Innov8R

I have owned 2 fabric stores, but it was too long ago to be relevant. I would suggest that you get a part-time job in a fabric store and dedicate your spare time to understanding the business. Not everyone is cut out for owning a business and even fewer are equipped to help customers solve their problems without burning out. You can have an Etsy shop for a very nominal investment. Quitting a good job to go "all-in" is risky. Find a way to learn the business before doing anything rash.

cashs_mom

Its true being successful in a business is mostly about business. My husband is excellent at the work he does. He has 45 years of experience in many related fields and is an extremely hard working guy, but his business sense and toleration for the paperwork and minutia of business isn't that good. I take care of a lot of the administrative stuff because I'm good at it and good with the money. Our success has been because we have opposing strengths. If you are going to be doing this by yourself, you need to realize that you are going to have to have all the strengths. Unless you can afford to hire full time administrative help, you're essentially operating without a net. Running your own business is very stressful. Having to do everything yourself is going to make it even more stressful.

Murphy224

I had such a thought about 8 years ago, I had inherited some money, had retirement income so did not have to have a salary or health care insurance, and decided/thought I would like to open a quilt shop. Did the due diligence talked with quilt shop owners and former owners, read everything I could find on owning a small business, but the best thing I did was to take a class at the local college from the Small Business Administration. They were encouraging but asked some really soul searching questions and offered information on things I had not considered......government regulations, insurance and legal liability, even your personal vehicles and assets could be at risk. They were thorough in all aspects of owning a small business.
After that class and considering my age (62) and lack of desire to ever work again 50-60 plus hours per week and have that responsibility legal and otherwise.....I gave up on that idea and have never looked back.
It is a huge huge decision and I encourage you to really think long and hard and get every bit of information you can before you take that leap.
Good luck in your decision.

Sandygirl

I am going to approach your inquiry from a retail business point of view....because that is what a shop is..retail.

are you outgoing?

Have you Worked in retail? Of not....change jobs or get a part time job for 6 months or more ,in Retail. working at a discount store is a crash course in customer interaction, customer service, setting displays, fast paced, etc. if you dislike working retail..you will have your answer.

work in a quilt shop. Let them know you are exploring the industry as a business. be honest up front

If a shop owner is retiring....perhaps they would mentor you. I have seen successful shops continue under new ownership this way.

subscribe to one of the trade magazines. Fab Shop News or American Quilt Retailer.

Are computer savvy? You have to be! Point of Sale, website, social media experience a must. You can learn it.

If you are still interested in opening a shop....obtain a resale license and attend International Quilt Market . Www.quiltsinc.com is the website for quilt retailers to learn when..where Quilt Market ( wholesale to the trade) is held. The next one is in Kansas City...in May. Fall market is always in Dallas, Texas. Read the registration requirements for attending Quilt Marker. They are strict. Expect to spend all 4 days there. School House (classes) offer business focused information. Network with shop owners you meet .....you are there to research and learn about the business.....dont get all enamored with “buying” without a business plan and budget.

illinois

I have sometimes wondered how long the quilting hobby will be popular. Consider macrame. It went great guns for years but now you can barely find the supplies for anything with that. Has the quilt "market" been saturated? It used to be that finished quilts sold for big bucks; not so much nowadays. How many of us are now trying to use up a stash? Some are using cotton shirts or recycled fabric. Used to be that WalMart had really nice and big fabric departments. Take a look now! What is the future for a LQS? To draw customers there are so many items to keep in stock but not all will be fast movers and there they sit with your money invested. Too, when time comes to close the shop, how will you do it and will you lose money on that, too. Looking over all the comments, it looks like you ought to consider a job without ownership. Then make your decision. Sometimes it's nice to be the employee and not the employer. You can walk away with 2 wk notice and no regrets.

beach quilter

Agree with most of advice above, especially working in a shop while developing a business plan. Learn business side. Maybe take business plan to bank, credit union or non profit that councils small business owners. Even if you don't need to borrow money they will let you know if your idea is profitable.

