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.