My husband and I are thinking of opening a small business store. Can we do this if neither of us have experien

Question

ce running a store? We both have our own home based businesses, but we don't have any employees. I run a horse boarding business and also teach riding lessons. My husband is a potter and sells his pottery to galleries, but he wants to open his own pottery store. Any advice, ideas?

Answer 1

First of all let's get your due diligence out of the way. Business plan and lots of research so you will know what to expect and what will be expected of you too. Here are some resources to assist you. Good Luck!

Business plans

http://www.score.org/template_gallery.html?gclid=CKmCk4SOn4oCFQkfYAodeydFjA

http://www.bulletproofbizplans.com/bpsample/Sample_Plan/sample_plan.html

http://www.zbusinessplans.com/?gclid=CLTB9puOn4oCFRgfGAodfH_knA

http://www.pandecta.com/iss.html

http://www.planware.org/businessplan.htm

http://sbinformation.about.com/od/bizplansamples/Business_Plan_Samples.htm

Here are some books you can purchase new or used on amazon.com

Cute Little Store: Between the entrepreneurial dream and business reality by Adeena Mignogna

Specialty Shop Retailing: How to Run Your Own Store (National Retail Federation Series) by Carol L. Schroeder

Success in Store: How to start or buy a retail business, enjoy running it and make money -- 2nd Edition by Geoffrey Heard and Gordon Woolf

Ultimate Guide to Specialty Retail: How to Start a Cart, Kiosk or Store by Patricia Norins

How to Start, Run, and Stay in Business: The Nuts-and-Bolts Guide to Turning Your Business Dream Into a Reality (How to Start, Run, and Stay in Business) by Gregory F. Kishel and Patricia Gunter Kishel

Your Specialty Store: How to Start and Run a Money-Making Store by Ellen Rubenstein

How to Advertise and Promote Your Retail Store by Dana K. Cassell

Retail Selling Ain't Brain Surgery, It's Twice As Hard by James E. Dion

If you an infusion of under $35,000 for your new venture. Microenterprise is your answer. GOOD LUCK!

About Microenterprise

http://www.microenterpriseworks.org/index.asp?bid=282

Microenterprise Defined
AEO and its members have defined microenterprise as a business with five or fewer employees requiring $35,000* or less in start-up capital. AEO estimates that there are over 20 million U.S microenterprises, which represent 17% of all private employment in the U.S. In addition, microenterprise represents a path from poverty to financial security for many low-income individuals.

* Loans of $35,000 and under are known as microloans.

Microenterprise Development Industry
The estimated 600 microenterprise development organizations (MDOs) operating in the U.S. exist to support disadvantaged entrepreneurs as they start or expand their businesses. MDOs can increase the chance of business success by bridging the gap between disadvantaged individuals and the tools they need to start and grow successful businesses. With the help of AEO services, MDOs offer business training, technical assistance, access to capital, and other services to entrepreneurs to assist them in realizing their dream of business ownership. For many low-income entrepreneurs MDOs represent the only opportunity to access the capital and business tools necessary for business start-up.

Key Elements of Microenterprise Development

AEO has learned that comprehensive microenterprise development programming consists of four key elements: Training and Technical Assistance; Credit and Access to Credit; Access to Markets; and Economic Literacy and Asset Development.

Training and Technical Assistance
Microenterprise development practitioners agree that the quality and quantity of training and technical assistance provided to an entrepreneur can often be the biggest factor in whether the entrepreneur’s business succeeds of fails. Microenterprise trainers have the difficult task of teaching complex business skills to entrepreneurs with little formal training, limited time to engage in learning; and various levels of education.

Though training opportunities vary from organization to organization, typical microenterprise development training topics include: business plan development; integrating technology; bookkeeping and business management; and marketing. Training is offered through various settings including: classroom type lectures; one-on-one counseling; peer networking; and mentoring programs.

Credit and Access to Credit
A significant challenge for many microentrepreneurs is access to capital. Traditional lending sources do not find it profitable to lend $35,000 or less and choose not to. In addition many low-income individuals looking for a path out of poverty through self-employment, have poor (or no) credit history with no hope of receiving a bank loan.

