Has anyone though about opening their own shop?
My DH thinks I already have one! :roflhard: :happydance:
:roflhard: Rebecca. I wonder if Amy has thought about it?
I could start a very long list of the pros and cons of owning your own shop. I sold my needlepoint shop last Fall. It was a wonderful adventure. It was an expensive adventure. It was an exhausting adventure.
I met some of most wonderful customers who became good friends.
When you feel the joy of creating something you want to share that sensation with everyone who walks through the door.
However, be prepared to give your life to creating that store. The hours are long and in the beginning you can’t afford to hire help.
Maybe this is just me, but since I sold my shop I have not touched any needlpoint. I know I will again, but not right now. I have turned to knitting and am really enjoying the change.
I used to needlepoint…of course, i never had a store!!!
I think that Amy should go on Knitty Gritty & i think she would be fabulous with a LYS…but she’s got so many irons in the fire now…i don’t think she’s ready for another…lol…but it’s a good idea!!
Thanks Mary! After I ponder this more I may have some questions for you.
I did a little research into this myself. I thought with the yarn prices I see in other LYS, that there must be a pretty good profit margin. That is not necessarily the case. Also, one source suggested a minimum inventory of yarn at $50,000 to start. Pretty big investement in yarn!
Also, one source suggested a minimum inventory of yarn at $50,000 to start. Pretty big investement in yarn!
But how much fun it would be buying $50,000 of yarn? OMG I start to tremble at the thought.
$50,000 in yarn is a good start. Don’t forget to add in rent, utilities, insurance, advertising, etc. There is also the expense of store fixtures. The best bet is to buy an existing store that has a good reputation. It is also a good plan to have 6 months operating expenses in the bank for those times when the bills are just a little higher than you expected!
Huge benefit to living in a small town is there are hundreds of small business grants & loans available!
if you could get something like that it would be a big help!
That all sounds great…but…I’ll just keep my existing yarn store, it’s not the largest in town…neither is it the smallest…lol!!
I did not mean to discourage the idea of owning your own shop. It is a great experience. Knitting is at an all time high, so the timing could be right.
Mee too dudette!! I’m trembling now! I can’t hold my needles still!! :rofling:
I have. There are even a few good spots open in our small town. I don’t have the energy for another business start-up though. We sold our mail order comic book business because it took all of our time. We loved the business and were quite successful but we are a much happier family now that we have more time together. Thinking about it is fun though.
My DH has a dream of opening up a comic book store. And I’m beginning to think I could open a yarn shop right next to his.
It’s just a germ of an idea. But’s its there!
For me personally, the only way I could do something like that would be to combine it with a forum such as this one.
I would suggest this method because:
- It’s online and open 24/7 and staff is not required to handle taking sales orders.
- You already have a market of people interested in your product, including a market outside of your local area.
- Potentially a much smaller inventory requirement, depending on your suppliers.
- Fixed costs such as rent, electric, etc, would also be reduced.
That’s my 2 cents worth.
I think of it often. I was actually contemplating not going back to work after maternity leave to open up a store. We dream of a yarn store where we’d sell natural yarns and serve bread, cookies, tea, and coffee. My best friend and I actually do have the capital and the support of our spouses. Another good friend is a pastry chef who makes very yummy creations. So, after I research this to death, I may do it!
Dreaming don’t cost a thing . . . Action, however, can be very expensive!
A girlfriend and I were talking about this the other day. We decided it would have to include a yarn store, book store and coffee shop!
Now if we only had the $$$$$$$.
OMG I would TOTALLY travel to Plainfield to shop at your store!!! :cheering: