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 8:54 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 12:53 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.

  • 26 Feb 2018 2:20 PM
    Reply # 5878351 on 5301892

    Richard, your ideas are sound, and you have a command of expressing yourself clearly. I suggest you investigate the Small Business Administration programs. I was a loan officer with the SBA years ago, so many things have probably changed.

    One item that must still be a requirement is a well-researched business plan. Check with your banker about the correct SIC (Standard Industrial Code) matching most closely your proposed business expansion. I'll be glad to make comments and recommendations  once you have a first draft--but you need to be the author to prove to your SBA loan officer your proposal is a result of YOUR understanding  and not just a business-plan writer. Hope this helps to point you in a positive direction. Doc Bailey: HM2 with 3/1 and 2/6 in 1967/1968. You can contact me at Bill@BillBaileyImages.com and/or on this forum. 

    Last modified: 26 Feb 2018 2:22 PM | Emerson (Bill)
  • 09 Mar 2018 2:29 AM
    Reply # 5927267 on 5301892

    Thank you for the info. I have contacted the SBA. They have assigned me a mentor to help get me started. Right now, I am violently attacking my debt. I want to be completely debt free by retirement. I want to be in a situation to where my pension will cover the building mortgage in a worse case scenario. I have also contacted the chamber of commerce. They have some ways of helping me with advertising. Thanx again.

  • 18 Mar 2018 12:34 AM
    Reply # 5984441 on 5301892

    Update,

    I have started a campaign on kickstarter and indiegogo. visit them when you get a chance. The title is Hand-Tool woodworking and Furniture Company. Also, visit my website and my blogg. I also have twitter and afacebookpage under the same title. Do we have anyone here near Raleigh NC? This is a very slow and irritating process. 

  • 25 Apr 2018 9:54 PM
    Reply # 6120535 on 5301892
    Richard Blair wrote:

    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.

    yes, Ill have to double check and get confirmed Agencies in the Government of our US, that have grants and loans and various special programs designed to help Veterans and or Veterans with Disabilities become small business owners. THere are even various programs and grants that will essentially assist in creating and financing a pre-existing family owned business have a specific position just for the Veteran. I know a group here in California, Sempre Fi Fund(not sure if they are national or just state/regional but they are a recognised charitable organization that has various programs that will first take you through their initial pre-program that gets you better prepared and i even think prefriancial placement in the Gov't GRant programs for starting up . a small business, ....
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