Opening a quilt shop requires careful planning, including deciding on offerings, location, and creating a business plan. SCORE, a free business advice organization, can be a helpful resource.
Many people dream of working alone or owning their own business. If this was a dream of yours, it is important that you take the time to prepare for this dream so that it becomes a reality. Owning a quilt shop, even if you are passionate about quilts, is hard work.
Take time to imagine your quilt shop. Will you only provide quilting materials and supplies, or will you also offer classes? If you plan to offer classes, will you teach them or find someone else to handle it? What time will you be open? Will you have to hire employees right away?
All these questions must be answered, on paper, before opening your quilt shop. Many people mistakenly believe that a career devoted to their hobby or special interest shouldn’t feel like work. Nothing could be further from the truth. Opening a retail store is hard work, and if you are passionate about quilts, you want the store to succeed for more than financial reasons.
Locating a location for your quilt shop is an important part of the planning process. Without a specific building in mind, it’s difficult to plan how much inventory you’ll need or what kind of layout you’ll have. A store located in a busy shopping center will generally have more traffic and higher sales, but the price will likely be higher as well.
A business plan will help you make some of the decisions that need to be made to run a successful business. There are a variety of templates available online that you can download and fill out. You can also buy or borrow library books to develop a business plan. A business plan will definitely be needed if you plan on borrowing money from the bank. Even if you don’t need a business plan, it can be a great way to organize your thoughts.
One organization that can help you immensely when opening a quilt shop is SCORE. This organization is staffed by retired business professionals who volunteer to offer free business advice. They are easily accessible on the Internet, although you may be able to find a volunteer who is willing to meet with you in person. Either way, the service they provide is priceless.
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