Do you have a passion for crafts? Many people do – and it’s a wonderful hobby to have. However there are a few of us that take it a step further – and make it our life’s work. Nothing will stop us until we make our passion a reality – and open our own craft store. If you desire to open your own craft store then follow these steps to get started.
First of all you will need to establish a business plan. Yes I know this this is far removed from the world of crafts – but its a necessary step that all business owners have to take. To get started look at similar businesses in the neighborhood that you would like to open your store. Look for services that you can offer that are not been offered by others. In the plan you will also need to project the financial costs including start up and operating costs. Your business should bring in enough revenue to cover these costs and make a profit.
Once you have the plan ready you can approach a bank or other financial institution to seek out a loan – assuming you don’t have the necessary savings. They will require the business plan and will run a credit check on you. If this does not work out you may have to find someone with cash that is willing to invest in your business.
Once you arrange the financing you need to hire a realtor and find the perfect location for your store. Work out how much space you will need in the store, including storage and office space. You may also want to incorporate a teaching room. If you are going to buy the property then work with the real estate agent on finding a lending institution that can provide you with a mortgage. For commercial property you will need a down payment and enough money to cover closing costs. One option is refinancing your home to get the capital you need. And remember your mortgage payment should be included in the business plan.
You will also have to find a bookkeeper to handle the finances including tax, insurance and payroll. Once you have the property you should buy inventory from a wholesaler for the store. You can use the prices to determine your markup to cover expenses and profit. You will need to find competent employees to work in your store. They would hopefully have a passion for crafts. And finally – marketing is one of the most important aspects to drive customers to your store. You will need to evaluate advertising, web presence, social media as well as other forms of marketing to get your name out there – and begin selling product.
To learn about personal loans, visit a financial site like http://moneymutualadvertising.com.
Image via Creative Commons