A friend of mine wants to start a bead/craft supply store. She wants to avoid Manhattan since there are several there already. I told her she should set up a business plan, with what type of inventory she wants to carry, as well as location(s). Any other suggestions?
2007-03-25 08:39:41 · 4 answers · asked by rbrinny 2 in Business & Finance ➔ Small Business
Maybe do a survey of crafters to see what they are looking for and any new products out there. To pick the area, see what area is best for crafters, you have competition in the Rag Shop and AC Moore, how can she be competitive? What will she offer that will set her apart. She might also start a craft show once a month or display artists work for sale. Start a yahoo group with the business name...get your name out there. She will do great!! Be imaginative and crreative, have her think like a consumer first to become a successful business owner!!
2007-03-30 04:10:34 · answer #1 · answered by Pepper 6 · 1⤊ 0⤋
that is great advice. The biggest issue is not the product but where will the customers come from. I have seen so many busiesses spend so much time in decor and such and do not pay attention to a market plan. She really needs to know who he customers will be how to reach them and how to get them to buy from her. I can't see a crafts store lasting in Manhatten. I would do some serious NYC neighborhood reasesrch and see where most of her potential customers reside. The find a store front that is the highest foot traffic and the lowest rent. I can't see crafts being a high impulse item. She might try though as a test getting a little stand in a mall for week end or two. The malls rent these center isle kiosks short term to different vendors, This would give her a taste for the business with out a huge expence and comitment of renting an entire store. Whats the worse that could happen it succeed and she needs a bigger spot an so she rents a store in a mall?
2007-03-31 01:59:03 · answer #2 · answered by asccaracer 5 · 0⤊ 0⤋
You might want to rethink that - the craft business has generally crashed and burned i the past few years.
Long-time vendors are having a tough time surviving. Newbies might not make it.
Perhaps try making a portable craft store" that you can take to shows, festivals, farmer's markets, etc - that way, you won't need a lot of inventory and you can move around to where the concentrations of customers are.
2007-04-01 09:45:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Great advice! Business Plan must be solidly in place.
2007-03-25 15:42:59 · answer #4 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