Opening your business?

[pdevine]

Ok, I have been making candles since 2002 and am FINALLY starting to look into opening a retail shop. I have found 3 spaces that I could rent and am scared to death to jump on them. 2 of them are in a prime location and is roughly 1200-1300 sf each. One of them the rent is $700/month and the other is $600/month. Then the other place isn't in such a great location, 800 sf and is $600/month. I primarly make candles and am starting to dabble in B&B products, everything B&B is still in the testing phase.

Grant you, we live in a large tourist town and the one place @ $600/month couldn't be located in a better location. There are 4 other little established shops in this same location, so I wouldn't be the only one in the little center. This would be a fantastic opportunity for me, but I am scared TO DEATH that I wouldn't sell enough to make the rent, let alone the other added expenses per month. I know my products are excellent products and I offer a wide variety of candles, etc., but $600/month just sounds like a hell of alot of candles to sell, just to make the rent.

I have been pondering on the idea of opening a retail spot for about 2 years now and just haven't been able to find the right location, but this one is PERFECT. Am I just having a fear of the unknown or did you all go through these nervous jitters before taking that plunge? If I don't soon get it out of the house, it's going to run us out. I'm in the situation that my daughter will be moving out once she graduates HS this year (she's moving 300 miles away) and I would love to have it out of the house and become established before she moves. I have owned my own business before (Antiques and refinishing), but it was on our property and I lived right behind it. Being 100% obligated isn't an issue and long hard hours isn't an issue at all. I'm just scared of that $600/month rent, etc.

Can anyone who is already established in retail give me some feedback on your experiences? BTW, this place used to be a Kountry Kitchen, so it's got plenty of display room and could also be set up so that I could close off a section of it and do my pouring there when I wanted to. I was thinking of something like a cubical area w/stove, counters, etc. Ughhhhhhhhhh, decisions, decisions,,,,LOL Please any and all feedback would be greatly appreciated. TIA Portia

Edited to add: There isn't anyone else around here that owns a candle store either, but ALOT of gift shops. I would be the only candle, etc store within 30 miles and it's Yankmee @ the mall.

[HeavenScentU]

I say if you really want to do this, than I would do it. I loved owning my own gift shop and I don't regret it at all. You might be terrified but if you haven't tried it you will never know if you will succeed. GO FOR IT!!!!!

[Demenshia]

I say you'll never know if you don't try it....I'd go for it.

[chauntelle]

Live for the moment- if you don't try you'll never know and always wonder what if!!

A year ago nxt week my partner and i put every penny we had into an outdoor shop selling climbing, camping and walking products. We put everything we had into it and didn't borrow a penny.It was hard no pretending and juggling kids as well . But after a while you get into a routiene and you learn from your mistakes. We calculated our risks and now a year on i can honestly say no regrets!!! yes i had times when i thought y? and thought we'd be better off without but now i'm so glad we didn't loose faith it's amazing how quickly this year has gone and how much we've achieved.

I'd say go for it.We are so glad we did we are hoping to move to a bigger store before xmas and are even talking to our bank manager about buying a going concern outdoor business and merging the two!

If your after a bit of advice i'd say do a business plan with how much you think it will cost to set up, Have a marketing strategy- if customers don't know your there then they can't buy.It doesn't have to cost alot especially if you no your market well! Don't spend too much on fixtures and fittings it's amazing how far money can stretch if it has to. Have a small amount of money put by for quiet times ie september and january. And a big one that i'd say should be a must is have a launch day get a buzz going have some special deals for that day and show them all what you have to offer.

I'm sure you'll be fine and don't forget everyone loves these sorts of shops ' xmas. you'll find the money when it's needed.

Wishing you all the best for your business and remember you don't know till you try!Good luck:)

[mbrown]

I don't have my own store yet ........but someday.

I always say........If you are doing what you love and you are dedicated then everything else will take care of itself.

Your passion and love for what you do will make it all okay.

I know it is easier said then done but I truly believe this.

JUST DO IT AND GOOD LUCK

[ScentsandMore]

Do you ever go to the Country Sampler Discussion Forums? If not, click on this link http://68.73.224.229/scripts/dcforum/dcboard.cgi then click on Country Business Retailer Forums and there are links for Display, Business Basic, Marketing, Product Search and more. You may be able to get some information from there that will help you to decide. I can't remember if I had to sign up to be able to read the message board or not. Good luck.

