New Fruit and Veggie Business - Sell or Look for Partner

Lxerox7 on 27/02/2018 - 18:30

Hello friends
I just opened a fruit shop for my sister who has the best experience and worked in fruit shop for many years.
I calculated everything and put the budget aside. And got the leased signed. It took me 3 months to setup and ll went according to the plan. Except from one this my elder sister gor sick back in India and I had to send some money for her treatment and so on. (familiy first)

Now I am short of money as in fruit business we need to keep investing money to buy stock. So I am comfused now weather to sell the business or find a partner.
Selling a new business might be challanging whereas partnerships wont last longer. Bank not giving me any loan as I have no more money into my account and there is no income yet.
I am so confused to come to conclusion. I have invested around $80000 . the shop is in good location n there is no fruit shop around.
What is your experience in term or partnership or what will you do if you are in my shoes?
Please suggest

Food & Grocery

Comments

  • [Deactivated] on 27/02/2018 - 18:47
    +2

    open the shop maybe?

  • mskeggs on 27/02/2018 - 18:48
    +6

    You need, what? $10k to float enough stock to operate?
    Ask your family and friends to kick in a loan to get you over the rough patch.
    Otherwise you will lose more in rent trying to find a partner or buyer.
    If you are talking about a higher amount, I think you might be carrying too much stock - but I don't know much about fruit shops…

    • Kangal on 27/02/2018 - 19:29
      +3

      You should change your username to tryn2bhelpful

  • JimmyF on 27/02/2018 - 19:52
    +1

    Bank not giving me any loan as I have no more money into my account and there is no income yet.

    but

    I just opened a fruit shop

    So is it open or not? If its open, why is there no income yet?

    • xerox7 on 27/02/2018 - 20:17

      Opened for 4 days only. There is income but not enough to buy new stock. To get faith of new customers , i have put the pice of each item as low as possible. Otherwise I wont be able to sell them.

      • JimmyF on 27/02/2018 - 20:21
        +5

        If you're pricing it so low not to make money and still not being able to sell the stock, then you have a problem!

  • Realsteel on 27/02/2018 - 20:24

    Do you expect to recoup the money you spent to buy the stock (you are selling) and cover some overheads? Not that i have run such a business but I imagine perishable items don't last too long so 4 days worth of sales may provide a good indication already.

    Also with stock you buy, do you get credit terms. Buy now, buy within 30 days or so?

  • cnmarine on 27/02/2018 - 20:31
    +1

    Credit card? Personal loan? Funds from family? Get your family to borrow from the bank? Unless all the stars align, You won't be able to find a buyer/partner in time to cover for cash flow…….unless you abandon ship and liquidate at bargain prices.

  • qwerty on 27/02/2018 - 20:38
    +6

    If i was you i would see what stock you have and do what they did in Mary Portas, Queen of Shops - Fosters greengrocers episode by packing fruit and veg boxes and selling them door to door whilst advertising your store to locals .

    That way you can move some stock currently at a markup that allows you to purchase new stock and gets your store name out there.

    Stop selling at cost price in store - unless its a couple items done for a grand opening sale it just looks like something is wrong.

  • agam2104 on 28/02/2018 - 09:57

    At which location is your Shop is?

    • xerox7 on 02/03/2018 - 07:01

      Springvale

      • D3AB on 02/03/2018 - 07:36

        Ah Hello, doesn't Springvale have a bustling market with a literal shit ton of fruit shops. You will struggle to make money in that environment because locals there pay rock bottom prices for their fruit and veg.
        80 grand seems excessive for a market fit out. Sorry don't know how to help you, maybe cut your losses.

        • xerox7 on 02/03/2018 - 11:25

          Thankyou for your reply brother , yes I knew there are tons of fruit shops in Springvale area, but mine one is far from them . its on corner princes highway and Springvale road. No fruit shop in 2 km radius.
          I have close the doors already from yesterday as I couldnot get money from anywhere.

  • Baysew on 01/03/2018 - 10:43

    I have invested around $80000

    No, I won't go there.

    • xerox7 on 02/03/2018 - 07:02

      What do you mean? U mean its too low for a fruit shop?

    • xerox7 on 02/03/2018 - 11:27

      Hi Baysew Please tell me why you wont go there? Do you think my budget was too low already?

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