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Entrepreneurship:  Children's consignment store  |
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kshell
Farmgirl at Heart
8 Posts
8 Posts |
 Posted - Aug 18 2010 : 06:52:16 AM
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Hey all! I'm not a big poster here but I read the forums faithfully and have learned so much from you gals. I have a decision that maybe some of you can help me with. I had a very well paying but very stressful job that I decided to leave at the end of March. It's a long story but my boss of 14 years had become increasingly verbally abusive over the past couple of years and the last three months were horrible. I was the only employee so I took the brunt of it all. As much as I loved him and his wife, I just couldn't do it anymore. The goal was to take up to 6 months off, hope the economy gets better and then find a job. I'm 5 months into my temporary retirement and have started looking for another job but it's pretty slim pickins around here. That has got me to thinking about another idea I've toyed around with over the years - opening a children's consignment/boutique store. I would carry newborn through a yet to be determined children's size (any suggestions?). My goal would to be to bring in as much inventory on my own as possible to maximize my profits and then consign the rest. I would also like to carry some new clothing and handmade items and who knows what else. I'm looking at the finacial investment to start-up as well as the monthly overhead and I'm a little freaked out by it all. I can't just break even, I need to make a salary. It's a big commitment and a lot to take in - anyone else doing this - anyone have any suggestions or advice? I felt totally at peace when I left my job and I kept hearing "leap of faith" when I prayed about it. I'm really trying to listen now but my brain keeps getting in the way :) I'm pretty sure I heard "leap of faith" again the other day but I may need to be shoved over this time :) Thanks for listening!
Kelli in South Carolina |
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bcomer
Farmgirl in Training
16 Posts
Barbara
Ava
Missouri
16 Posts |
Posted - Aug 18 2010 : 10:03:32 PM
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quote:
Originally posted by kshell
Hey all! I'm not a big poster here but I read the forums faithfully and have learned so much from you gals. I have a decision that maybe some of you can help me with. I had a very well paying but very stressful job that I decided to leave at the end of March. It's a long story but my boss of 14 years had become increasingly verbally abusive over the past couple of years and the last three months were horrible. I was the only employee so I took the brunt of it all. As much as I loved him and his wife, I just couldn't do it anymore. The goal was to take up to 6 months off, hope the economy gets better and then find a job. I'm 5 months into my temporary retirement and have started looking for another job but it's pretty slim pickins around here. That has got me to thinking about another idea I've toyed around with over the years - opening a children's consignment/boutique store. I would carry newborn through a yet to be determined children's size (any suggestions?). My goal would to be to bring in as much inventory on my own as possible to maximize my profits and then consign the rest. I would also like to carry some new clothing and handmade items and who knows what else. I'm looking at the finacial investment to start-up as well as the monthly overhead and I'm a little freaked out by it all. I can't just break even, I need to make a salary. It's a big commitment and a lot to take in - anyone else doing this - anyone have any suggestions or advice? I felt totally at peace when I left my job and I kept hearing "leap of faith" when I prayed about it. I'm really trying to listen now but my brain keeps getting in the way :) I'm pretty sure I heard "leap of faith" again the other day but I may need to be shoved over this time :) Thanks for listening!
Kelli in South Carolina
Hey Kelli,
I have owned my flooring business for 15 years, and I also owned a retail home decor and gift store for approx. 2years. I prayed prior to opening the retail home decor shop and the answer I got from the Lord was " Yes, but watch how much you invest/spend for inventory." I opened the business and was very pressured by some ladies in my town to go borrow money to -in thier words- Fill the shop packed full of merchandise and then they thought it would make tons of money." I had one lady who called me at home regularly to try to convence me to invest more into the shop.I stayed true to what the Lord showed me. He guided my every purchase for inventory. I asked for wisdom in every inventory selection and purchase. I am glad I listened to the Lord, those words rang inside me for a very long time as I ran the shop. I listened to it, the shop did support me while I finished college, then I sold it. It is still in business however, it has sold again within the past year. My best advise is: Listen to those words closely, seek for wisdom in your business adventure every step you take and you will reap great rewards- not just monitary rewards but with greatest satisfaction in your inner self. Doing something you always wanted to do. My advise invest what amount you can be comfortable with and trust God to send the rest by consignees. As your business grows you can put more of your own inventory into the shop and take on less consignees. Also, a friend of mine has a consignment shop:Upscale Resale, she buys the items outright then resales them. Or she takes 1/2 of what the item sells for as her commission charges. She only buys/takes on very select and popular brands, which she knows will resale. She does very well in her business and is getting ready to expand again. Hope I have encouraged you. GOD Bless you in your adventure.
