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Quilt Store startup (Class project)

Quilt Store startup (Class project)

Old 10-17-2019, 01:21 PM
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Default Quilt Store startup (Class project)

Hello everyone!

I'm in an Intro to Business class, and one of my assignments is to "open" a business. We have to present to the class our business plan. I've decided my business will be a quilt shop. I've got tons of information already, but am having a tough time finding resources that estimate revenues.

Does anyone have any suggestions or experience?

Thanks so much!
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Old 10-17-2019, 03:00 PM
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How to make a small fortune in the quilt store business? Start with a large one!

Sorry, that was no help but I thought you might get a chuckle out of it.

Watson
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Old 10-17-2019, 03:07 PM
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Maybe try contacting Kevin & Leland at their website below. They actually came to our guild talking about this very subject!

https://heliosstitchesnstuff.com
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Old 10-17-2019, 03:30 PM
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That is an interesting topic and I have no suggestions but a request that you share your final project with us. I'll bet it is an eye opener!!
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Old 10-17-2019, 03:41 PM
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I went to a quilt shop going out of business sale and heard the owner tell somebody that there was a 50% markup on the fabric. HTH (Hope This Helps)
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Old 10-17-2019, 03:43 PM
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Will this be an "on-line" or "brick-and-mortar" business?
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Old 10-17-2019, 03:45 PM
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Originally Posted by NikkiLu View Post
I went to a quilt shop going out of business sale and heard the owner tell somebody that there was a 50% markup on the fabric. HTH (Hope This Helps)
I have no retail experience but my sis did (clothing)and she said that store need about a 100% mark-up as they still need to make a profit when they mark things down for sales.
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Old 10-18-2019, 03:33 AM
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I taught business classes at a university and encouraged my students to use the library rather than just rely on the internet for information. Much of the information you are looking for is not available for free and libraries subscribe to data bases that you as a student or patron can access. Start with the reference librarian in the research department of the library.
Secondly, every business type has a number. These numbers would be available in the reference part of the library. They are multidigit numbers that hone down the exact type of business. For example clothing stores would be differentiated as to whether they were men's, women's, children's, sporting etc. It is often helpful to have this number so when you do further research you will know you are in the right place.
Another comment above was also insightful in asking is this a brick and mortar or online or a combination? This would greatly alter your plan.
The Small Business Administration website also has a wealth of information.
I don't know the extent of your assignment. Generally, in an into to business class it is to get a feel of what is involved and most business plans written for these assignments are not as extensive as one would be to actually start a business. If you are unsure as to how far you need to go on this assignment talk to your professor. For example, do they expect financials, cash flow, staffing, renovation budget, market research (competitors, population data) etc which would be part of a business plan presented to a bank or investors. My hunch is they don't want something that extensive but you had better find out.
Good luck!
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Old 10-18-2019, 04:04 AM
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It took me a long time to figure out that when I was "buying fabric (or whatever)" - or a service - that I was helping to pay for more than just the item or service - the cost of the building, the salaries for the employees, insurance for the business, the cost of merchandise, etc etc etc etc.
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Old 10-18-2019, 06:05 AM
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Contact Missouri Star Quilt. I am sure Jenny and her family could answer your questions. They started their business from her home and look at it now. Go to their website to read her story...missouriquilt.com Hope this helps.
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