interesting events....
So ya'll know I am a member of a club that sends me scrapbooking kits each month. It's an online message board, online store, kit club and general great place to spend my money. Well, the lady who owns, due to her declining health, has had to get a full time job with insurance to take care of herself, and she's decided to sell it.
Now, I have been wanting to get into owning my own business for awhile now and while I hate that the owner is having to sell due to her health, this might be a great opporunity for me to own my own thing with little capital/inventory invested. The only thing I am unsure of is how much she's going to want for the business because she has emotional ties to it. I would want to be fair but sometimes it's hard for people to put a "fair" price on something they've invested so much of themselves in. And the business was just featured in a magazine for one of the top kits to own so I know the popularity is going to add to the price.
And I'm nervous because I have never owned a business before and with this one being scrapbooking related, it's hard for me to see the line between what makes good business sense versus just buying up everything I can get my hands on, simply because I have a wholesale account.
So think so positive thoughts for me please and if you have any experience owning your own thing (and protecting it!), I welcome the advice. Nothing is set in stone yet - in fact, I have only just emailed her to say that I'm interested....
I am writing down a list of items I want to know, such as: Current inventory (age and value), brand value, current kit subscriptions, business taxes, outstanding debts, the plan for transitioning ownership, internet fees, advertising fees, wholesale accounts, etc.... I definitely need some entrepreneurial (gosh that word has lots of E's) education on this!
Now, I have been wanting to get into owning my own business for awhile now and while I hate that the owner is having to sell due to her health, this might be a great opporunity for me to own my own thing with little capital/inventory invested. The only thing I am unsure of is how much she's going to want for the business because she has emotional ties to it. I would want to be fair but sometimes it's hard for people to put a "fair" price on something they've invested so much of themselves in. And the business was just featured in a magazine for one of the top kits to own so I know the popularity is going to add to the price.
And I'm nervous because I have never owned a business before and with this one being scrapbooking related, it's hard for me to see the line between what makes good business sense versus just buying up everything I can get my hands on, simply because I have a wholesale account.
So think so positive thoughts for me please and if you have any experience owning your own thing (and protecting it!), I welcome the advice. Nothing is set in stone yet - in fact, I have only just emailed her to say that I'm interested....
I am writing down a list of items I want to know, such as: Current inventory (age and value), brand value, current kit subscriptions, business taxes, outstanding debts, the plan for transitioning ownership, internet fees, advertising fees, wholesale accounts, etc.... I definitely need some entrepreneurial (gosh that word has lots of E's) education on this!