I could start a very long list of the pros and cons of owning your own shop. I sold my needlepoint shop last Fall. It was a wonderful adventure. It was an expensive adventure. It was an exhausting adventure.
I met some of most wonderful customers who became good friends.
When you feel the joy of creating something you want to share that sensation with everyone who walks through the door.
However, be prepared to give your life to creating that store. The hours are long and in the beginning you can't afford to hire help.
Maybe this is just me, but since I sold my shop I have not touched any needlpoint. I know I will again, but not right now. I have turned to knitting and am really enjoying the change.
I used to needlepoint...of course, i never had a store!!!
I think that Amy should go on Knitty Gritty & i think she would be fabulous with a LYS...but she's got so many irons in the fire now...i don't think she's ready for another...lol...but it's a good idea!!
Addicted to the Knit is Becka
"I can do everything through Him who gives me strength."
I did a little research into this myself. I thought with the yarn prices I see in other LYS, that there must be a pretty good profit margin. That is not necessarily the case. Also, one source suggested a minimum inventory of yarn at $50,000 to start. Pretty big investement in yarn!
$50,000 in yarn is a good start. Don't forget to add in rent, utilities, insurance, advertising, etc. There is also the expense of store fixtures. The best bet is to buy an existing store that has a good reputation. It is also a good plan to have 6 months operating expenses in the bank for those times when the bills are just a little higher than you expected!