Home – New Forums Starting your journey Starting a new business – how many $$ for stock & QLD trade fairs

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  • #994873
    seasame
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    Hi

    I am in the process of starting a new business in giftware/homewares/jewellery and have the following questions:

    1. How do I determine how much money (overdraft) I am going to need to purchase stock? I know about the pitfalls of ordering too much / not enough – but I’m just looking at a starting point or a guide. I’m thinking anywhere between 20,000 to 40,000 – but would like to somehow try to get as close as possible.

    2. Is there a trade fair/wholesale market place in Queensland that specifically focuses on QLD owned, designed or handmade products?

    Thank you :)

    #1198889
    bb1
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    Your timing is good, I just in the last half hour got 2 invites for the Brisbane trade fair this weekend, Check out the Reeds Gift Fair web page. Its not all QLD owned designed or hand made stuff (lot of imports), but it will be a good intro for you on pricing, etc. And I know the Melbourne one does often have local stuff. Its a very good starting point

    #1198890
    BuyGlobal
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    Hi, welcome to the forum.

    I imagine you first need to work out your wholesale cost per item. This will determine how much $ you need to buy stock.

    #1198891
    Paul – FS Concierge
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    BuyGlobal, post: 235258, member: 69895 wrote:
    Hi, welcome to the forum.

    I imagine you first need to work out your wholesale cost per item. This will determine how much $ you need to buy stock.
    And just adding from there, how long will you keep the stock before it is sold, how many items per order will not sell and have to be discounted, what discounts are available for bulk orders etc.

    If you have an opportunity to start small eg, by having a ebay store or selling at the markets, you can determine a lot of these questions without having to risk too many dollars.

    #1198892
    Rohan@TD
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    If you have an opportunity to start small eg, by having a ebay store or selling at the markets, you can determine a lot of these questions without having to risk too many dollars.

    Alternatively (but along similar lines), use a range of platforms or stage your business development (starting on ebay/facebook/Insta, then integrating a market stall, and then potentially looking to open a store) to reduce your cash outlay and the associated initial risk.

    #1198893
    Paul – FS Concierge
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    Just to add, if you have access to easy credit such as family or home loan redraw, I would have all the money I need to trade for 6 months.

    In business however, there are no guarantees so any money you put into the business is at risk.

    #1198894
    Mischelle
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    Hi,

    Welcome to our little group.

    As the others have said it is hard to judge how much unless you know your wholesale costs. The trade show Bert listed is a good start.

    You said giftware/homewares/jewellery, so you are entering a tough market, so your plan for local handmade is a good start as it’s more of a niche product line, rather than competing with the mass produced imported products. BUT it may also mean smaller sales as you will have a smaller customer base.

    Also how are you planning to sell it, on-line, markets, retail store etc? If you have time I would try a range of options, setup your online store, try a few market stalls and you could try something like “My Cube” as a retail alternative (located in Myer Centre Brisbane City, Garden City and Indooroopilly)

    I think the mini stores like this are a great way for customer to touch and feel the products without you having huge retail store overheads, and once the customers are confident in the products they will be happy to buy online. Just an idea for you to throw around.

    #1198895
    bb1
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    A couple of people have mentioned trying a market stall, great idea, just make sure you pick one that is appropriate. When I started out with my giftware adventure, I couldn’t get into the one I wanted for a couple of weeks, so picked another sight unseen and we only sold one thing for the whole day, luckily we didn’t walk away disheartened, and when we got to the one we really wanted did much matter. Also remember the time of the year you are testing things out in, as markets in particular can be very variable depending on timing (I guess most retail is)

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