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  • Opening a bead shop

    Hi

    I have thought about this a lot recently and I had an operation yesterday and the first thing I said to my husband when I woke up was that I wanted to have a completely different life from the one we have now and open my bead shop. We've discussed it before and we said that in 5 years time we would look into it however we seem to always put things off and are always working towards and saving for things that never materialise.

    I have some questions and would appreciate your expert opinions! OH has looked on the internet today for some shops for me to rent but also came across an up and running bead shop which is well established, offers jewellery parties and classes and has a new website selling components and beads etc. I will need to buy the business plus pay an annual rent for the shop space.

    My question is whether to do this or rent/buy premises and start from scratch. I already have my own website and sell my jewellery and although this is only recent I would not be able to use the same name.

    Buying a ready made business does seem the safer option but in a way I feel that I won't be able to have as much input as I would like as I won't even be able to choose the name of the shop etc.

    Does anyone have any experience in this? Thank you
    www.sparklehandmadejewellery.co.uk

  • #2
    I'm afraid I can't offer any assistance with your request, but what I can say is good luck with whichever way you proceed and I wish you every success with your plans for the future!

    Si.
    Wood Tattoos
    Decorative Pyrography for all Occasions - Author of "Woodburning with Style" (2010) and "Learn to Burn" (2013)
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    • #3
      Hi Karen, myself and a friend bought our own hair salon 2 years ago. It had been running for years but closed very suddenly and remained closed for about 2 months before we opened. We went with the theory to take half our existing clients with us and get half of the salons existing clients back. 2 years later we have a turnover of over £100,000 a year! I would say do your homework, look at the books, why are they selling? but do bear in mind they will at least have some existing clientelle for you to start with and build on. Best of luck, lifes too short to be stuck doing what you don't want to do, Selina

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      • #4
        My immediate thought was "why are they selling this business?" so I agree with the others about that. Its a question of homework I guesss. Research the business, the area etc so you get an idea of potential or be brave and strike out on your own from scratch!! I'm getting really green every time somebody here says they are openinng up a shop. i'm going to lay down on the floor and have a tantrum!!
        www.littlebead.blogspot.com
        www.twitter.com/littlebead

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        • #5
          Yeah, homework is useful, maybe even go visit the shop and see what the staff are like and engage them in conversation to see if you can find anything out about the business. If they are selling, they should be happy to chat to you about it. I think also when you buy a business you are entitles to see all the sales ledgers etc, you can pay someone to look over it for you to see what you are buying.

          Why can't you change the name? Surely you could do a relaunch after purchasing it (unless it is a chain store), relaunch as "sparkles beads" or something - I actually like the sound of just "sparkles" for a shop name!

          Let us know what you decide, it is all very exciting!
          www.beadlab.com

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          • #6
            Not really sure of any advice but good luck in what ever you decide and keep us posted. Hope you have a speedy and uneventful recovery from you operation.
            The Soap Fairy xx
            www.thesoapfairy.net

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            • #7
              Gosh I would love to have my own bead shop

              I can't offer any advice either, but also just wanted to wish you all the best with whatever you decide.

              Just one thought, have you considered starting off a bit smaller with perhaps doing an online shop? That way you don't have the expenses and overheads of a physical shop and if it goes well, perhaps then you can branch out? But you may have thought of this already so I'll just go away

              We have a basement at our house which is crying out to be converted and I've thought many times of running a bead supply business from home. But it's still in dream stages so we'll see.

              Good luck with it all! I'm sure you'll be a huge success whatever you decide.
              Magriet

              www.babushkajewellery.co.uk
              http://babushkajewellery.blogspot.com/
              http://en.dawanda.com/user/BabushkaJewellery

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              • #8
                Good luck with what you decide I would say and this is my personal opinion, that if I were to buy a 'ready made' shop I would not want to change the name. People will know the name, recognise it and hopefully trust it. If you really would want to change the name you would have to do some serious advertising.

                But hey there is no harm in requesting to see their books maybe send in a few 'mystery' shoppers to see how busy it gets/what people buy even possibly shadow the staff for the day if you are seriously considering it.

                You may also have to consider what the suppliers will make of it some may get funny about dealing with a new person, hopefully the business is strong enough to not affect that
                Im down with Fraggle Rock

                Fraggies Fripperies

                http://fraggiesfripperies.blogspot.com

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                • #9
                  I agree with the others - find out why they are selling. There's a million and one reasons and most perfectly innocent (moving house, new baby, retiring etc) but be Miss Marple and investigate. I'd ask questions about the premises too, like how much is the rent? how much is left on the lease? is it renewable? etc etc.

