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HELP! starting a one pound shop

Discussion in 'Start-ups & Business Advice' started by allero25, Aug 25, 2007.

  1. allero25


    Aug 25, 2007
    Hello all,
    I am new to this forum. i currently work in accounts but i am fed up and want to start my own business. I am thinking of starting up a one pound shop and need advice mostly on where to get products.

    Thank you.
  2. anotheruser


    Aug 4, 2007
    I keep seeing lists of such suppliers on every wholesale list site I visit.

    What I'd do, though, at least to start off, is look around my own locality for wholesalers who are not listed on the web. Trading estates, yellow pages, ask business link for a list, chambers, too, anything you can think of. If you know any FSB members locally, ask if you can look through their copy of its Trade Directory for your region.

    Of those likely candidates you find, go through their cheaper items. There's lots where you can make a good mark up within a pound sales price. OK, you may have to pick up a pack of 5, 10, 20, whatever and sell them singly.

    Then you'll have one or more local, visible, checkable suppliers and an immediate basis for trust and reliability.

    Also, check auctions, end of lines and so forth, locally and online. That way, you may pick up occasional lines you can sell at a pound which give consumers a real bargain and a reason to keep visiting - they'll still pick up odd items at £1 when you don't have the real "price-buster" in stock that time, but don't wait for too long before your next one!

    Hope that helps and good luck with it.

  3. Ems1


    May 15, 2007
    Buy yourself a copy of "The trader" magazine it's released monthly and has loads of suppliers in the field you are looking into
  4. meanmachine29


    Aug 7, 2007
    Great advise.:niceone:
  5. anotheruser


    Aug 4, 2007
    Thanks, mm29. Where do I send the cheque? ;)
  6. bagsobrands


    Aug 24, 2007
    Hi allero 25,
    Have a look on the high street, many of the discount / £1 shops are struggling at the moment due to Tescos and the likes. Before outlaying a fortune on premises e.t.c try out local markets, I've seen people making a lot of profit and in fact know a millionaire who still trades on the markets.
    If your looking for stock I may be slightly biased but check out my website, we supply a lot of larger discount stores and the smaller retailers and sell stock at between 10 and 20% of retail value.

    Good luck with your venture it's hard work setting up on your own but the excitement and opportunity to be creative is defintly worth it.
  7. JustCraig


    May 30, 2009
    They have a website too http://www.thetrader.co.uk/
  8. tarik


    Jun 11, 2007
    we supply afew of the pound stores but problem is they buy in multiples of 1k and so small single pound stores you need to buy alot to make it worthwhile for the wholesaler
  9. chrisbawden


    Apr 9, 2007

    I have recently closed our one pound shop down.. Im afraid poundland opened a big store round the corner from us in an old woolworths..

    Pound shops are fantastic however a few of things you need to bear in mind;

    • What competition do you have. I dont just mean £ shops i mean B & M, Home bargains etc
    • Customer flow. Most £ shops fail because the simply do not get enough customers through the door.
    • Average customer basket. We had a lot of customers coming in buying just 1 or 2 items. Your customers need to average at least 5 items
    • The size of your unit. If your shop looks to small customers wont bother. Once they come in 2 or 3 times and ask for something you dont stock they will never return. So you need a good size unit.
    As far as suppliers go here are a few reliable suppliers all of whom I have personally used.

    • Welsh cash and carry. Speak to Andrew. Tel - 02920464606 option 3
    • Brand Choice Tel - 0151 486 3161
    • Regal Wholesale - 0151 639 6027
    • www.toysgifts.biz
    All these suppliers have very low minimum orders and will deliver to anywhere in the UK. I highly suggest using Welsh cash and carry and toysgifts. Andrew at welsh cash and carry really will help you and guide you through product choice etc.

    The biggest issue you are going to face is that these pound chains such as poundland, superpound, 99p shops etc all have hundreds of stores.

    Where you will buy in a quantity of 500 they will buy in 100,000+ of a brand name equivilant. So think very carefully when you sign any lease. Look at getting a temporary one maybe just 6-12 months to see how it goes before you fully commit.

    If you can however afford to invest to larger quantitys try the following;

    OTL (0) 1977 512244 http://www.otltd.co.uk/contact.htm
    PMS http://www.pmsinternational.com Tel - (0) 1268 505050

    The above will also be in the NEC autumn fair trade show. However min orders between £1000-£2000 and even then dont expect fantastic prices until you are spending a hell of alot more with them.

    Another thing we thought of is to look at a few managers specials above £1 each week especially if customer flow aint great.

    Hope this helps and the best of luck with the project.

  10. Oddjob


    Sep 18, 2004
    Chrisb 1983
  11. james yearling

    james yearling

    Nov 26, 2009
    hi iam thinking of setting up a pound store in stoke village and need to know a lot more info bout it all and the suppliers and wholesalers can someone get back to me please
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