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!!
Create a business plan (there are online resources for this). IF done with honest estimates rather than overly-optimistic ones, it'll make you hone in on what you are going to do, assess the market, and analyze the financial and practical viability of your idea.
Overhead (rent; utilities [electricity, water, gas and internet, office supplies], employee salaries, licensing, membership fees, TAXES, advertising/marketing; set-up [remodeling - permits, construction, doors, windows, paint, furniture, equipment], signage; and the intangible personal costs of having to be "always there" or "always on call" with no vacations if the business can't run in your absence as well as "being part of the community" to develop customer preference/loyalty/personal relationships/recognition/familiarity via attending local events) are too often overlooked or overminimized by hopeful entrepreneurs.
Most small businesses fail (estimates USED TO BE around 90%) and most fail primarily because of financial problems, followed by poor/inept management, poor product/inadequate market demand, poor customer service, employee theft, bad location, etc. If you can successfully anticipate and avoid those pitfalls (as being forewarned is being forearmed), you'll be in a much better position to succeed.
Good luck!