So, today was the second week that I visited the shop to see if the owner had her financial paperwork yet. She seemed busy with a customer, but when she looked up and saw me she immediately said "I don't have them yet" and then she went right back to showing the customer how to use a spinning wheel. I felt absolutely dismissed, so I hung around for about 10 minutes to see if I could talk to her. However, the customer was asking specific questions about the shop......and it finally occurred to me that she was the other buyer!
So, I decided then and there that I am going to open my own shop in Centralia. It seems to me that if a seller was interested in selling, they would have the paperwork ready as soon as possible. I realized today that she is favoring the other buyer so that is the end of that! Look out Chehalis, you are about to have some serious yarn competition. :)
Showing posts with label VA. Show all posts
Showing posts with label VA. Show all posts
Friday, April 4, 2014
Thursday, March 20, 2014
Should I or Shouldn't I?
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.
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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