View Single Post
Old 09-22-2011, 01:39 PM
  #14  
ckcowl
Power Poster
 
Join Date: Feb 2009
Location: Northern Michigan
Posts: 12,861
Default

really do some research- what will your overhead be? is there enough demand- is it a high traffic location?
a few years ago a lady tried to do the same thing- this has been a nightmare for her- she has had to file bankruptcy- the building is setting empty- she still owes a huge amount on it- she started out way in the hole and never managed to get anywhere near even making her mortgage payment- and it is along a busy highway with alot of traffic...
she did have a few people rent space- but she charged so much (trying to make that mortgage payment) that not many area crafters were willing to get involved- and the ones who did didn't last long because they could not make enough to cover their costs- and her high rent- she stuck with it for a couple years- then it was empty---for over a year- while she continued to work 2 jobs trying to keep up with payments- she finally managed to rent it out to a large thrift store- they stayed for a couple years- and were busy all the time- but when a better deal came along they moved - and it is again empty and draining her---
so do alot of research- make sure it's not a money pit- and make sure the prices you will need to charge still allow people to make some money- location matters too-
this girl had a good idea- she just didn't have the business sense to carry out her vision- and pretty much did every thing wrong a new business person could do wrong-
if you have 'business sense' and some experience it could be a wonderful thing- but if you go into it without having a clue what you are really doing it can cost you alot.
ckcowl is offline