Local electronics shop with accessories and advice

Local households, students and passing trade who want to buy something today and get advice from a real person.

You sell products at a margin above your wholesale cost. Accessories usually carry better margins than big-ticket items, and stock choices and rent largely decide profit.

• Product knowledge and plain-English advice
• Buying and stock control
• Selling and customer service
• Basic bookkeeping

• Product safety and marking rules for electrical goods; check with Trading Standards and buy from reputable suppliers
• WEEE rules for electrical waste and batteries, including take-back duties for retailers, so check what applies
• Business rates, lease terms and planning use class for the premises; check with your council and a solicitor before signing
• Shop insurance covering stock, theft and public liability, plus employer's liability if you hire staff
• Stock tied up in items that go out of date quickly, so start small and avoid over-ordering
• Check whether you need to register for VAT as your turnover grows

Startup costs are typically around £10,000 to £50,000, depending on the unit, fit-out and how much stock you buy. These are estimates, so start small to avoid tying up cash in fast-ageing stock.

Monthly revenue is typically estimated at around £4,000 to £20,000, depending on location, range and whether you also sell online. Stock can go out of date quickly, so avoid over-ordering.

Check product safety and marking rules for electrical goods with Trading Standards, and WEEE rules for electrical waste and batteries. Also check business rates, lease and planning use class, shop insurance, and whether you need to register for VAT.