A retail store in my neighborhood recently became vacant. Although I just started selling my jewelry, this location seems too good to pass up, and I'd love to run my own store. Any advice?
The decision to establish a permanent location for your jewelry-making business should be driven by your business goals. Although the sudden availability of this store seems like a great opportunity, the ''fixed costs'' of a retail location, such as rent, electricity, business owner's insurance and more might exceed sales. Add in the costs of making the jewelry and marketing the store, and it would be a tremendous challenge to make it work as a beginner. Before you make any major business move, consult with a business consultant, an accountant and your attorney to make sure you're aware of all of the implications of running a retail store.