Property prices in Singapore are at an all time high. Not only homes, but even retail spaces are at ridiculous prices. Add in security deposits, advanced rent down-payments, renovation works, stamping fees and the cost of importing products, opening a shop can easily cost $100k in a good traffic shopping mall.
Then there is online marketing: Auctions, blogshops, e-commerce websites. The only thing that works for me? Auction. My blog and website competes for attention with so many others; there are celebrity bloggers, online game portals, YouTube, and hundreds of blogs and e-shops just like mine, all selling their unique products.
How can a “small fry” like me compete with the “big boys” out there? When can I sell enough of my products to make it my full time business? I have an idea…
My Solution
I am going ahead to open a retail shop in a good human traffic area, a place like Far East Plaza or Plaza Singapura, which draws a lot of shoppers within my target market. As I only sell 3 products now (ladies bags, bamboo lamps & sea shell décor products), I do not need much space to display my stuff.
I am gathering entrepreneurs like myself to share the shop space with me. With shop sharing, it will only cost a few hundred bucks per month instead of $100k upfront. Plus, there are some advantages to this concept:
More people share = less rental
More products = more variety
More variety = more customers browse
More customers browse = more sales, more word of mouth
If you are an aspiring entrepreneur like me, I invite you to join me in my Retail Adventure to share my shop space. I will be posting progress updates on this blog. If you would like to be informed, email me your contacts and products. I will update everyone on the latest developments.
Quote of the Day: “Gather a group of small fries and you get Large Fries”