If you are setting up a fish shop (FS)...

[gks]

Check out Lorba's pix on the aquarium restaurant:
http://www.greenchapter.com/article.php?id=29#

I am certain if such a restaurant is conveniently located (preferably with adequate parking and/or near MRT station), business would be reasonably good.

[anttz]

I think the safe ideal figure to setup one shop of any trade is about $50K, this includes riding out for 2 to 3 months without profits. Frankly speaking, it is just the stupid rent rates are ridiculously high, tjay makes the capital needed so high. I wish my property had the same kind of rental rates, I wouldn't have to work.

From my past experience, it is not going to be cheap setting up a shop in S'pore and I think 50k is a bit on the low side. Beside rental, you need to consider stocks and many other minor minor costs. As a newcomer, suppliers normally won't give you credit for the initial stock (unless you have got connection). Plus if you are carrying certain branded name items, you need to fork up a royalty fee, which is not going to be a small sum of money. The fee could be a big killer for a new start-up. I think you will need at least between 70k-100k for inital start-up.

[dawugui]

hmmm
think we will have to take a look at the location-wise too. for example in AMK central may be too expensive. however, if you change the location to somewhere say.... Sembawang area, it will be cheaper. BUT.... the con, the human traffic is very much lesser.

[genes]

Check out Lorba's pix on the aquarium restaurant:
http://www.greenchapter.com/article.php?id=29#

I am certain if such a restaurant is conveniently located (preferably with adequate parking and/or near MRT station), business would be reasonably good.

Making the aquarium restaurant look a million dollars in the heart of human traffic is one thing, if the food is so-so, not many will frequent your shop. Thats how realistic Singaporeans are. Remember we usually go for food with the longest queue? (Example, Changi Village Nasi Lemak - long queue everytime even though price have increased throughout the years)

[Jungle-mania]

From my past experience, it is not going to be cheap setting up a shop in S'pore and I think 50k is a bit on the low side. Beside rental, you need to consider stocks and many other minor minor costs. As a newcomer, suppliers normally won't give you credit for the initial stock (unless you have got connection). Plus if you are carrying certain branded name items, you need to fork up a royalty fee, which is not going to be a small sum of money. The fee could be a big killer for a new start-up. I think you will need at least between 70k-100k for inital start-up.

70 to 100K! whoah! I think I will keep my money in CPF and continue to visiting LFS as a customer. Or I could buy a RX-8...hmmm...

[dawugui]

haha, jungle, think it all boils down to interest at that point of time, will you still be interested in cars in your latter years? think not so much right? keeping and setting up a fish shop can be both interest and capital. just my own point of view

[lorba]

70-100k is still not enough if you do the maths.

[Jungle-mania]

haha, jungle, think it all boils down to interest at that point of time, will you still be interested in cars in your latter years? think not so much right? keeping and setting up a fish shop can be both interest and capital. just my own point of view

I think it is a great idea to setup a LFS, but I think to shed the euthopic idea of a success for it and more of a means to an end. Don't know when I am old, will I have the strength to do water change for every tank in the shop.

Nonetheless, this topic still has some fire to it. I wonder what would be the actual cost of running a shop in one of our heartlands, with tanks and all.

[dawugui]

i think heartlands will be much cheaper compared to town or near town central areas. haha, that time ask your grandson, son all to help out lo~ / Or install a super good filter like EHEIM then no need change so much~~

P.S. ==> think my way of thinking differs too much from you all le. Don't have a house of my own. Don't think even married will get a totally new house where me and my wife will be the only occupants. Thus, to me, a fish shop is what i can only do to legally keep a lot of fish. Laugh out loud. Sadded..

[anttz]

70-100k is still not enough if you do the maths.

How about 150k to 200K?

[Jungle-mania]

Actually if I had that amount of money, I would head off into other business ventures. 150K is alot of money. The rich get richer, the poor get poorer. The more you invest, the more your returns. Especially in Singapore, your returns can mean the difference in sustainability.

[lorba]

How about 150k to 200K?

It depends on what size, type of inventory you want to hold. If your contact is wide and strong, you can probably stock up the shop with all consignment basis. Otherwise, stocking up the shop alone could take u 50k or more.

Not forgeting catering funds for renovation, rental, utilities, wages, misc to run a few months - a year etc etc. If you think you can handle yourself, then perhaps the shop is not going to make (a lot of) money.

[dawugui]

How much stocking will one need to take? Do it have to be all the brands? And a whole lot of different items for same brand at one go? or Just the more common and in-demand ones?

Maybe not handle by ownself. Let's say you rope in your family members? Like share the profit, the loss and the time needed to be in the shop? WIll opening hours even be a factor?

[Jungle-mania]

Opening hours is a factor. I get annoyed when aquanature is not open on Sundays. As for helpers, get someone inclined in the business to help out, as it is hard to do it on your own.

[dawugui]

Ok, but when people not in your family helps out, you got to pay them a wage. That adds to the whole management costs as well~

[Jungle-mania]

yeah, but your family also need wages too, nobody works for free. They can take less during lean times, but they still need cash to get by.

[dawugui]

Yah, hopefully it will cost lesser than normal workers.

[Weirong]

Yah, hopefully it will cost lesser than normal workers.

You pay your family members less than regular workers?
I really don't think it's a good way to run a business with that sort of thought in mind.

[dawugui]

No la, just that if the business runs into a tight end, at least they will be more understanding of late salaries and etcera

[andrewtyr]

actually what I think really matters is the quality and the range of fishes you have.

Say if you into planted then you really have to bring in rare and compatible fishes. It is these fished that continuously lure customers in, otherwise your shop can be easily marginalized as "just another fish shop".

To have these range of fishes, contacts of supplier is very important. I remember someone told me the uncle of Choong Sua built his contacts over 30 years! That's why he has many interesting fish, and has always been bringing in unique fish all over the world, well, until his business died.

And all these must have the added elements of marketing, trends, etc.

IMO, the maintainence work, shop space and casualities risk of small fishes is still more than big fishes like arowanas.

Anyway I always thought that ecoculture moving with CF seems to be a much more viable business than it was previously. The variety is much more now.