)!! Locals like to say they would support the local high street but look at your own buying patterns.
Starting a business you know nothing about £300,000 in debt is also the worst thing you can do. You have no experience of self employment so it is too big for a first step to take.
I could go on and on but I don't have the time to sit here typing. All I can say is please, please give it a miss.
Start something small on which to cut your teeth and then climb from there. There are too many factors against you.
Good luck.
Edit: if you ran a small business before, why are you not still running a business if it was a success? Be very honest about your strengths and weaknesses. I gather your hubby is also disabled, this could place a lot of physical pressure on him. |
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ivanhoe
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sounds like a good propeity investment if it is in a growing area , just be carefull of the store you ard dealing with perishable items so you must be able to absorbe the lost of old stock. also you need to budget yourself because you will probly have a few months where you will show a loss until you build the reputation of the store back. try renting the house if needed to help absorb some of the loss |
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bexx
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yeah i would do it but don't go with answers on here do you research and think about it but it really sounds a good idea ! good luck with it x |
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