I'm not sure if this has been asked before but here goes....
I'm thinking about seriously opening my own home accent/small furnishing store in the GTA. I love travelling and the store would focus on one of a kind "ethinc", exotic pieces from Africa and South East Asia..pieces like mirrors, vaces, statues, stools, benches, artwork, containers (maybe some fabric) etc...Basically the pieces that are needed to 'finish' a room.
I'm in my early 20's & a new graduate but this is something that I feel very passionate about so I am giving it serious consideration. I have seen one or two stores like this in the GTA but usually the items are priced way out of my price range and that of my friends..which leads me to think there may be a market for people who want to have exotic pieces that make their home unique..but might not be able to afford the high ticket prices of some of these other stores I've seen. Therefore it would be a mid-range store with pieces likely not over $400-$500 (that would be the expensive end)
There are several decorating enthusiasts on this board and I'm hoping to get some feedback as to the feasability(sp?) of this idea..also for those of you who perhaps own your own retail store-do you have any advice about what type of an undertaking this could be-especially the import aspect of it?
Eagerly awaitng responses/advice.
K
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Wow!
i haven't had access to the internet for a few days and I am absouletly overwhelmed by all of the encouraging words, advice, info and personal experiences....thank you all!
There has been so much great info, websites etc. listed for me that I simply can't respond to everyone individually...but I have diligently wrote everything down in my notebook to follow up/research later....
I have visited various websites that provide funding, cibc and many others i can't think of right now...but I wasn't aware there was a grant/loan for import businesses so I will look into that. There is obviously a lot I have to think through and learn. I have started a business plan but it is still in the rough phases as I find it helps me stay on track with my ideas...Someone mentioned perhaps working in retail to get some experience...I worked in retail for about 5 years through high school and some post-secondary...granted I didn't own the store I had experience with the cash systems, returns/refunds, irrate customers, stocking merchandise etc. I know this can't possibly compare to the responsibilities I will have but its given me some experience.
This is something that I am truly passionate about. And by no means do i want to make this sound like a walk in the park because I know I will have to devote myself to it for a few years....but like someone mentioned i think this is the perfect time to go with the idea...I'm young, don't have a car payment, mortage, kids or any other obligations! So I don't think I have much to lose.
It is still an idea in the work...again, thanks for all the info and I will definetly keep you all posted and likely be back for more opinions - some of you have offered contact info off line and I will be in touch for that.
As a side, if this is something I pursue it wont be for another year or two...
:)
red i am...im not sure how to do what you asked but feel free to email me at [email]janet3339@hotmail.com[/email]....i think my email may be on here but just in case its not
smiles
janetc
I don't think Poopsie was attacking anyone - probably works for CIBC him/herself!
Janetc are you still 1/2 the moderator for that other site? I have something I need to PM you about - are you set up for that here?
norm i dont see my shorts in a knot....just stating my opinion...winking face or not lol we can all do that behind sarcasism
smiles
janetc
I think Poopsie was just trying to be funny...isn't that a winking face there? Don't get your shorts in a knot.
poopsie...i wonder who you are...have you been on the forum before...because any new member i believe anyway wouldnt come in attacking...
janetc
glad to see you back here again....your reply was wonderful....and you certainly seem to know what you are talking about,,,,very inspirational
smiles
janetc
WEll said. Having been a business owner for 10 years, I can attest to the ever changing strategies that I must pursue to stay on track. Any or all advice is gladly accepted. You never stop learning or flexing to the demands of the day.
A dream, yes - but you can't have your head in the clouds. Good luck! There is nothing like it.
Do you work at CIBC? It sounds like you're trying to make a quota or something... ;)
Oh, thank you. I was just being honest. I have great belief in the strength that we all have inside of us to make a difference.
I did not desert you. I was in town for a conference, and by the time I get home in th eevenings, i'm pretty pooped. I had to also take one of my boys to a summer camp where he is working until end of August. That's a 2 hour drive, and going there and back for two days straight ate up alot of my time. I am a family person and my husband and I spend alot of time together. I dont get on the computer every day. I will try harder :)
I applaud you...you have given Kiwi much thought in your reply and encouragement. I can see why you are a success... you are both very kind and have a great customer service manner. as well as the knowledge. The way you treat people is most important. Your clients are very lucky indeed. Bravo.
