Starting something new

I tried the fine art circuit this summer- fun, exhausting and expensive. So now I know amping up fine art sales is probably not going to fulfill me, I am looking at a new idea. My husband and I are interested in starting a business selling outdoor/recreational items & clothes. We would like to sell higher quality brands and items. We also have a few shops in towns 1-2 hours away that are similar to our interests. Our town does not currenltly have anything like this. We do not have any funding and are not looking to take on large amounts of debt. We did want to open a business in the hip downtown area, however, it would mean taking on a lot of debt. We were also talking about starting as an online shop and selling used equipment instead. One place in town sells used kayaks and does quite well. We are not interested in completing directly with that business. We have the warehouse space available to store the items, as I pay monthly for an art studio space that could house items we purchase to resell. The problem seems to be finding these items and at a lesser price to be able to resell them for any profit at all. We are very interested in this type of business, purchased many books, visited numerous stores like this, however, we seem to be stuck. How do we proceed? We love higher quality products, but currently have to drive 1-2 hours to visit a shop that has them. Our downtown is bursting with a younger more active crowd and we would love to be apart of that energy. We both currently work full time. My husband is going to school for his bachelors and I organize and host art shows in my spare time. We need help!

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Permalink Reply by Lee Smith, ND on September 29, 2011 at 10:53am

Answers in the form of questions to ponder:

(I don't really need the answers, because the decision is all yours, but here are a few things to meditate upon.)

Is there any personal passion in you to do this? (Would you do it even if it didn't turn a profit?)

Can you proceed with no debt, or is that a prerequisite for this venture?

Can you bootstrap and avoid debt by selling before buying inventory?

Could online consignment selling support the start-up?

Would this fit into your artsy side, and allow you to expand the arts business?

How can you capture synergies between the two areas of interest?

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Permalink Reply by Michael Wade on September 30, 2011 at 5:46pm

Hey Meghan,

First, I'd love to see your artwork if you can post any examples here.

Second, this is only my 2cents worth, but your new idea seems really risky to me. In theory, I like the idea of used equipment (not clothes though, not much profit in used clothes) but it's been my experience that folks tend to hold on to outdoor equipment. Not sure there's much turnover. Also, the margin on used things can be tough, especially with the availability of Craig's List, ebay, etc.

Also, in this economy, folks cut back on luxuries (including recreation) so at best, your market will be restricted. Not to mention that you'll have overhead concerns, especially with a retail space. If you stay online, you'll have the issue of visibility.

My suggestion would be to keep thinking, keep brainstorming, keep looking for a better risk with less debt. Good luck. (and I look forward to seeing your art).