meadowcreek farmgirl
meadowcreekfarmgirl |
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Fiddlehead Farm
True Blue Farmgirl
4562 Posts
Diane
Waupaca
WI
USA
4562 Posts |
Posted - Aug 19 2010 : 04:31:22 AM
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Kelli,
There is a children's consignment store near me that does a great business. The owner is picky about not taking in anything that is junkie. She has a good turnover. Her inventory is all consignments so there is no investment. She makes 50% of every sale and pays the cosignor the other 50%. She also collects the sales tax. I say go for it, but start off with all consignments then add on after you have your feet wet. You should advertise for consignments soon so you can fill the store before opening. Good luck to you!
http://studiodiphotosite.shutterfly.com/
farmgirl sister #922
Happy to be a "Raggedy Ann" in a Barbie World! |
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kshell
Farmgirl at Heart
8 Posts
8 Posts |
Posted - Aug 19 2010 : 5:16:14 PM
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| Thanks, ladies! I'm trying to listen for guidance but I'm still fighting it a bit. I won't make any final decision until I feel at peace with it. Fortunately, my hubby is very supportive if it's what I really want to do and I have friends and family that I've talked to about it and they are supportive as well. It's just taking that "leap of faith" that I'm still wrestling with. In the meantime, I'm visiting shops in close-by towns to see what I like and don't like about them and I bought some fabric yesterday to brush-up on my sewing skills since I would like to have handmade items as well. We'll see what happens - I'm not going to rush into anything. It's just nice to get some feedback from people who aren't emotionally invested in me and can be objective :) Thanks again! |
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corrabelle
True Blue Farmgirl
71 Posts
Corrabelle
Hamilton, Morrowville
ontario, Kansas
71 Posts |
Posted - Aug 21 2010 : 1:27:39 PM
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I've owned/operated by own business for about 6 years now, and I wouldn't have it any other way! I won't lie, it's not easy! However, i've never had any other job that was near as meaningful or rewarding!
I was actually just featured on etsy last month on their "quit your day job" article. (In case you're wanting to read about how/why I started.) Here: http://www.etsy.com/storque/spotlight/quit-your-day-job-corrabelle-8874/
Just down the street from my house, not too long ago, a girl opened up a children's consignment shop an it's doing fantastic. They have a few events through out the week too that keep people coming back. (a little mom/baby group on tuesdays, an early reading group for toddlers on thursdays, occasional "sign with your baby" classes where experts come in.) It's gotten them a lot of word of mouth advertising!
I've actually attended a few things there..one night we had a "maxi pad party". (I know, it doesn't sound like a lot of fun..but we were sewing them for girls in kenya who have to quit school for a week of every month because they have no sanitary supplies.) We all brought our own machines and sat around and sewed up a bunch of them.
The store just provided the space and a fun atmosphere, yet every one of us has gone back to that store to shop! (and my kids are too big for any of their clothes, they're only 0-5).
I'm only writing all of this just to give you an idea of what your shop could be, and to think outside the box:)
Corrabelle
http://themayberrysparrow.com
A Kansas gal living in Ontario. Sigh.
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kshell
Farmgirl at Heart
8 Posts
8 Posts |
Posted - Aug 30 2010 : 1:06:24 PM
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I've been meaning to post a "thank you" to Corrabelle for your ideas and encouragement. I'm still on the fence but I know I want to do something for myself so I'm still looking into - checking out other stores and seeing what I like, what I don't like, what they carry, what they charge, etc. I did read your article and all I can say is "thank you for giving hope to the rest of us!"
www.kshellblog.blogspot.com |
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kshell
Farmgirl at Heart
8 Posts
8 Posts |
Posted - Sep 13 2010 : 08:48:01 AM
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| In case anybody is wondering - I am still seriously considering this. I've never done anything like this before so I'm trying to gather as much information as I can on how to run a consignment store, marketing, promotions, location, etc. I found a great website that is a wealth of information. I've ordered quite a few of the manuals offered and am going through those now highlighting and taking notes. It also has a chat room where every aspect of the business is discussed among those who are already doing it and those contemplating it. I'm learning stuff I would have never even thought about! I'm terrified but excited at the same time :) |
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Penny Wise
True Blue Farmgirl
1903 Posts
Margo
Elyria
OH
USA
1903 Posts |
Posted - Sep 27 2010 : 3:00:45 PM
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kelli...be sure to look into all local and state licensing -also; in, Ohio for example, anyone selling bedding,stuffed animals, etc, must sterilize them and there are specific procedures and signage needed...just in case you didn't know- you don't want to get caught without the proper licenses etc...
i had wanted to open a thrift/consignment shop and was having a blast- the store owner pulled the rug from under me right before i got my licenses/permits; so it didn't happen in Ohio-i'm now in Michigan- who knows--good luck to you if you decide to go for it!
~*~ counting my pennies and biding my time; my dreams are adding up!~*~ |
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Entrepreneurship: Children's consignment store |
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Children's consignment store
