Buying a building

  • 07 Oct 2017 11:06 PM
    Message # 5301892

    hi gents, grunts, and pogs, I am moving on to the next step in the evolution of a woodworker. I'm looking into buying a storefront building in historical downtown Dunn NC. Does anyone know any assets available to help me finance this building and money to kickoff some products for retail. The will is there, the money isn't. I just need to find some Dough.

    Last modified: 07 Oct 2017 11:07 PM | Richard Blair
  • 21 Oct 2017 9:54 PM
    Reply # 5325165 on 5301892

    Personally,  i would lean towards an online shop to start out.   unless you know for sure there will be consistent traffic and buyers in your area... and know it will last at least long enough for you to make money while running your lease out...  opening a store front,  especially in this arena,  seems like far to large of a risk.   In my opinion online is the way to go,  little to no overheard and all.  If eventually you have tons of people telling you to open a store front,  and you can see the risk / reward being in a more reasonable place,  then go for it.   Just my opinion though.  Good luck brother!

  • 23 Oct 2017 1:53 AM
    Reply # 5331533 on 5301892

    Ryan, here is the thing. Wont just be retail. We will rent out and bench and space to those who want to do what we do but dont have the space. Also a tool library where you can sign out a tool and use it, then bring it back. We will also offer woodworking classes and education. Not like the ones at like woodcraft and stuff. Im talking full on handtool school. So the retail side will pretty much just be to support everything else, and an additional way to financially support the buisness. The storefront part will be specifically for the consignment shop. Where students can put their work up for sale. So will be alot going on there. Also, I have already done the online thing. I want more than just that. Also, I hate commision work. I usually have to take on stuff that I dont want to do just to keep some income rolling in. Also, im not able to make what I want to make, when I want to make it. I am constantly getting ideas of stuff that I want to do but can't, because of commission work. But good suggestion though. I appreciate it. From what I have seen, and the market analysis that I have done, it has a great chance as long as it is done correctly. The price of the building is surprisingly low too. Worst comes to worst, I own a piece of commercials real estate.

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