Some microenterprise development organizations (MDOs) offer credit directly from an in-house loan fund, which typically lend amounts from $100 to $35,000 and when granting loan requests look at other factors in addition to the entrepreneur’s credit. Other MDOs partner with other organizations or institutions in the community to provide access to credit. Examples of these type of relationships include partnerships with banks, credit unions, or other financial intermediaries that offer loans and various other financial products.

Access to Markets
The goal of microenterprise development programs is not just to create marginal businesses, but to create successful ones. To help microentrepreneurs increase sales and profitability, many programs create specialized networks of their clients’ businesses, especially in industries where microenterprises are flourishing. These industries, also referred to as sectors, include: specialty foods; jewelry; arts, crafts and gifts; clothing and textiles; furniture; computer technology; daycare; and environmental products and services such as recycling.

Access to market services include: sophisticated training on marketing and sales concepts; development and distribution of joint catalogs; Internet access and e-commerce; trade shows; and business incubators.

Economic Literacy and Asset Development
AEO has learned that low-income entrepreneurs can greatly benefit from increase knowledge of the benefits of banking and saving principals. Many entrepreneurs need to learn the importance of establishing checking accounts and savings accounts (i.e. Individual Development Accounts); the importance of establishing a credit rating, and in many instances, learning about credit rehabilitation. In addition many entrepreneurs need training in tax laws and regulatory issues, and sound accounting principles and types of insurance.

Answer 2

if sales of his pottery are getting to a point where running it out of the home is starting to be a problem then it sounds like it is time to expand into a store. you have a lot of decisions to make. how big of a store, will you hire an accountant or do the accounting yourself, etc. if you need financing, you'll also have to come up with a detailed business plan to present to potential financers. there are a lot of books on the subject. your accounting will be a little more complicated than the usual retail store since your husband makes his own pottery. that works out to be manufacturing. you'll need to hire some people. running a store like this will simply have too many jobs to be done by one or two people. you might pull it off, but at the expense of your sanity.

Answer 3

seriously Don't.
is husband moving/selling enough to galleries to
pay all the costs of start up and upkeep? no then where would the money come from? i understand the thought of your own"store" sounds good but most potters who are profitable have a 'store' on their property and get referral business not walk ins.
potters starve or go bankrupt on walk ins.
sorry pottery is not a necessity of life , it is a luxury so you client based will NOT be walk ins.
Keep Your Store onsite and BE profitable.

Answer 4

It sounds to me like you have a good start.

Here is your to do list: You need to make a business plan...

1) put together a resume for each of you. Include your business experience.

2) Put together a portfolio with photo and "live" samples of his pottery.

3)Include his price point, his sales percentages, letters from satisfied galleries.

4) Include your letters from customers, cost of doing business..etc.

5) Include your past three years tax returns for both of you personally and business wise.

6) review your credit on both of you...make sure you have a nice c lean slate

7) look around for potential properties that would work for your store.

8) include a demographic of business traffic for this store. (i.e. are you located in downtown "kitchy" portland maine? grenwhich village? is the property in east no-onecomesnear here michigan?)

9) CONTACT THE BANK YOU DO BUSINESS WITH ALREADY AND ASK TO SPEAK TO A SMALL BUSINESS LOAN OFFICER ...have him meet you at your pottery shop or at the bank and review your options...

10) ENJOY YOUR DREAM!

Answer 5

Check out the Small Business Training Network (SBTN) run by the Small Business Admistration (SBA). SBA has provided mentoring for many beginning small businesses. They could be a great resource for you.

Answer 6

Good luck with the store venture, but if you are looking for a residual income then you can join my team in the Digital Phone Service Industry, Why not go into business for yourself, but not by yourself. Check out my web site @www.igonet.biz/unitedphone and click on the opportunity link. We have live web presentations every Sun..Tues...Wed..and Thurs at 9pm eastern time...Call or email me if you have any questions.

Answer 7

ANYONE CAN OPEN WITHOUT EXPERIENCE I DID
GO AHEAD AND LEARN AND PICK UP AS YOU GO ALONG

Answer 8

sure you can...