Guest2046 wrote:If you have no prior experience in the retail industry, I really advise you to open your eyes and look. Go work for someone for a bit. Singapore's market is small. There's no question about that. The fashion world is pretty much dead. Look around - how many people do you see wearing clothes that cost over $10 a piece? People prefer to buy cheaper clothes that have little to no design. When it wears out, they throw it out. And that takes quite a long time. High school kids don't have much buying power - yes, quote all the ones with rich parents if you like - what percentage of the population is that? Those who start part-time work or are waiting for university entry don't have spare cash, or they prefer to spend it on gadgets like phones. Working class like to buy neutrals and suits that last. Rich tai tais aren't affected much by the economy downturn, but you need to know how to get them to your store. The only reason the government is encouraging entrepreneurialship is because people are unemployed. A sound move for them. But where is the extra money going to come from once it's set up? With a recession, people are buying less. The economy is stagnant.
You can sing until the cows come home quoting each and every success story. It's a pyramid. Meaning the base has to be wider than the top. There is no base. Look for yourself. The bubble tea shops mushroomed and closed. There were 8 on the street where I lived, and it wasn't a long stretch of road. Now they're all gone. Look at the neighborhood, say Marine Parade Central - small retail fashions are sprouting all over. Coffee shops. Bakeries. You name it. If you go talk to the store owners, they will tell you that sales have been going down.
Go to Far East Plaza, or neighborhoods which may have stores that are open to first-time business owners. Established malls don't usually let first-timers start up unless you have a huge investment backing you up.
Singapore is not Scandinavia. We do not have their buying power, no matter what results from the Great Singapore Sale say. If the economic downturn hasn't affected you, good for you. But don't mislead people with empty talk. I'm all for encouraging entrepreneurialship if it's feasible. But it's not. There is no cash flow in this economy.
If you really want to try, go for an online store and don't import too much stuff at one go. Overheads are low. You may lose a couple hundred to a thousand if it doesn't work out, but it won't kill you.
I've still got tons of merchandise I can't get rid of sitting in my house. It's not that much money, but I'd rather have gone on tour with that. Waste of my time.
Hello Guest2046.
It looks like you are suffering from your failure, pretty badly for no reason, other than your ownself, quite correct to voice your opinions, but one must also look at the errors of ones ways.
Especially in a start up business, it doesn't help to through money into a location and hope that customers will arrive.
You need to build your reputation and customer base, long before moving into a place like you went into. Oriental is right, this is a good time, there is money out there in Singapore, you just have to know how to get it.
Most failures are due to jumping in at the deep end, throwing cash into locations, shopfronts, advertsing, and leashold equipment, like pos, without doing your home work and feasiblity study in the first place.
Did you know that many budding entrepenuers cannot read or write, the clever ones don't waste money, they make the money work for them. You hve learnt a lesson, now you need to identify your errors and correct them.
Take it from me you have not failed, you have just learnt a hard lesson, the next time around you will do it right. Check list check list, keep your cash in your pocket, once you can sell sand to an Arab, you will have a chance.
