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Starting a Business in 2022

Desdinova

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So here's the backstory of my idea...

On my property, I have the original farmhouse which is still in pretty decent shape. When I bought my property, there were a couple of ladies renting it and running an antique store, so I became the recipient of the rent checks. The downside is the rent is extremely low: $200 per month. I mean, it's better than nothing, but that really doesn't make for money to set aside for building improvements. So I decided that I wanted to utilize the building and make it a thrift store that I would run. A few months ago, I gave the antique store ladies their notice that I wanted them out at the end of 2021. They had been telling me since I moved here 3 years ago that they were only going to do it for one more year. So now I've made them commit to what they've been telling me. They weren't very happy about it, but I felt I needed to do it. My current job is not looking so good, so I figured I'd finally take that step.

Ever since I came up with the idea, I've been able to find out a bit of information on how much revenue thrift stores can generate. I overheard an employee at a thrift store in the city say that they have been able to make upwards of $500 in an hour. A non-profit thrift store 50km away makes their charitable causes public every year and gives away over $100,000 per year, and that doesn't include the bills they pay nor rent. That's a hell of a lot better than making $200 per month renting the place. There also isn't a thrift store within 50km of my place, and people out here really love thrifting.

So I'll be pursuing this idea at the beginning of 2022. Any suggestions on things I'll need to take care of? I know I shouldn't be putting any of my own money into this building, so I'll probably need to take out a small business loan. I'll need to do a few renos (it's still set up as a house with cupboards etc) and I'm going to need some store fixtures as well. I have places to store things until 2022 if need be.
 

Lookatu

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I think advertising and marketing is a given but maybe think about tapping into schools/churches/hospitals for donation and fund drives.

What this allows is increased exposure since you can advertise through them or on their premises, everyone likes to participate in fund drives, increased advertising and free advertising also through word of mouth. People will donate things they don't need, People will visit your shop if they need something, people will feel good about the process if there is a percentage of sales that's going to some charitable organization, you can write off donations on taxes. You can work towards establishing a positive reputation and a community fixture in your area. Win-Win

Also, thrift stores attract more people if things are organized, clean, and light. No one wants to visit a dirty store with clothes strewn everywhere.

Good Luck! :up:
 

Bible_Belt

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Liability insurance would be job number one in my mind. The first customer could slip and fall, and then sue and take your property. Ideally the store venture would be an llc that is separate from both your other land and you as an individual.

Goodwill is the thrift chain mega store near me. They make a lot of money by selling donated stuff and employing workers straight out of prison or drug rehab. Goodwill dot org is their web site. You can probably model a lot of your policies after theirs.

And always check the pockets of everything. My girlfriend has come home from the thrift store more than once with a $2 purse that had a $20 bill inside.
 

Lookatu

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Liability insurance would be job number one in my mind. The first customer could slip and fall, and then sue and take your property. Ideally the store venture would be an llc that is separate from both your other land and you as an individual.
You should always setup an LLC and get a great accountant, someone that knows how to be creative yet remain legal. ;)
 

Roober

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Sounds like a great idea. I don't know much about thrift stores,but I imagine you could look for some online marketplaces, or even Facebook groups for thrifting.

Another avenue to check is antique stores or fairs, start connecting with people there.
 

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