From what I have seen in my community, here are a few things to consider:
1) Well established LYS's are having a hard time staying 'in the black'.
2) A LYS can't compete with the prices found on the internet.
3) Opening an LYS takes a ton of capital for new yarn stock, books and accessories...and you pray they sell before they become passe and you have to eat them.
4) Knitters are savvy yarn shoppers...and will shop for the best price for the yarn they want. The best price is always on the internet, even with shipping included...but internet yarn shops are getting smart about requiring a minimum purchase for free shipping.
5) Even though there are no LYS's in your area, you must have 100% certainty that the folks will come visit with money in hand. What are the economics of the area? Will the knitters pay $10.95 per skein x 15 for a sweater? Or will they rather visit WEBS and pay $6.95 x 15 for the same yarn?
5) The investment in time will suck the life out of the new LYS owner. Plan on 18 hr days, 7 days a week for 7 years to get established.
6) Without a prudent business plan and the proof that you have the experience to run a shop from the dollars & cents end...you might not get a business loan from a bank.
Why not try buying wholesale yarn & accessories in small amounts and re-selling them on Ebay? I'm a regular shopper at four Ebay Yarn Shops, as well as WEBS. One of the Ebay shops is a lady who sells out of her house about an hour drive from me! Another one of my FAV Ebay yarn shops is located in the UK...Cucumberpatch. I always like buying from her...and she offers such good shipping, sometimes free on a special for large purchases of a bag of 10.
With a brick and mortar LYS...you will pay rent, utilities and wages every single day...even on $0 total sales days. My local LYS says she's slowly sinking, and this is after 5 years in business. She has way too many $0 total sales days...and she still pays her help, rent, and utilities. She doesn't know how much longer she can hold onto her business. This coming Holiday Season will be a time of reckoning.