Hey frens…I have been feeling “called” for several years to open a local retail shop (with online as well). It’s retail, but with a higher purpose. I recently had an opportunity open up for me: a small space, in a great location, at an affordable lease rate that will allow me to launch, start small, be self-funded, and grow over time.
Am I crazy for considering this during a time of growing inflation, pending doom in our economy, etc.? Or the contrary? Maybe getting started with a modest inventory is the place to be when SHTF, and then I’m poised and ready for the full “great awakening” financial comeback of the middle class?
My store type does not supply “essential” goods, per se, but definitely items that people will seek out to add more joy to their lives (a good thing when times get rough?).
I feel like God is leading me down this path, but I’ve not made the best financial choices in my past, having had horrible timing, so I’m trying to explore all avenues. Any thoughts and ideas are welcomed!!
Try to talk to retail neighbors about the landlord. Seduce you with nice rate then ram you on resign. Have appropriate lawyer look at papers before you sign.
What is neighborhood like? Is theft of goods a major issue?
Is their an inventory tax in your state and how would you deal with that? I remember being in california years ago and all the small convenience stores had empty shelves and i asked someone why and they said inventory tax. Not entirely sure that was true.
Ive never worked in or owned a retail shop so not much advice, but those 3 things popped into the head.
GL if you decide to do it.
Very good advice. Thank you! I’ve vetted the area and situation, but had no idea there was such a thing as inventory tax (of course there is…especially in CA!). I’ll be looking into that.