how difficult is it to openyour own business?

the_snowkid · Feb 20, 2006

i was at one of those hallmark gift card stores the other day with my grandma. while we were waiting in line 2 other ladies spent about a total of $70, the my grandma spent another $40. in 3 sales they made over $100! the cost of these items have to be cheap to buy wholesale but they sell them for alot. the only employee in the store was a little old lady who could not of been making over $10.00 an hour. the store in itself is not that big at all. they sell things beyond just gift cards, stuffed animals, seasonal items(seems like theres always a holiday) and other nic nacs. it seems like a business like this would be very easy to start and supply while making a good profit. just make sure your not close to a hallmark store already:missingte andthe other key i noticed is to put them next to grocery stores in shopping villages.

to any small biz owners out there or anyone, how hard is it to start and run your own shop? in a situation like i described above how many months/years until you turn a profit?

thoughts? comments?

SSI · Feb 20, 2006

i own a conveninece store, what would you like to know... i have to carry alot of different things to make a good living.. i rent movies, in which i am paid a %%% of the rentals.. i have a tanning bed.. im in the pizza business.. food is where the best profit is, but also where all the work is...

i have no idea about a hallmark business and i started turning a profit from day one.. made my initial investment back in about 2 yrs.. i have a flexible schedule but am in total control of everything that goes on there, from employees schedules to the ordering to the bank deposits.. i worked about 3hrs this morning and now am off for a few hours, ill pop back in later in the day.. great at times and others not so great..

best of luck, nothing like being in business for yourself..

the_snowkid · Feb 20, 2006

SSI, made respect for going out and getting it done. i do have a few questions?

how large of a loan did you take out and did you have to have any up front money?
do you lease or did you purchase the land?
how hard is the accounting for the business? i hate finance lol, imagine you could just have a company do that part for you.
any other advice or crucial info that u want to add would be awesome.

in a shopping village type shop i imagine most owners would just lease the property.

golfingarkansas · Feb 20, 2006

have opened up a few small business and here is what i learned

nothing ventured : nothing gained
most business fail because they are under-capitalized
for the most part your going to be worth what you borrow or invest!
i say know your market, know your business and go for it

no partners , no partners, no partners

ga

RacerX · Feb 20, 2006

golfing arkansas said:
have opened up a few small business and here is what i learned

nothing ventured : nothing gained
most business fail because they are under-capitalized
for the most part your going to be worth what you borrow or invest!
i say know your market, know your business and go for it

no partners , no partners, no partners

ga

GA brings up all valid points. The saying "It takes money to make money" is very true with starting businesses.

If you try to start with a shoe string budget, your almost dead in the water before you start.

Another problem you will run into with the Hallmark stores is that you have to pay franchising fees to them.

The best thing to do is to try and get a job at a store like that. Get to know the in's and out's of it...who the suppliers are, typical sales for a day, week, etc. Get used to the hours you will have to work...ALOT. You can't just hire some cronie kid to sit there and take in the cash sales without him back dooring you. You need to be there ALL the time.

Journeyman · Feb 20, 2006

SSI said:
i own a conveninece store, what would you like to know... i have to carry alot of different things to make a good living.. i rent movies, in which i am paid a %%% of the rentals.. i have a tanning bed.. im in the pizza business.. food is where the best profit is, but also where all the work is...

i have no idea about a hallmark business and i started turning a profit from day one.. made my initial investment back in about 2 yrs.. i have a flexible schedule but am in total control of everything that goes on there, from employees schedules to the ordering to the bank deposits.. i worked about 3hrs this morning and now am off for a few hours, ill pop back in later in the day.. great at times and others not so great..

best of luck, nothing like being in business for yourself..

You have a tanning bed in the store? that is a wide variety!

:thumbsup2:

SSI · Feb 20, 2006

I happen to be very lucky (i guess).. i purchased a store (just the business), i lease the building... the store was in a good location but the previous owners were old and had let the business go down.. I borrowed the initial money to buy them out, worked out a great lease (for very low rent) with the buidlings owner and quadrupled my sales in a very short time.. I got lucky, the business was always there but i found a way to make it grow fast.. I became involved in the community, cleaned up the place, offered alot more products and service and boom, it was an instant success... i still lease the building but have bought the corner lot across the road...

