We've gathered a number of pragmatic suggestions on what it takes to open an antique store.
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Best Practices: Business Plans for Antique Stores
A great business plan will lay a strong foundation for growth in your startup antique store.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
With so much riding on your business plan, we recommend getting a firm grasp on business plan financial basics before you start writing the other parts of your business plan.
Make a Plan for Geographic Expansion
This kind of business typically has a strong local footprint.
Because many antique stores achieve growth by launching multiple sites and treating each location as a new, local business, we recommend that you build your antique store such that it can be replicated in other locations in the future.
Don't Ignore the Competition
Before you open an antique store in your town, it's worthwhile to see what the competition looks like. Try our link below to get a list of local competitors nearby. Simply enter your city, state and zip code to get a list of antique stores in your town.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
As part of your due diligence on opening an antique store, the next step is to learn as much as you can from somebody who is already in the business. If you think owners of nearby antique stores will give you advice, think again. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started an antique store in a location that is not competitive to you may be more than happy to give you a few tips, given that you don't compete with them in their area. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where can an aspiring entrepreneur like you find an antique store manager that lives outside of your area?
Easy. Find them using our link below and start calling until you are successful.
Antique Store Acquisitions: Financial Considerations
Startup antique stores carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. At a minimum, it's worth exploring the financial benefits of buying a business to get an established customer base.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Don't Rule Out Franchising
It's common wisdom that there are many advantages associated with opting to buy a franchise.
Prior to starting an antique store, it's worthwhile to investigate whether franchising might help you avoid common entrepreneurial mistakes.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you sell to antique stores, we've got better information for you elsewhere on our site. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.