Business ideas

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Business ideas

Postby MrsKiasu » Sun Jul 26, 2015 12:34 am

Hi, I hope to gather some ideas on the current plan that I have in mind. I have always wanted to start on something but just don't have the ideas/chance.

Now I have this idea. I am thinking of a bakery shop. Don't know if that is feasible?

I just thought that probably I could get some ideas from the KS parents here. Any comments will be most welcomed. Thank you in advance.

Don't know if we are having a bit too many bakery shops currently? I am thinking if can(but still open to it), I prefer not to go for franchise.. so I will have problem of getting a 'good and loyal' baker, I believe.. so how to maintain the consistency should the baker keep jumping ship? How do I develop a house brand? What is the expected set up costs and monthly operating overhead? Which is a better location to go for? etc etc...

Yeah, I have too many questions :wink:

Also, it would be nice if you could recommend your favourite brands for me to do some homework first..

MrsKiasu
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Re: Business ideas

Postby TheAnswer » Sun Jul 26, 2015 8:13 am

I can't help u here.. But I'm here to tell u that I'm not faithful to any bakery and as u can see we dun really buy bread from bakery also.. But if u ask me to choose one.. My family loves bakers talent.. Cheap and good..

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Re: Business ideas

Postby Nebbermind » Sun Jul 26, 2015 8:25 am

If you have no idea now, perhaps you shouldn't go into retail. These days, 开门做生意 needs plenty innovation. Otherwise very likely to close shop before one can recoup capital.

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Re: Business ideas

Postby ChiefKiasu » Sun Jul 26, 2015 9:46 am

The retail bakery business is a red ocean business. Being brick and mortar, owners have to choose between high rents or low business volumes. Brand loyalty can be fleeting and you may have to keep coming out with new concoctions just to keep consumers coming back. It all boils down to how much your creations appeal to the masses. Inventory shrinkage due to perishable goods must also be factored in: you have to clear your stock everyday or suffer wastage. There are also well established brands and franchises you have to compete against.

So it boils down to your expectations. If you are comfortable just to operate a small shop, you may survive servicing a small community who will patronise you regularly for their confectionary needs, but that also depends on whether what you offer appeals to those in the immediate community.

There are strategies to overcome some of these challenges. Ebusiness is a possibility. You can transform your supply chain into a demand chain, and produce on demand rather than in advance. That reduces the risk of overproducing. Taking orders electronically also eliminates the high costs associated with rental. But you will have to deal with new challenges - how to market your service, how to produce on demand while retaining some economies, and the logistical issues of delivery.

It's fun and exhilarating to start a new business. But it can be very difficult to stay in one.

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Re: Business ideas

Postby lee_yl » Sun Jul 26, 2015 9:46 am

Most of your money earned may end up with your landlord.

Foreign workers restriction, raising labour cost...

You may wish to PM Imami.

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Re: Business ideas

Postby TheAnswer » Sun Jul 26, 2015 9:49 am

lee_yl wrote:Most of your money earned may end up with your landlord.

Foreign workers restriction, raising labour cost...

You may wish to PM Imami.

An idea struck my head.. how about buying a shop space then rent to Mrs Kiasu :evil:

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Re: Business ideas

Postby janet88 » Sun Jul 26, 2015 9:49 am

it's the rental costs which is killing.
also, in the food business, it's important to know how to cook the dish should the cook/chef play the boss out.

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Re: Business ideas

Postby lee_yl » Sun Jul 26, 2015 10:04 am

There is newly opened bakery shop near Pek Kio market. Ideal location with lots of human traffic and their bread was delicious and cheap.

After 2 months, started to see a lot of promotion and sale, like buy 5 for $5. After another 2 months or so, that bakery changed hand. Probably ran out of cash to sustain the business as the first few months, revenue may not cover the cost. Must You need to prepare sufficient cash reserve to cover the negative cash flow for the first many months.

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Re: Business ideas

Postby starlight1968sg » Sun Jul 26, 2015 10:07 am

I guess food business is regulated by the authority and would the authority conduct regular checks on the food and premises? This will some how add costs, right?

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Re: Business ideas

Postby Coolkidsrock2 » Sun Jul 26, 2015 10:19 am

It is very tough. DH had a tiny food biz many years back. Part of a franchise. Apart from rental, people management is another headache. Closed after less than a year, if not 6 months.

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