Encouraging entrepreneurship especially in a world of retrenchment and recession is an excellent move by the Singaporean Government. Through “creative destruction”Guest2046 wrote:I wouldn't encourage yet another fashion business to start here, having just ended my very brief sojourn. Not if you have hundreds of thousands to launch an ultra-posh designer boutique. The prices for mid-range fashion have dipped and people are just looking to buy cheap pieces without quality. As long as it's wearable. The pie is shrinking because the government has been encouraging entrepreneurialship in a world of retrenchment and recession. If you have a day job, stick with it.
The above is actually very good advice. What can you offer? It's pretty much saturated at the moment. Find a niche in some product that's not been exploited as yet.
Anonymous wrote:Rental can be from $20-$40+ psf. What is the purpose of the other questions? I will not answer any questions if I do not know what it's for.
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.
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.Code: Select all
You obviously haven't done your homework on internet sales in Singapore, Do you want to execute this person for no reason, Singapore especially in B2C is not even in its infant stage. Singaporean do actually have cash, not like Scandinavia, that live on credit cards. The culture is far different, but when it comes to wants and needs, I would say Singaporeans have more of a thirst to show off to their neighbours, they are very very materialistic. Oriental is quite right, in every word and i believe that maybe you are right on some points, of the majority buying cheap clothes of 10$ or so. after all, Singapores population is small and the majority are on low wages. But the fact there is 48,500 real millionairs in Singapore also points out that if you target the market you want and the correct location, then there is no reason why you shouldn't be successful, other than you are not a very good business person. My advice to anyone is preparation, and check list do not try to run a business from your memory bank, but from your business ref guides check list. It is a fact that we my wife and i have imported a new drink into Singapore, which is very successful, breaking even within the first 4 months on a 20ft container, if you have the right products you can sell, and believe me our drink is not cheap at 14.90 a bottle, with minimal advertising. One must do their homework and reduce costs to the minimum, and not believe you can throw cash into the business, for the sake of ones ego. Business is a seedling that has to natured, and all the investment in the world will not make it work, without the right tools of the trade to protect it, also from economic downtown. Pull out all the plugs, and you can sell sand to an Arab. get it right first time Check list!
Hello Guest2046.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.
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