[Lorrie]

Portia,

I am in the same boat as you. I would love to open a retail shop. I had everything picked out. The rent at the place I was looking at was only $400 a month plus utilities. But I decided to save up a little more money first.

But here is an idea. Would you be able to maybe take in some other crafters and do consignment or charge them a little bit of rent to help you get on your feet a little more and see how things go?? Plus it would ease the $600 a month rent a little.

In the $600 a month rent does that cover your Utilities? If that does that damn that is a great price. When I figured out what I would have to pay for utilities and rent it was about $750 a month...

But if you have a great location and aren't scared of the hard work I would say GO FOR IT before someone else does!!!

[Twoscentsworth]

You are correct...that is a lot of candles to sell just to make the rent...then you have utilities to pay also. Can you and are you willing to pay the costs for a year or more if you don't sell enough product? I too believe in going after your dreams but this is a dream that could leave you broke and deep in debt. Can not tell you how many people have opened up shops just to have to close them down in a few months time because they did not have the working capital they needed. It takes time for people to find you and the summer months can be very, very dry ones. I love having my shop BUT I do not pay rent. We bought our building and my DH pays for it (he has half of the cottage). I was at the mall before and even there were days when no one came into the store. I payed 1/2 of what you will be paying and did make a profit but I also sold other things. If I had had to pay the full rent would not have made any money for some time. Be realistic and figure out exactly how many candles you will have to sell a day to pay the rent etc. AND to make money to reorder supplies.

Also, if you can get those other shop owners to talk to you you might find out some interesting things about traffic patterns etc.

Wishing you the best ....

[savedbygrace06]

My friend who also makes candles and I looked into opening up a consignment shop a couple of years ago. But we were unsuccessful in finding the right shop at the right price and location so we gave it up. I think your fears are legitimate but like the other gals here said, you will never know unless you try it. Although I'm sure you have 600 reasons why you shouldn't. If I were you, I would consider opening it up as a consignment shop and charge booth rental at least. If you have any of these types of stores around, check into what they are charging and see if you can do better. That way, you can get your rent paid and even make a little bit on the side in good months. I have my candle in a consignment shop right now in my home town and she has only been open since June, but she is doing very well. I do pretty well there myself. She has it set up really nice. It's a very nice shop, not junky at all like some antique and consignment shops can look.

Good luck with this!

[pdevine]

Thank you all so much for the insight and advice. I have beat myself to death over this idea and I think that I have come to the conclusion to give myself 6 months. We have a well known amusemart park that was REALLY big to tourists up here, it was up for sale for a # of years, but it sat for a few years due to ledigatation issues and has been bought out and going to reopen in May 2007. Dolly Parton even made an offer on it, but it was refused by the owner.

Well, this place is within 1/2 block of the place that I was referring to renting and also a ski resort that draws in ALOT of people/tourists during the winter months. You also have to pass by them (and the place I wanted to rent) to get to another major attraction site and gambling casino which is ALWAYS packed.

Yes, I sooooooo badly want to jump on the site, but I think I will give myself time to get more prepared, stocked up and ready to take the jump, before I jump off the cliff. My DH even told me that he would help me out for the first couple of months til I could get established, but after then we might have to barter,,,,LOL (he is also self-employed and does GREAT) So, I am in the meantime going to make up as much stock as I have supplies for, check into other things and within the 6 months period, then I will search. If this place is already rented (which with the theme park opening up, IT WILL BE) then I will just search elsewhere. I guess I try to live by the statement that my mama always told me "hind site is 20/20".

So, I guess for the next 6 months that my house will be wall to wall with boxes of stock, ready to go:cry2: but no where to go just yet. Thank you all so much and sorry for the rambling on.

[Crystala25]

wow, $700 a month for rent on a retail building, where are you located? I'm in California and to find a place with that type of rent on a retail space is unheard of. Depending on how much you sell, that is a good opportunity. Just make sure to get out there and promote your business. I think its a great idea, just make sure that you have gone over all of your numbers and the outcome would be greater than what you put in it. (which I'm pretty sure it would be)