For many years my dream has been to own a bead store. It recently came to my attention that the owners of a local bead store want to retire and sell the store. How do I find out the financial stability of this particular bead store?
The success of the current store won't predict yours, so you need to look at your own side of the equation. And rather than letting the availability of the store drive your decision, consider creating a business plan for your dream store first. Sit down with an attorney to learn what your obligations will be as a retail store owner. Meet with your accountant to learn about the costs (and benefits) of running a jewelry operation from a brick and mortar store, and consult with a business advisor (you can connect with one for free through www.score.org) to assess the viability of your business plan. The more homework you do up front, the more successful you will be no matter what you decide.
- Dr. David Weiman
Dr. David Weiman is a respected expert in the field of marketing and selling handcrafted jewelry and a well-read contributor to Fire Mountain Gems and Beads "Ask the Experts". He is the author of Introduction to Marketing and Selling Jewelry, The Jewelry Selling Answer Book and The 5 Keys to Selling Handcrafted Jewelry. A free newsletter on selling handmade jewelry is available at his website: www.marketingjewelry.com.