there was a long recent thread on this subject, very interesting, very considered opinions, you have a good cross section of experienced business people here. Mine was a beauty salon, but the same basics apply, can you compete with the cut rate shops and stay in business. Takes a good LOOONG while to get to the sage where you can charge the earth.
Anyway, my point was, $$'s were quoted in that thread and the consensus was a minimum of 100K to start.
We've had three quilt shops here in my little town in the last 20 years, all failed. For various reasons.