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Advice needed - missus wants a shop

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    Advice needed - missus wants a shop

    Does anyone have experience of taking over a shop cold. no experience

    The missus has been fed up for a while now with her high flying nursing gig
    she aint a spring chicken, so the time has come for some indulgence

    she is accomplished with the sewing machine, quilting, crochet and knitting
    so she wants to combine the hobby with the business

    a wool shop has come up for grabs 7.5k leashold

    so if you run a shop

    1. What would her employment status be ?
    2. Accountant required ?
    3. Solicitor ?
    4. Shop name ? buying existing stock ?
    5. Goodwill ?
    6. Tax liabilities ?
    7....what havn't I thought of ?
    (\__/)
    (>'.'<)
    ("")("") Born to Drink. Forced to Work

    #2
    Originally posted by EternalOptimist View Post
    so she wants to combine the hobby with the business
    I could have suggested something if she wanted to combine business with pleasure

    Comment


      #3
      Why is it up for sale?
      £7.5k doesn't buy much, so what are you getting for that?
      What do the last few sets of accounts say?
      How much money will she make?
      Where do her customers come from?
      How long are you stuck with the lease?

      Comment


        #4
        Originally posted by FatLazyContractor View Post
        I could have suggested something if she wanted to combine business with pleasure


        er, yeah we tried that.
        up and down those stairs 16 times a day. her poor feet were nearly worn out
        (\__/)
        (>'.'<)
        ("")("") Born to Drink. Forced to Work

        Comment


          #5
          After the shocking revelations uncovered in the barn conversion thread I would not be in the least surprised that we have a crack squad of experts in running wool shops.

          I would start by looking at the books, and trying to understand why it came on the market in the first place.

          Also are you running it for profit or for indulgence?
          Knock first as I might be balancing my chakras.

          Comment


            #6
            Originally posted by EternalOptimist View Post

            so if you run a shop

            1. What would her employment status be ?
            Not so much an employment status as pulling the wool over HMRCs eyes

            But seriously those places can thrive if you have enough mad cat ladies in your vacinity (your target market)

            To start with a cheap way to advertise would be to run a knitting club from the premises, advertise on Facebook and local community groups, and that should help word of mouth

            My missus used to go to one at a wool shop until we moved and inevitably she ended up buying tat she didn't need when she went so they must have made some money
            Last edited by MicrosoftBob; 18 August 2015, 20:14.
            Socialism is inseparably interwoven with totalitarianism and the abject worship of the state.

            No Socialist Government conducting the entire life and industry of the country could afford to allow free, sharp, or violently-worded expressions of public discontent.

            Comment


              #7
              Originally posted by EternalOptimist View Post


              er, yeah we tried that.
              up and down those stairs 16 times a day. her poor feet were nearly worn out
              Then what you need is a bungalow, not a shop

              Comment


                #8
                Originally posted by EternalOptimist View Post
                Does anyone have experience of taking over a shop cold. no experience


                4. Shop name ?
                Knit twit?
                Knitpicker?
                The knights who say knit?


                and yes, I'm here all week.....
                Have you tried switching it off and back on again??

                Comment


                  #9
                  Ok Boyz

                  I know what to look for from a common sense point of view, but what insight can youse give me regarding the hidden pitfalls of taking over a shop.
                  (\__/)
                  (>'.'<)
                  ("")("") Born to Drink. Forced to Work

                  Comment


                    #10
                    Originally posted by EternalOptimist View Post
                    Does anyone have experience of taking over a shop cold. no experience

                    The missus has been fed up for a while now with her high flying nursing gig
                    she aint a spring chicken, so the time has come for some indulgence

                    she is accomplished with the sewing machine, quilting, crochet and knitting
                    so she wants to combine the hobby with the business

                    a wool shop has come up for grabs 7.5k leashold

                    so if you run a shop

                    1. What would her employment status be ?
                    2. Accountant required ?
                    3. Solicitor ?
                    4. Shop name ? buying existing stock ?
                    5. Goodwill ?
                    6. Tax liabilities ?
                    7....what havn't I thought of ?
                    Woollybacks welcome?
                    Knock first as I might be balancing my chakras.

                    Comment

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