I have a bookeepr that handles all my taxes.. I do about 10-15 minutes worth of bookwork every day, to stay totally on top of things... I know where every penny goes, and thats important... I can tell you within 1 minute, what i paid pepsi on this day ---- 8 yrs ago.. Im that much into details.. For a newcomer, it would seem overwhelming at first but for me, theres nothing to it now.. Ive been tempted to sale the business many times but havent found what i want to do next... Trading and sports investing are high on my list...

forgot your other questions...

Jman, i have one tanning bed and it stays fairly well booked..

Journeyman · Feb 20, 2006

What about employee theft when you're not there, how do you handle employees in that business, I would think good help may be hard to find and keep?

SSI · Feb 20, 2006

I have been lucky there as well... You can never completely stop theft but you cant let it worry you to death... You simply must stay on top of it, as best you can.. People write me bad checks alot as well, its just problems that go along with it.. Im sure someone is stealing from Walmart, as i type this but business and profits go on... I deal with that stuff, while im there and dont let it run my life...

My wife and mother as well as an aunt work there as well, and ive got a few nice kids that work for me, i know there parents really well and that has helped alot..

basically its just something that you deal with and stay on top of, as best you can...

Journeyman · Feb 20, 2006

I get bad checks written to me occasionally, what really gets to me about the bad checks are the ridiculous bank fees (which are now $7.50 per bad check ) I have never understood how the bank penalizes me for someone else writing a bad check....jumped from $5-$7.50! usually the customer will pay the fee.

SSI · Feb 20, 2006

i hear ya, thats what my bank charges me as well...

I have to take them to the local courthouse alot as well... ill get my money eventually.... i have to hit them with a $25 service fee as well...

the_snowkid · Feb 20, 2006

Racer X said:
GA brings up all valid points. The saying "It takes money to make money" is very true with starting businesses.

If you try to start with a shoe string budget, your almost dead in the water before you start.

Another problem you will run into with the Hallmark stores is that you have to pay franchising fees to them.

The best thing to do is to try and get a job at a store like that. Get to know the in's and out's of it...who the suppliers are, typical sales for a day, week, etc. Get used to the hours you will have to work...ALOT. You can't just hire some cronie kid to sit there and take in the cash sales without him back dooring you. You need to be there ALL the time.

sorry 4 the confusion...
i was talking about opening one in the exact mold of a hallmark store, not a franchisee.

bigbet1234 · Feb 20, 2006

Jman, what kind of business do you own?

BB

Journeyman said:
I get bad checks written to me occasionally, what really gets to me about the bad checks are the ridiculous bank fees (which are now $7.50 per bad check ) I have never understood how the bank penalizes me for someone else writing a bad check....jumped from $5-$7.50! usually the customer will pay the fee.

joeyfitzclick · Feb 20, 2006

FORM AN L.L.C

I can't stress that enough.

You can do it yourself to avoid the lawyer fees

www.mycorporation.com

Phaedrus · Feb 20, 2006

snowkid

Nobody gets rich owning a gift shop. The only rich gift shop owners are people who made money elsewhere and then started the gift shop to feed their Limogés fetish. You have to take this idea and stab it with an icepick, then jump up and down on it until it stops twitching, then put it in a box with garlic cloves, then bind the box with iron chains, and throw the box off the side of a boat at least 100 miles out to sea, preferably during a hurricane.

The problem that most non-business owners have with visualising business ownership is that it is not a ticket to wealth as it is often painted out to be. For probably 50% of all entreprenuers it is a ticket to poverty; for 50% of those that are left it is a ticket to permanent middle class life, hardly any time off, fights with your spouse over bills and work commitments, etc. If you want to be reliant on yourself and do things largely your way, get divorced and start a brick-and-mortar business. But don't do it with the expectation that it will get you wealthy or even well-off; you're setting yourself up to be screwed.

Phaedrus

Phonebook · Feb 20, 2006

Try this out kid...

http://www.thehotdogcart.com/

should give you some ideas

chalkeater · Feb 20, 2006

If you don't have cash to open up your own store, don't do it.

Cash is king. Credit is dumb.

CK

WorldNumberOne · Feb 20, 2006

bigbet1234 said:
Jman, what kind of business do you own?

BB

i think he's a gigolo .....

Dubpoet · Feb 20, 2006

Must be harder than a mod editing your title into english

WVU · Feb 20, 2006

chalk eater said:
If you don't have cash to open up your own store, don't do it.

Cash is king. Credit is dumb.

CK

If you incorporate, credit would limit your personal liability

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