Tell me if this is a good business in a town of 9000?
Answer:
I think it's a great idea. I moved from a small town (about 15,000) about a year ago and all the consignment shops did really well. It was more of a college town so the focus was more on funky & trendy clothing. But it sounds like you're really aware of your demographic & are catering to that.
Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for a relevant link.
Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:
* Too Good to be Threw: The Complete Operations Manual for Resale & Consignment Shops by Kate Holmes
* A Common Sense Entrepreneurial Guide: How to Open & Run a Successful Consignment Shop [DOWNLOAD: PDF] by Nancy L. Nolan
* Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
I'de start out just a resale store. Making it a womens or baby store may not be enough for only a 9000 town.
I say either do one or the other. In fact, in my town the kid's consignment shop is really booming. I say do that. I would start by first finding a place to rent/lease, then finding a printer that will make flyers, price tags, business cards, etc. Take ads out in the local paper, looking for consigners. Determine how much the consigner will get and how much you will get (most often it's 50/50 or 60/40). Once you get some inventory and store accessories like racks and hangers, etc., time to open up! Good luck; you will need it. I've heard that 90% of small businesses fail within the first five years.
If you are local, should be good. Small towns the people trust the locals.
You just described Utah, do you live here too?
;-)
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I considered opening my own shop as well, and did a ton of research. The biggest things to keep in mind are - do you have a year's salary AND a year's expenses to live on before you open? This is highly recommended. Can you afford to work in a business that requires tons of your time, and may not give much $$ back? Are you a people person?
For starters! Also, Narts.org, as someone cited, is also a very good site, as is consignmentshops.com
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