Potentially Life Changing decision - looking for input

[make_your_move]

So ... yesterday I headed over to my favorite yarn store in Centreville. And ... it's for saleAs far as I know, they're not going out of business. The owners are in the midst of personal difficulties, and I think they're looking to sell it and avoid the legal issues that may come between them

Comments

[alphaggek]

I agree with tirani. If you can swing the capital, I say follow your dream. A good location and a good, dedicated staff are very key components.

Go talk to the Small Business Administration. They have a program called SCORE -- Service Corp Of Retired Executives -- who will give you all the business advice you need, and I believe it's free.

[puppy_no]

Wow! How exciting. I used to work for a version of SCORE that handled non-profits, and I have to say the services were excellent. You might also consider talking to yarn shop owners about the market now. I hope you do it!

[becalyn]

I can't offer any business advice. But I've a firm believer in following your dreams and have risked it all more than once in my life to do so. I have never regretted it.

[arashinomoui]

Follow your dream, but check the books.

If you want, I'm happy to loan you a business book, or if you want, bring the financials over some evening and I'll look at them.

[arashinomoui]

Note: My business focus was very much not-financial management, so if you've got someone else who has one, or are willing to pay someone, then do it.

[make_your_move]

I'll be the first one to admit I know nothing of financials beyond the basics ... so I'd definitely have to hire someone.

But I very much appreciate the offer! I thought you might be one of the people with good insights :) I'm open to advice from someone I know to be learning all of this.

[arashinomoui]

I hated accounting, but financial management was actually a lot of fun - it is a lot of putting puzzle pieces together.

What's the time sensitivity on this? I can whip up 20 piece of information that I'd love to have fairly quickly. I can't promise comprehensiveness, but I can do free advice.

[aminahfiddler]

I agree with everyone. You have to follow your dreams. But, you also have to be careful.

Think about are the customers loyal to the store, the staff or the location?

You will need to make sure the store is making enough to support itself and the employees. NEVER mess with folks money. Beyond, profit what about loss? Is this a high thief area? As much as you don't like to think about it, people steal what would happen if you lost a bunch of product?

I'm not saying any of this to be negative. Because to be honest there are days that I miss retail. I did it for 14 years but grew to hate the hours, nights, weekends holidays etc. I've been to plenty of yarn stores where I love the vibe and will sit and just chat but others that I go get what I want and leave. You want the first (but you know that already).

I hope it works. Good luck.

[make_your_move]

The customers are very loyal - and it is definitely one of those places you want to sit and stay for hours ... so that much I know it has in its favor.

I'm thinking seriously of all the rest as well - I spent 15 years in retail businesses, and I remember hating the same things. Right now I'm just exploring.... there's no real investment yet.

Thanks for taking the time to think about it and put out the questions!

[ladylyonesse]

I think this is an incredible opportunity, and if you think you can make it happen, DO IT. You are smart as a whip and you know what customers like, so learning the business side you can do on the fly; just study up fast!

Meanwhile, dorei has bookeeping experience and a wealth of financial knowledge, so maybe check in with her to see if she can offer any input?

FLY, baby, FLY!!

[ladylyonesse]

PS -- Ravelry is an excellent place to see market trends, customer likes (and boy howdy their dislikes), as well as to poll the market, so to speak.

Hey Hawk

[make_your_move]

I dropped by his journal but it doesn't look active anymore - last entry was in 2009. I wrote him a private message, but I don't even know if he'll get it. If you happen to talk to him, I wouldn't mind if you passed along my message ... but if it doesn't happen, that would be ok too.

Thanks for the suggestion though!

Re: Hey Hawk

[make_your_move]

Got your mail (thank you!) - sent email.