I missed you....thought you had deserted us LOL... :)
Hi Kiwi,
It's overwhelming to get so many wonderful responses and so much encouragement. As a long time business owner, I hope you won't mind that I share with you my successes and pitfalls.
First off, I want to congratulate you on your ambition. I think it's a very internal force that drives women into the hands of successful business. Facing all the challenges can be ominous, but it's rewarding. No matter what you face and what you learn, it's what you do with that information and education that will either push you to succeed or position you to rethink your direction. You are young, and you have more advantages now than I had 20 years ago. You have sources of funding outside of banks that nobody has talked of. That was my pitfall. I never had the sources of funding that young people have today. Someone mentioned export funding, which is easily tapped into, through application processes. There is also the Canadian Business Service Centre which can help you set up your business plan. This program is probably the best planning tool online, and whether you use it or another, it's good experience as it allows you to see what the banks are looking for and what you need to provide.
[url]http://www.cbsc.org/ibp/[/url]
There are many provincial bodies that allow women to explore the world of financing outside of conventional methods, through day classes, and evening courses. I suggest you participate in one of these. You will have the opportunity to talk to other women business leaders and mentors. I would recommend you talk to members of your local chamber of commerce. They are often a wealth of information. Most of all, talk to your family, and to your friends. They will be the ones who will be supporting you through this. Maybe your start up capital will come through them. I have a friend who opened a restaurant thanks to the generosity of 7of her friends.
What made me successful? My passion. That alone was the driving force that has kept me busy for 17 years. No matter what else faces you, if you have passoin and determination and the will to succeed, the only thing that will prevent you from having it is a change of heart! You can be a thinker and a researcher, or you can be a dreamer and a doer. My husband recently saw Star Wars for the first time, and he said as I was typing this. There is do or do not, there is no try. (Yoda said it in part II of Star Wars).
My advice is to take that first step. THen, it's one right after another. As long as you are moving forward, you are going somewhere and not standing still. Your passion will move you past that first hurdle to the next, and so on.
I hope you find your dream. There's nothing like it in the world.
Good luck.
Liz
to the very good advice you have received here an experience of friends of mine. Their dream was to open the type of store you propose. They thought they did all the research etc. They travelled to Africa and purchased merchandise from the artisans - did everything they thought the right way. When their orders FINALLY arrived (nothing in a timely manner) there were broken things, missing things, substituted things and no recourse at all back to the purchasers.
They found competing against the mass market too much - people are not willing to spend the money on investment pieces - especially for items that may not stand with changing tastes. My friends are now broke, and in jobs they had to take to pay the bills.
I would be willing to give you (offline) my friends contact numbers if you would like to talk to them about their very real experiences in this type of venture.
I wish you well.
research, research, research, and I would add, as the owner of a small business (not retail but lots of inventory), the two biggest challenges we have had is CASH FLOW and being responsible for others income. The stress of meeting payroll can be overwhelming. Listen to those who have had the experience - there's no better way to learn!
again phil,,,im forever hitting the wrong button, this was suppose to be under "opening my own store" sorry once again
smiles
janetc
this is totally from a customers point of view and mine personally as i know nothing about the business side of it. However i would love to visit a shop that sold beautiful exotic pieces that were affordable to me...as long as it wasnt slave labour or child labour. So if you can acheive the business part of opening your own store and selling products that are bought in fair way, i would shop there in a heartbeat,as for many we cant afford what some of the shops offer, even though we know the quality is there and not saying it wouldnt be in your store....you can come to our area, lol we have nothing like that here
good luck
smiles
janetc
who better to answer this question than you Red...Kiwi should be told of all the aspects of the business...ups and downs...starting a business doesn't work for everyone...unfortunaetly
we happened to get into a program just prior to the bank changing their rules etc. had we waited a week the rules would have changed, business plans would have been required.
Also Kiwi - if you start your business as a sole proprietorship and then decide months/years later to incorporate - your business credit history goes back to ZERO. All of your credit as a sole proprietor counts for zilch... there are pros and cons to both but you should discuss this with an accountant prior.
It is also tremendously important that you research business systems in advance. Opening a business is beyond hectic and more often than not people overlook the fact that systems (ie; inventory, cash. expense reporting. invoicing, tax remission etc) need to be in place so that things run smoothly. Setting them up mid stream is challenging at best.
