Turn Your Hobby Into a Business: How To Open a Quilt Shop
Quilts are among the most beautiful and creative pieces for bedrooms, living rooms and other spaces where you want to add a dash of coziness. If you have a passion for quilts and want to share that passion with others, you may be thinking of opening up your own quilt shop. If you’re considering the quilting business, planning can make it happen.
Start with your business plan. Look at the business plan as your company’s foundation. The plan is the blueprint for each stage, from starting to managing your quilt company. There are different types of plans, including traditional and lean plans. Standard plans are the most common and are detail-oriented and comprehensive plans. Most investors will ask for a standard format if you plan to request funding. Traditional formats include the following sections:
Executive summary
Company description
Legal structure
Market analysis
Service
Marketing and sales
Financial projections
Lean plans, on the other hand, will have a few elements that describe the company. If you want to start a business fast or if you want to change your plan later, a lean plan makes the most sense. Lean plans might include the following sections:
Partnerships
Resources
Cost structure
Customer relationships
Value proposition
Revenue streams
An essential aspect of your business plan will reveal to others why your quilt shop stands out. What do you plan to sell? How can you market your quilts and how does your shop compare to the competition?
The plan will guide you and serve as a way to seek funding from investors or find business partners interested in working with you.
Find a Trustworthy Point-of-Service System
No matter the industry, all shops need a point-of-service system. A POS system streamlines retail operations by accepting payments and tracking sales data and inventory.
Common quilt shop inventory can include:
Quilts
Fabric
Bedding
Sewing kits
Books
You determine the type of inventory you want to sell, but how do you maintain and manage it? Managing inventory for thousands of SKUs is unmanageable without a quality quilt store POS.
A point-of-sale system allows you to spend less time worrying about data entry. Once you enter the information, your POS system automatically updates your inventory. When it comes to quilt and fabric shops, you will likely deal with fractional yards of fabric. A POS built for fabric shops can easily manage fractional yards and precut fabrics.
In addition to a POS system, many POS providers also include built-in marketing. As your system monitors your sales, the numbers can help you determine what marketing routes are working and which need updating.
Determine Your Quilt Shop’s Location
Your plans for your quilt shop should include your store’s location. Businesses nowadays can operate in two different venues. You can have a brick-and-mortar or online shop. You may want to have both. If you decide to have a brick-and-mortar shop, determine if you will work out of your home or if you’ll lease an office at Bishop Ranch. If you convert part of your residence into a shop, ensure your neighborhood and city codes allow you to do so.
When choosing a location, you must ensure ample parking and access to busy or main roads. Your store should be easy for customers to locate.
Even if you have a shop, you should include a website or online shop for guests. More than 200 million Americans shop online. Having an online storefront could help you access more clients than you typically would with a brick-and-mortar shop.
Market and Promote Your Shop
Some POS systems can help you determine your marketing strategies. Additionally, you can contact external help to discover the current marketing trends. When marketing, make use of the internet. Social media is a smart way to interact with consumers, particularly people within your community. Join community pages to engage with your potential clients on social media.
You can also join forces with other small businesses in your area. Often, small companies advertise each other’s businesses or join forces to create promotions and serve the community.
Opening Your Quilt Shop
If you’ve always dreamt of opening a quilt shop to sell your creations or help introduce others to the hobby, comprehensive planning can make your dream a reality. You can build a quilt shop from scratch with a business plan, POS system and marketing strategy.
