mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Post by mloganrocks on Jun 2, 2016 1:36:12 GMT -5
Looking at a rental tomorrow for rock shop, going to give it a shot! Its been my dream and passion for quite sometime now, need all the tips I can get if you can offer I would be greatly appreciative. Thank You and Warm Regards from the Oregon Coast...
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unclesoska
freely admits to licking rocks
All those jade boulders tossed in search of gold!
Member since February 2011
Posts: 934
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Post by unclesoska on Jun 2, 2016 2:11:00 GMT -5
There's a rock shop in Seaside, OR that was for sale not long ago, maybe still is. Anyway, Best of luck with your new venture!
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Rock Shop
Jun 2, 2016 6:01:09 GMT -5
via mobile
Post by orrum on Jun 2, 2016 6:01:09 GMT -5
Gluck for sure!
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Fossilman
Cave Dweller
Member since January 2009
Posts: 20,685
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Post by Fossilman on Jun 2, 2016 9:16:45 GMT -5
There's a rock shop in Seaside, OR that was for sale not long ago, maybe still is. Anyway, Best of luck with your new venture! Must be Terry's shop...He was thinking of retiring.....
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Deleted
Deleted Member
Member since January 1970
Posts: 0
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Post by Deleted on Jun 2, 2016 11:37:00 GMT -5
Looking at a rental tomorrow for rock shop, going to give it a shot! Its been my dream and passion for quite sometime now, need all the tips I can get if you can offer I would be greatly appreciative. Thank You and Warm Regards from the Oregon Coast... I have owned a successful retail store in another specialty. That said I do have a few things to offer. #1) do detailed business plan, including the most detailed cash flow analysis one can possibly imagine. Don't waste a year making it it, but spend 40-60 hours sussing out all the details a retail store needs. #2) carry something for everyone. Rough for cutters and Tumblers, common varieties for everyday sales, more rare stuff for specialists, spend 2 days a month hounding your own for low cost inventory. #3) establish a cutting operation, have a least 2 saws slabbing all day, when volume grows a successful store needs at least 4 hydraulic fed saws to feed the slab needs. #4) work shows and be observant. See what people are buying and bring more of that. Never let your guard down, shows may bw half your total sales, but only if you have what they want. #5) manage the money. You get paid last. Vendors, utilities, land owner and employees get paid first. Pay yourself as rarely as possible. Once a year is best. The life blood of a business is money. Don't let it bleed. #6) handle customer issues rapidly, and fairly. Better to lose a little on a single transaction than a good reputation with even a single customer. Especially today in the age of instant communication. #7) use professionals in your week areas. CPA for the books or a real artist for artwork that kind of stuff. #8) long term develop a private label product line. Locals like to buy local Lastly #9) know your costs, extremely well,all of them. Make sure prices reflect appropriate profit. Most small biz die due to this last one.
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unclesoska
freely admits to licking rocks
All those jade boulders tossed in search of gold!
Member since February 2011
Posts: 934
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Post by unclesoska on Jun 2, 2016 12:29:48 GMT -5
I'll second everything Shotgunner mentioned and add the following- Before signing a lease due diligence would suggest checking into all local, city, county,state, and federal tax burdens, and fees (ie: mandatory business association membership, local fairs, festivals,etc.) I would also talk to local business owners about business cycles and their opinion of any regulations imposed by locals, and overall business "climate". Just my opinion based on my business management and ownership experience.
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Deleted
Deleted Member
Member since January 1970
Posts: 0
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Post by Deleted on Jun 2, 2016 13:56:26 GMT -5
I'll second everything Shotgunner mentioned and add the following- Before signing a lease due diligence would suggest checking into all local, city, county,state, and federal tax burdens, and fees (ie: mandatory business association membership, local fairs, festivals,etc.) I would also talk to local business owners about business cycles and their opinion of any regulations imposed by locals, and overall business "climate". Just my opinion based on my business management and ownership experience. Yeah, what he said! When we opened our opening cash was off by $15,000, in local and state government fees and bonds that were required, but we were unaware of. $15k we spent $40k as opening capitol! Then when we bought a store, we got a bill from county animal control for $8000! The previous owners never paid their fees and they had stacked up. Fortunately we bought 'assets' and debts were explicitly left with the previous owners, in writing. They were really pissed when we gave the county their name and address! They had repeatedly stated "we have no dept"..... Lol
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Post by rockjunquie on Jun 2, 2016 14:16:00 GMT -5
Wow! What a big step! Congratulations! You have gotten some really great advice. I have never had a brick and mortar, but as a customer, I want to say- Make sure you have a lot of lighting! And, if you have any kind of counterspace, have a few desk light type lamps, too. People want to get a good look at their rocks. And, as a customer, if I walk into a dimly lit shop- I'll turn around and walk out. Few things will speak worse about your business than poor lighting, in my opinion. Don't forget to carry the little things, too- like dop wax, CA glue, etc. Nice little add ons.
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Deleted
Deleted Member
Member since January 1970
Posts: 0
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Post by Deleted on Jun 2, 2016 16:42:10 GMT -5
Yeah! What she said! Brighter lit stores have better avg sales than the same store without.its been studied scientifically. rockjunquieWhat do you think about a consignment shop allowing his customers a venue to offer their finished goods? From a store owner perspective inventory cost is Zero.
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Post by rockjunquie on Jun 2, 2016 17:07:31 GMT -5
Yeah! What she said! Brighter lit stores have better avg sales than the same store without.its been studied scientifically. rockjunquie What do you think about a consignment shop allowing his customers a venue to offer their finished goods? From a store owner perspective inventory cost is Zero. I think just having a small kiosk for local artists, whether consignment or free, would be good for business. Artists need to buy material from somewhere, too. Things like that get local exposure and depending on how it evolves can get some significant local press.
