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anyone open their own retail store?

I have been teaching for several years and I have become a bit frustrated with several issue in my district. (Long story...)

I live in a great neighborhood in a city that has many young families. I'm thinking of starting a specialized toy store that focuses on creative play, music and children's picture books. I figure I would carry quality puppets, dress up clothes, felt/story boards, quality music instruments and musical toys, classic picture books and some merchandise from local artists. (Maybe have a line of t-shirts from a local artist and some art work etc.)

I have a masters degree in music education and have taught early childhood and elementary music for 13 years. I would like to be able to offer early childhood music classes in the retail space as well, if I found a space that could support that much room. 

I would love to hear feedback, thoughts, experiences or even, what do I need to do to take the next step. I know I need to write a formal business plan, and that should not be to difficult, because I have a friend who has offered to help with that. 

Thoughts? 

TIA!

Re: anyone open their own retail store?

  • There are more than a few things to consider when you open your own business. The most important thing to remember is you get paid last, if at all. First you pay your wholesalers, your employees, your attorney(s), your accountant, your insurance(property, liability, work comp), your taxes, your rent/mortgage, your overhead (electric, water, heat, snowplowing, unplanned business expenses, etc). If there's anything left at the end of the month, then you get paid.

    Expect at the very least two years before (if) you make a profit. Say goodbye to vacations and time off for a while. If you have employees and they call in sick or quit unexpectedly, you'll be the one who has to cover for them. Expect to work very long days for a very long time.

    fiizzlee = vag ** fiizzle = peen ** Babies shouldn't be born wit thangs ** **They're called first luddz fo' a reason -- mo' is supposed ta come after. Yo Ass don't git a medal fo' marryin yo' prom date. Unless yo ass is imoan. I aint talkin' bout chicken n' gravy biatch. Then yo ass git a all-expenses paid cruise ta tha Mediterranean n' yo ass git ta hook up Jared Padalecki on tha flight over while bustin yo' jammies. But still no medal.
  • If you are still in the Boston area, look into attending Spark & Hustle.  It's coming there in May.  It is put on by Tory Johnson of Good Morning America and was just featured on The Talk earlier this week.  It is for women entrepreneurs (either current or aspiring).  The line up will be slightly different than what I saw in L.A., but I can promise you that it will be amazing and you'll be able to connect and learn from people who have been there, done that. I learned so much and made incredible connections with people who are there to inspire and support each other as we all do our entrepreneurial "thing."  You can get all of your questions answered by experts in their fields, bounce ideas off other businesswomen, etc.  We did things like the 1 page business plan, social media marketing, getting products on shelves, getting media attention, attracting customers, and so much more.  You don't have to pick and choose which speakers to see as the group remains intact and you see all of them, no break out sessions.   I wish you the best of luck in your endeavors!  As a former educator, I can understand the desire to go the entrepreneurial route.
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