                  How exciting though - do keep us all informed on the progress

                  PS. I too decided to give up my job and make my craft business my full-time job after an experience that made me question things and realise life is for living
                  Visit Natty Netty for a huge selection of Iris Folding supplies

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                  • #10
                    Just out of interest...how do you go about getting finance for a nice bead shop/craft shop...and how much do'ya recon one needs to start an ickle one up?
                    Dichroic Fused Glass Jewellery & Glass Fusing Blog
                    Dichroic Glass Tutorials
                    Wholesale Dichroic Fused Glass Jewellery

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                    • #11
                      Can I be brutally honest here. it's probably not what you want to hear, but now is not really the financially sensible time to be opening a shop. The amount of disposable income is rapidly diminishing with everyone feeling the pinch over fuel and food costs.
                      I have seen so many businesses close over the last year both locally and nationally.
                      My own bead store (online) has seen a steady fall in the number of customers over the last four years. I know I am not alone in this and I've also seen two of my aquaintances close completely.
                      I don't think it's a money earner to be honest. Running a shop has a lot of overheads, wages, insurance, rates, stock etc. and online sellers especially ebay are really cutting their selling margins to rediculous levels just to get customers.
                      Take off the dream head and put on the business head before you jump in. Don't throw your money away.
                      full time mum and very very part time crafter.

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                      • #12
                        I wouldn't do anything without some sound analysis of the local market etc but I'm seriously thinking of doing it!
                        I doubt I'd open a bead shop as such...perhaps a studio/craft shop. Somewhere I could work from and get passing traffic from as well as internet traffic. Rates are so high here at the mo the finding the right venue is difficult but I'd like to be able to be prepared should the right opportunity present itself.
                        Dichroic Fused Glass Jewellery & Glass Fusing Blog
                        Dichroic Glass Tutorials
                        Wholesale Dichroic Fused Glass Jewellery

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                        • #13
                          Originally posted by glasskanvas View Post
                          I doubt I'd open a bead shop as such...perhaps a studio/craft shop. Somewhere I could work from and get passing traffic from as well as internet traffic.
                          That's kind of how I ended up opening a shop as originally I was looking for a business unit to move the internet side of things into. This shop came up with rent and rates lower than any of the units we looked into (it's well worth looking at the rates for a property as they can be huge) and we thought we'd be daft not to go for it.

                          BBD is right though, there are so many extra costs that although we were aware of them it still hits you in the face when the bills come in - for some reason companies (phones, electric etc) charge businesses far more than domestic customers.
                          Visit Natty Netty for a huge selection of Iris Folding supplies

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                          • #14
                            Hi Karen, I really agree with you when you say that if you start from scratch then you can really make it your own and make your mark, but it will be harder work this way! As the others say, if you do a bit of research the right choice for you will eventually become apparent, even if it's something you have not yet considered. I also think it is lovely that you have such a supportive husband. Best of luck to you both!
                            Help me out by entering my raffle for a custom art quilt:http://pennydog.wordpress.com/help-me

                            Patchwork patterns shop on Etsy: http://pennydogpatterns.etsy.com
                            Illustrations and fabricy gifts on Etsy: http://pennydogillustration.etsy.com

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                            • #15
                              Originally posted by glasskanvas View Post
                              I wouldn't do anything without some sound analysis of the local market etc but I'm seriously thinking of doing it!
                              I doubt I'd open a bead shop as such...perhaps a studio/craft shop. Somewhere I could work from and get passing traffic from as well as internet traffic. Rates are so high here at the mo the finding the right venue is difficult but I'd like to be able to be prepared should the right opportunity present itself.
                              Love the idea of a crafts shop glasskanvas, a sort of Etsy but in person is howI visualise it, as I've often thought about it myself... Unfortunately I don't think I have the financial backing or the know-how to go with it, but it would be great supporting other craftworkers this way
                              Help me out by entering my raffle for a custom art quilt:http://pennydog.wordpress.com/help-me

                              Patchwork patterns shop on Etsy: http://pennydogpatterns.etsy.com
                              Illustrations and fabricy gifts on Etsy: http://pennydogillustration.etsy.com

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