I know that when we opened we only had two phone lines - but with 7+ people working at the studio - 2 lines are not enough. It has been an ORDEAL trying to get multiple lines installed etc.. let alone figuring out the darn phones! Having a business plan for the next 3-5 years will help you make decisions in the short term that will pay off in the long term.
when you do talk to banks...talk to ALL of them...not just one...personally i've never had any dealings with a bank or bank rep that didn't try and feed you to the wolves...IMO...they don't care about you... their care is soley based on whether or not your business will be able to keep up with the payments and carve you a new one when it comes to the intrest...i say once you've done your research...lawyers, banks, location, importing costs and importing rules and regulations etc...and you feel comfortable with all the good and the bad aspects of the business...cuz sometimes there are more bad than good aspects...than decide if you are gonna go for it...question is will you be able to handle it all...i keep telling my DH i would like to open my own store...he thinks i'm crazy...like Red said...kiss the next few years of your life good-bye...if you are gonna deal with large expensive items...what if someone pays cash...are you gonna leave large sums of money in a register with a stranger..ummm...i wouldn't....there is soooooooo much to consider before you start...it would be great if we could just open up a store or any business for that matter and it took off...but reality sucks and that just doesn't happen...start to take inventory of where you would like your store to be...maybe go into the area and ask the owners and people how long they have been there...where were they before...who was there before them and how long were they there...and what business is like at different times of the year...every business has it's slow seasons...i know i'm not the biggest help for ya right now...my only experience with self-employment is DH's trucking company...he has been in business since '89...but you wanna talk about slow times of the year...you can't haul gravel when it's frozen...lol...so summer is work work work...and sometimes i barely see him...he works 7 days a week...we don't travel...cuz well summer is the busy season...i'm still hearing about the fact that they couldn't work on a saturday in June cuz i decided i wanted a summer wedding and they were really busy you know...lol...so once again...research, research, research,.....and good luck in your decision..... :cool:
small business program is called Small Business Credit Edge. It does provide up to $30,000 unsecured, in the form of a loan or line of credit for start up or places in business for 2 years or less. After you've hit the 2 year mark, you can qualify for much more.
Not sure how much this program has changed since I left CIBC a year ago, but the beauty of it was that you qualify strictly based on your PERSONAL credit history - the business side of it was irrelevant - perfect for a start up.
If you are thinking of going this route for some of your funding, I would definitely recommend having all of your background research done PRIOR to meeting with the bank.
Someone posted a message that their banker walked them through the process and was extremely helpful. I will advise you that this is NOT the norm (at least not with CIBC, anyway) That person was VERY fortunate to find someone so knowledgeable and helpful.
"others may be glib" that would mean with light-heartedness or spoken easily as in "go for it!" or good luck! or " just follow your dreams!" etc etc. I do not find that remark to be offensive in the least. Sounds like you have an ax to grind...so I will be as blunt. Red has offered invaluable information regarding the effort and sacrifice involved, not to mention outlining the risks and basic requirements for such an endeavor. She has more than proven her success and achievement and generously gives her valuable advice and opinions to all on this forum. I hope she will not feel the need to respond to your undeserving comment which is obviously just "sour grapes". As to the topic, I will glibbly state, go for it! (after you have done your homework)
Kiwi, if you go see CIBC, they will provide you with everything you need to ensure you are making the right decision. I suggested that you speak to the banks to talk to them about 'what is working long term'. They will tell you specifically what businesses they have dealt with that have not worked. When I met with my banker before proceeding with plans to open my store (which is in the waiting for land stage), I met with them on several occasions and they walked me through what has worked and what hasn't worked. They have an interest in your business, they're not going to feed you to the wolves. With respect to a business plan, most banks have a complete business plan package available, including a template. CIBC has a new program that supports new small business in Canada. They are really pushing the new business start-up. As well, did you know that there are special Fed Gov't funding for import businesses???
let me assure you that what you seek is in your own determination and ambition. Success is the outcome of what you put in.
If the market is flooded in Toronto, you've got miles and miles of locations to choose from.
Again, if this is your passion, you'll be selling yourself short if you don't at least do the homework necessary to find out what it will take.
