In another post I started, a poster said that I would probably want to start saving now if my wife and I wanted to open a bead store in about 8 to 10 years.
Stated that it would take about $100,000 to have a fairly nice store depending on where we are. I would like to know how that figure would break down. What costs would I be looking at to open a store? My wife and I would be running it for probably the first few years at least.
Brian, That does not sound out of line to me. You will have a store to rent (lease, first, last plus however many months it will take you to sell enough to cover same), insurance, advertisement, utilities.........then there is the build up of stock. You'll have to find a wholesaler that suits your needs, and maybe two of them so if one can't fill your stock orders you will not be out of beads. Oh, and a new biz startup is not the sort of thing you can go to a bank
and borrow on, so your startup $$ will have to carry you for a few
years until you can show a profitable profile to a bank if you need to
My heartiest suggestion to you is to do a business plan.........really. If you have a Small Business Development Center near you (look them up online to see where they are) go there!!!!! They will have not only library but counselors and business plan outlines which they will help you complete. A business plan is a real eye opener as it will force you to look at the real costs, and it will ask you questions that you haven't thought of yet.
I think starting this soon is a good idea. Beads don't seem to be slacking off as an interest and hopefully will not in the forseeable future. Save your nickels and dimes now and you will be a smiling store keeper, not one that is in a constant state of stress from money worries. I hope this doesn't sound negative, in a former life this is where I worked, we saw lots of people ill prepared to cover their startup period and even if it was a great idea........they'd fail because they couldn't keep the doors open or the goods stocked. Take care and plan well. Donna
Sounds like some good advice.
You will also have to furnish the store with tables, slat boards, hooks, display cases, cash register, chairs, probably new carpet and lots of small things. For the furnishings, it can easily amount to $15,000. Some sort of security system is a good idea as well, another $1500. Lots of homework to be done to figure the mix of inventory, if you carry lots of SS you will need to add many more $$'s.
Hope this helps some.
Thanks for the breakdown Nathan.
That gives me ideas that I really need to work on.
So glad they let you back in the fold again