A business plan is very important, but marketing and sales are what keeps a store open and lucrative.

At this bead store, the classes are free, but the beader must buy all of their supplies from the store and usually they sit in the store all day and create new things.

Usually, a first time patron will come in to see what the store has to buy and he/she signs up for a class. It helps when all of the people in the beading area are showing off the new creations they just made to the new person.

(Repeat, add beads, repeat!!–and you’ve got booming business.!!)

Good luck!!

At first everything just lined up so fast (a place with a good location & rent, a former jewelry store with display cases, a safe, security, I got money from the SBA, found an excellent mentor that owns a HUGE jewelry supply store) I thought it was definitely meant to be.

I couldn’t believe my good fortune. When I called the owner to sign a lease, she stated she had just put the store up for sale. 6 months and no buyers later, she called me to see if I wanted to lease the space. In the meantime, I had purchased many of the display cases when she cleaned out the store, so she lowered the rent $200/mo.

So I took out my trusty business plan and refigured it with the lower rent. I even took it to an accountant to look at to make sure I had done it properly. In the end, with conservative estimates regarding sales of supplies, finished jewelry, and class fees, I couldn’t justify spending all that time and money and commitment to a store just to maybe break even. Our regional area has had 2 beads stores go under in the last year.

In may sound like fun, and it’s easy to get caught up in the excitement of running your own business, but like someone else said, you will not have time to make jewelry, you will likely be the only employee for quite a while and will have to do everything yourself. If you don’t have the skills to write a business plan, how are you going to track inventory and do all the bookkeeping involved, which will take up a huge portion of your time?

Another good article just came to my inbox today from Fire Mountain, “Reducing the Risks of Small Business Pitfalls”. Please read this article. If after all this you still decide to forge ahead, then SCORE will be invaluable.

And yes, maybe purchasing a bead store going out of business may be anyone’s best bet, assuming that the person is retiring and not going out of business because of the economy.

I would not proceed without a business plan. The fact that you say you can’t do it would lead me to wonder if you are afraid to find out that your dream may not be practical for whatever reason, that is your current finances, your location, market place, competitive environment etc.

These are hard economic times and you would be competing with big box stores with craft sections and online suppliers.

Do yourself a favor and find some help to get a business plan in place. SBA can help, talk to your local banker, your accountant, a business owner you know and respect, a friend to be your cheering squad to get it done. Think of it like eating an elephant, it can only be accomplished by eating a piece at a time.

Once you finish, you can make a sound business decision based on knowledge of your options. Good Luck!

In 1970, my ex-husband and I, opened a Pet Store with about $5000.00 for everything, fish, tanks, supplies , the whole 9 yards.

We later expanded into Hobbies and Crafts and later started a Crafts Wholesale business, I would hate to think what it would cost today to do the same thing.

Not to discourage you, but think and plan very carefully.

I purchased some inventory and decided to do local craft shows instead. No employees to worry about, I set my own schedule and I’m still able to sell beads, findings and most everything the jewelry crafter needed. You may want to start off by selling supplies at shows first, then consider moving into a brick and mortar store.

Right now, my shop is in the infant stage, just ideas running through my head. I will second and third the SCORE program. I haven’t use any of the mentors yet, but have found a lot of useful information on the website.

Also, check with your local community colleges, they may have a “own your own business” program that helps with the government regulations. Good Luck.

Like Rain said, I have also seen a lot of bead stores close( as a lot of other retail stores) in this economy. In one nearby town, there were 4 bead stores 6 years ago. Now there is one. T

hat one store doesn’t seem to have a super location or anything special, but it was obvious that they had purchased inventory from at least one other store, as evidenced by the labels still remaining on some of the beads. The successful bead stores I know also offer classes, a great way to build a customer base!

If you are considering a franchise, I would definitely spend some time with several franchisees first. As an auditor who has had to do forensic audits on franchises, I have seen enormous animosity and sour grapes from the franchisees, who seemed to be competent business managers, but were struggling with the restrictions imposed by their brand and the “money off the top” going to the franchise fees.

Most of these were food related, but I can see similar issues arising with other business types. Good luck!

If you want to open a bead store because you love making jewelry, please know that you won’t have much time to make jewelry because you’ll be running a business! In a perfect world, you could open a store, hire a bunch of employees to help the loads of customers you have while you play with beads and make jewelry.

The reality is that you will likely be the only employee for a while and you’ll have to work hard to build a customer base.

I don’t mean to sound discouraging. I’ve just seen A LOT of bead stores close and the vast majority of them did so because the owners didn’t plan well and the economic downturn did them in. There should be some small business owners groups who can give you good advice and information. I’ll bet there are resources in your community where you could get help to formulate a solid and workable business plan.

Do research online about what it takes to own a bead store and make sure you know what you’re getting into. Running a bead store can be really fun, but it’s a lot of work too!

I’d also like to add this resource for you to get in touch with: SCORE, the Service Corps of Retired Executives, who provide free business mentoring and advising.

Especially with starting something like a store, it would be really valuable to get some free guidance from an experienced executive!

I’m sure they can help you figure out what to do about a business plan, deciding whether to get into a franchise, etc.

Hope this helps – and wishing you all the best with your bead store idea!

No concrete answers for you, but some things to consider.

You’re hearing people tell you things, but it’s more important to go inside and really connect with yourself, with what you want, and with how you want to do things. And that takes time (believe me, I know).

Then when you’re clear about that, maybe you could connect with someone who has a good sense for the business end of things, but someone who really “gets” you too, so you’re given the right advice for your business.

Don’t rush into anything. Just relax, let go of the frustrations or fears or whatever negative things that you’re feeling and connect back into yourself. Take each step as it feels right for you and your business. It may end up a little different than you’re imagining now, but will be true to who you are.