Since I live in a rural-ish area (20 miles from the State Capital), I did a Google map search of local yarn shops in the area. I wanted to scope out the competition! I found only one in my area. My boyfriend and I checked it out just yesterday.
It is in an old historical building, which I like. The store front does not open to the sidewalk, however. One must go into the building down a hallway to enter the shop. I'm not sure if I care for that aspect or not. But I do love the building. Original wooden floors in the shop! Very nice. It is a bit on the small side, and I noticed that the variety of yarn left much to be desired.
After talking to the owner, I found out that she has run the shop for 14 years and is ready to retire. Unfortunately, nobody has shown any interest in buying the shop from her.
***DING DING DING DING***
Oh, really? Is this the "Divine" calling that everyone talks about? What are the odds? Should I be interested? Should I buy this place instead of start from scratch? Wait - how much does she want for it?
75K. Seems reasonable actually. Rent in the old building is $525. Oh, how I wish I knew what the hell I was doing!
On the way home, my boyfriend and I discussed the possibilities. He is all for supporting me, which is something I am not used to! He is ready to help me with whatever I need. How awesome is that? <3
I know the VA is there to help veterans. I know the SBA is a great resource as well. I know I have an advantage being female also. So, I came home and immediately went on the internet to look things up. I found that the national 2011 average earnings for a local yarn shop owner was $59K. So I would be looking at probably three years to pay off a business loan. Since I have no idea if that is any good or not, I am assuming that it is.
Do I want to be tied down to a shop and not be available to just get up and go? Well, considering I am currently relying on a fixed retirement income, my "get up and go" is severely limited already. So that answers that.
What are my other obstacles? Well, I need to create a business plan. Do I want to keep the original business name, or do I want to change it? I need a mission statement. I need a marketing plan. I need to know the current financials. ugh. My next step is to contact SCORE and take advantage of their free counseling for those who wish to become new business owners.
So, with a little bit more research, I will find out whether this is a feasible venture or not. I hope it is, because the more I think about it, the more excited I become.
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