Know your area and customers. And, know who you want to be your customers who are shopping at chains or on line. How will you attract them.?

Talk to other quilters about what they like and don't like about area LQS. I see more older quilters at LQS and more younger at chains? May not be true everywhere. How will you get younger quilters?

My biggest complaint about LQS in general are hours of operation. I see some that are open 10 to 4 Monday through Saturday. Might as well say we cater to older retired people. Conveys idea of old, frumpy fabric. Evening and weekend hours and classes would be a great idea.

ccthomas

If there is a SBA (Small Business Association) in your area or at a community college, I would visit with them; often Chamber of Commerce can direct you to entrepreneur workshops, etc. Let them work with you on a business plan, etc.

Rose_P

I have no relevant experience except as a shopper, but just had a thought that if it was something I was considering, I would start by polling the neighborhood. Attend guild meetings if there are such near you. If there is no guild, maybe the first order of business would be to try to get one started. Nextdoor.com or some similar local social network might be a place where you could connect with others who share this hobby and perhaps gauge their enthusiasm for a local shop or find out where they're currently getting their stuff. If most of it is coming from websites, you will need to look at how possible it will be to compete, because as much as people like the idea of supporting local businesses, the temptation to be able to get the same thing for less money often wins out. It's just that most people no not have unlimited budgets and their budgets often have other, more pressing priorities.

As you get ready to start up do not neglect to advertise, especially if the local and nearby guilds have newsletters where ads are placed. When I was in a guild before our move I definitely read all the ads and perhaps most people would do the same. They won't buy anything if they don't know you're there.

One of the best forms of advertising is what you see on Youtube if you watch Jenny Doan. There is a warm, friendly personality who invites everyone into her happy place, which happens to be quilting. When shops were folding all over the country, hers turned into an empire. There's a lesson in that, I think. Bonnie Hunter and the Jordans in Idaho are other examples, and so are Crafty Gemini and Man Quilting and several others. It costs little to make a video, but if you can offer something friendly, enthusiastic and inspiring it could be a priceless boost to your business.

Another thing would be to offer longarm service and classes if at all possible. Anything that brings people through the door will make it more likely they'll buy. If you don't use a longarm yourself, perhaps you could partner with someone.

Finally, location is a huge factor for any business. If it's in an area where people can pop in for a quick browse before picking up the kids from school or going to the grocery store in the same area, that would be a big plus. If it's easier for them to go to you for a spool of thread than to wait a few days for an Amazon delivery, they will come to you, and then they may look around and see something they didn't know they needed. Thread may be a good loss leader because it's something everyone needs, and it's what we buy after we have a plan and usually it means we're eager to get started.

A way to possibly start on a smaller scale might be to have a booth in quilt shows. Enough inventory for a show can easily be stored in a dining room or climate controlled rental between times. It might involve a lot more traveling than you'd care to do, but the overhead would surely be lower than owning a store, relative to the potential for sales. Traveling around to shows would expose you to trends and maybe offer ideas about what people are looking for.

Whatever you do, you will have to do a lot of research about costs such as insurance, including your car insurance going up because you may be using it for business purposes, and of course liability and license fees and so on. Legal help is needed if you will sign a lease or binding agreements with wholesalers and such.

Wishing you great success!

cathyvv

You think like I do. I want my quilting to be fun and to do it when I want to do it, not in my spare time from a job or a business. As a "Type A-" personality, my tendency is to become so involved in work that I lose sight of and enjoyment of the things I truly value - family time, minimal worries, vacations, hobbies, and so on.

just janet

I use to travel an hour to go to a special quilt shop even though there were several quilt shops closer to me. The owners were very special people. Friendly, helpful and welcoming. The wife managed the shop and her husband did machine repair. They were in a perfect location, the shop was so inviting, they had a great selection of fabric, they sold janome machines, they offered classes of which I'd attend etc, etc. Still they had to close because they just weren't making it. I wish you good luck if you go forward to follow your dream but I'd work at a shop part time for a while first or think about buying a well established business rather than start from scratch.