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Post by spiceman on Jun 2, 2016 22:15:48 GMT -5
The list shotgunner made is very good. Where I used to work , The marketing manage said " Bad news travels 10 times faster than good news." If you was to ask a friend what drill to buy, he would say well don't buy this brand because... So, #6 is very important.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Rock Shop
Jun 3, 2016 1:44:43 GMT -5
via mobile
Post by mloganrocks on Jun 3, 2016 1:44:43 GMT -5
There's a rock shop in Seaside, OR that was for sale not long ago, maybe still is. Anyway, Best of luck with your new venture! Yeah it is still for sale from what I've heard. I met the owner over in Tillamook at Jim Coons place buying some rough, we were both going after some nice labradorite he had that showed lots of color. I wound up buying a 46 lb chunk that I'm still slabbing up from time to time. I picked up a sphere machine yesterday that has all the grinding cups up to 5" so I might give a chunk of the labradorite a shot.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Rock Shop
Jun 3, 2016 1:52:01 GMT -5
via mobile
Post by mloganrocks on Jun 3, 2016 1:52:01 GMT -5
The list shotgunner made is very good. Where I used to work , The marketing manage said " Bad news travels 10 times faster than good news." If you was to ask a friend what drill to buy, he would say well don't buy this brand because... So, #6 is very important. That is so true and I appreciate your input, I have a great track record locally in the rockhound community and I will be sure to keep it that way. My reputation is far more important than any rock out there, I treat people as I wish to be treated and have been blessed to make many great friend's in the Northwest at shows, digs, & in various rock shops.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Rock Shop
Jun 3, 2016 2:05:42 GMT -5
via mobile
Post by mloganrocks on Jun 3, 2016 2:05:42 GMT -5
Yeah! What she said! Brighter lit stores have better avg sales than the same store without.its been studied scientifically. rockjunquie What do you think about a consignment shop allowing his customers a venue to offer their finished goods? From a store owner perspective inventory cost is Zero. I think just having a small kiosk for local artists, whether consignment or free, would be good for business. Artists need to buy material from somewhere, too. Things like that get local exposure and depending on how it evolves can get some significant local press. I appreciate the advice on the lighting as I never gave it thought. I do have over head track lighting and I can already see that I Will need a lot more. Thankfully my neighbor and good friend is a licensed electrician who has offered to install some led lighting for me. As for sharing space with local artist I have no issue with that as there is 800 square feet of open space in the main part of the shop, I'm sure that we will be able to come to an agreement. I am just going to require that the stones are real "no fakes" if it happens to be cabochons wire wrapped or something. I am sure that there is going to be a lot of trial and error and it's to be expected.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Rock Shop
Jun 3, 2016 2:17:11 GMT -5
via mobile
Post by mloganrocks on Jun 3, 2016 2:17:11 GMT -5
Wow! What a big step! Congratulations! You have gotten some really great advice. I have never had a brick and mortar, but as a customer, I want to say- Make sure you have a lot of lighting! And, if you have any kind of counterspace, have a few desk light type lamps, too. People want to get a good look at their rocks. And, as a customer, if I walk into a dimly lit shop- I'll turn around and walk out. Few things will speak worse about your business than poor lighting, in my opinion. Don't forget to carry the little things, too- like dop wax, CA glue, etc. Nice little add ons. Greetings & Thank You! Yes I am going to do my best to stock numerous supplies such as the the dop wax, glue, fiberglass rolls for your serious wood lappers. I also want to carry various grits and equipment, going to give Lortone a call since there just north of Oregon and see if I am able to get some equipment in on display. I am also going to offer cutting & polishing services on site. I hope to be up & running in two weeks.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Rock Shop
Jun 3, 2016 2:23:13 GMT -5
via mobile
Post by mloganrocks on Jun 3, 2016 2:23:13 GMT -5
I'll second everything Shotgunner mentioned and add the following- Before signing a lease due diligence would suggest checking into all local, city, county,state, and federal tax burdens, and fees (ie: mandatory business association membership, local fairs, festivals,etc.) I would also talk to local business owners about business cycles and their opinion of any regulations imposed by locals, and overall business "climate". Just my opinion based on my business management and ownership experience. Yeah, what he said! When we opened our opening cash was off by $15,000, in local and state government fees and bonds that were required, but we were unaware of. $15k we spent $40k as opening capitol! Then when we bought a store, we got a bill from county animal control for $8000! The previous owners never paid their fees and they had stacked up. Fortunately we bought 'assets' and debts were explicitly left with the previous owners, in writing. They were really pissed when we gave the county their name and address! They had repeatedly stated "we have no dept"..... Lol I looked in to the to all the financial obligations in my store and I just need to pay my rent, electricity, internet, phone, and insurance for 1 million which will be roughly $48 a month. I should be around the $800 range after all of my shop overhead. I still intend to keep internet sales going as well.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Rock Shop
Jun 3, 2016 2:25:15 GMT -5
via mobile
Post by mloganrocks on Jun 3, 2016 2:25:15 GMT -5
Thank You, I really need it...lol...I did purchase more shelving today and have lots more to go.
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Deleted
Deleted Member
Member since January 1970
Posts: 0
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Post by Deleted on Jun 3, 2016 8:02:26 GMT -5
Thank You, I really need it...lol...I did purchase more shelving today and have lots more to go. We have a tradition around these parts.
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Post by mloganrocks on Jun 4, 2016 0:17:43 GMT -5
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mloganrocks
starting to spend too much on rocks
Member since May 2016
Posts: 153
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Post by mloganrocks on Jun 4, 2016 0:19:26 GMT -5
Took these today, nothing in yet and I will update pictures with my progress.
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