So you're thinking about opening a quilt shop. . . Congratulations! This can be a very rewarding business venture financially and creatively.
Opening a quilt shop, retail store, or anything online really takes a lot of time and cash to get started and maintain and operate that business.
Did you know about the risks involved in opening up a shop? According to survey data from Small Business Administration (SBA) 20% of all businesses fail within their first year; 65 percent will be gone before ten years is up!
As a quilt shop owner myself, there are three main things that I wish I had known when we started our quilt shop.
So before you jump in headfirst, there are a few things you should know.
Opening a Quilt Shop
1 - Use a Cash Management System
I use and highly recommend the Profit First system.
Let me explain why . . .
When you're bowling, the bumpers keep you in your lane and head in the right direction. And that's exactly what the Proper First system does. Using the Proper First cash management system is your bumpers.
Profit First does the same by alerting you when you have cash shortages or notifying you when you need to make a change in the business, but it also helps you spend and save on the right things at the correct times in real time.
And that's key.
2 - Do Your Research
One of the biggest mistakes you can make when opening a quilt shop is not taking the time to research your target customers and your competitors.
Doing your research means knowing where all the brick-and-mortar quilt shops are located within 100 miles of where you are or where you think you want to be.
But it also means that you know who your top ten online competitors are and the top ten online quote shops.
And it also means that you know who your best customers are, right?
You know exactly what kind of projects they're working on, where they live, and what kind of lines of fabric they like and dislike.
And finally, you know what line or product your best customers want. And then you know how you can deliver that.
3 - Don't Go Alone
It would be best if you build a team around you. . . Don't go alone. The people that are around you include your employees, your customers, your vendors, and experts in retail, legal, marketing, and financial industries.
Maybe you want or even need a copilot to help you, right?
You have gifts, but others have other gifts that will complement and challenge your gifts.
There's an old African proverb that says if you want to go fast, go alone. But if you want to go far, go together.
Side note: I will be hosting a live virtual workshop on October 25th 1:00 PM CST to show you why Profit First works and how to get it set up in your quilt shop.
Opening a Quilt Shop
Opening a quilt shop can be a rewarding experience—but only if you go into it with your eyes wide open! By keeping these three things in mind, you can avoid common mistakes and set yourself up for success from the start.
Do you have any questions and/or concerns? Please feel free to reach out to me here.