Good luck.
if you do get Visa/Credit Card/Debit terminal.. be warned that the bank will refer you to a provider - and you will PAY THROUGH THE NOSE... a Merchant's Association is much better and you can negotiate the rates you will pay for their terminals etc. Also be warned that some of these services like Moneris do not direct deposit payments into your bank account - you will have to wait for a cheque to arrive from them and go through that hassle - which can also impede cashflow.
Hi Kiwi
These may be helpful (not in your area so no experience with them) and there are probably many more
[url]http://www.centennialcollege.ca/coe/information_sessions.html[/url]
[url]http://www.tbdc.com/business/seminars.asp[/url]
seems this one gets funding from various government levels, so probably not as much of a cash grab as some of the "fire your boss in 12 weeks with our wonderful seminars" outfits ;)
a good place to find out about all the somewhat mundane but essential stuff such as business plans, financing, business registration options and their implications (sole proprietorship vs incorporation etc), lease negociation, permits, taxes, banking services such as Interac/Credit cards and associated fees, insurance (property/assets as well as liability), labour code (unless you plan on never having any employees), etc...
not to mention market research, location selection, merchandising/layout, advertising and marketing, corporate image (name, logo, signage, stationery), as well as import/export legislation, endangered species international treaties etc...
If you have not done it yet, working (even part-time summer jobs) in a retail environment can be another great resource (learn from someone else's mistakes and wisdom), little things like how to run the cash/POS terminal, taking inventory, handling returns exchanges and the odd difficult customer...
then find a good lawyer, accountant and banker ;)
best of luck in your project
doing your homework will lesson the scary side of the business. The reason products are priced so high is due to costs to import - not the labour to produce them. I was in a little shop on Front street when I went to Red's shop and stopped in for a look. They had all sorts of imported off shore pieces. Some expensive, some not, but most of the furnishings were roughly made, split from drying out in our climate or the doors and drawers stuck in curious ways due to the inferior nature of the wood in our climate. Be wary of off shore pieces that are too good to be true.
Research is your best defense. By the way TD Canada Trust has smal business loans up to $50,000, but you have to be in business for a couple of years to get oneand some proof that you have a way to pay the instalments.
you will never know until you do all the research and decide for yourself... :)
seriously - go and talk to your banker... unless you are independently wealthy - then let us know when the opening is scheduled!
Have you put a business plan together?
Others may be glib - but having a good plan and a great banker behind you are essential. If Suzie G. is around, she will back me up on all of this.
My studio coordinator used to be an accessory rep for a South African company. The good products from SA are very pricey with conversion now and a lot of stores did not want to invest large sums into these products. She had a tremendous problem with her company getting the products in on time and on budget. The suppliers she was working with would demand they prepay the entire shipment up front which was a huge drain on Cashflow.
Most banks will only start you off with a small credit line - which you need to have strategies to maximize to keep cash flow.
Location is TREMENDOUSLY important - DO YOUR HOMEWORK.
Follow your dreams - just be very astute about putting them into action.
I agree with Zephyr..and HomeDiva no point typing the same post LOL. Go for it girl as you just may givea few others a run for their money LOL.
Good luck! :p
Check out a store called Blue Moon, on the Danforth, east of Broadview - maybe at Coxwell...
From what I recall of that place it sounds very similar to your ideas - importing funky ethnic-y goods and selling for affordable prices. We bought a lot of masks and other carvings from them. I'm completely clueless about the trade side of it, but I know they were big on the "fair trade" issue.
Check out [url]www.greenwillow.ca[/url]. It is owned by a guy that used to help run Blue Moon. Very similar store, the site has some good info.
And, on a more personal level, regarding your idea. GO FOR IT!!!! Do not let anybody or anything dissuade you from trying to make a go of it. You will NEVER know unless you try, right?
There is no time like the present to take a shot at it. You're young, rarin' to go - believe me, if you truly have passion for it, you will kick yourself in the a** years from now if you don't try when you have the chance.
(From a girl who had the opportunity to purchase a thriving design business straight out of school, but turned it down thinking I couldn't handle it, or it was too much, or WHATEVER the reason was at that time, I can speak from experience.)
Cheers, and all the best to you!
Kiwi, I think you ought to follow your heart, and at the very least, investigate it. Do some market research, talk to other small business owners, take in a few classes, talk to the banks, etc. Get a sense of what is working, long term. Life is about adventure, and when one adventure ends, another begins...
Go for it! I think you owe it to yourself to be true to yourself. I wish you well!