Advice needed - missus wants a shop

[EternalOptimist]

Does anyone have experience of taking over a shop cold. no experience

The missus has been fed up for a while now with her high flying nursing gig
she aint a spring chicken, so the time has come for some indulgence

she is accomplished with the sewing machine, quilting, crochet and knitting
so she wants to combine the hobby with the business

a wool shop has come up for grabs 7.5k leashold

so if you run a shop

1. What would her employment status be ?
2. Accountant required ?
3. Solicitor ?
4. Shop name ? buying existing stock ?
5. Goodwill ?
6. Tax liabilities ?
7....what havn't I thought of ?

[FatLazyContractor]

so she wants to combine the hobby with the business

I could have suggested something if she wanted to combine business with pleasure

[Crossroads]

Why is it up for sale?
£7.5k doesn't buy much, so what are you getting for that?
What do the last few sets of accounts say?
How much money will she make?
Where do her customers come from?
How long are you stuck with the lease?

[EternalOptimist]

I could have suggested something if she wanted to combine business with pleasure

er, yeah we tried that.
up and down those stairs 16 times a day. her poor feet were nearly worn out

[suityou01]

After the shocking revelations uncovered in the barn conversion thread I would not be in the least surprised that we have a crack squad of experts in running wool shops.

I would start by looking at the books, and trying to understand why it came on the market in the first place.

Also are you running it for profit or for indulgence?

[MicrosoftBob]

so if you run a shop

1. What would her employment status be ?

Not so much an employment status as pulling the wool over HMRCs eyes

But seriously those places can thrive if you have enough mad cat ladies in your vacinity (your target market)

To start with a cheap way to advertise would be to run a knitting club from the premises, advertise on Facebook and local community groups, and that should help word of mouth

My missus used to go to one at a wool shop until we moved and inevitably she ended up buying tat she didn't need when she went so they must have made some money

[FatLazyContractor]

er, yeah we tried that.
up and down those stairs 16 times a day. her poor feet were nearly worn out

Then what you need is a bungalow, not a shop

[Intel]

Does anyone have experience of taking over a shop cold. no experience


4. Shop name ?

Knit twit?
Knitpicker?
The knights who say knit?


and yes, I'm here all week.....

[EternalOptimist]

Ok Boyz

I know what to look for from a common sense point of view, but what insight can youse give me regarding the hidden pitfalls of taking over a shop.

[suityou01]

Does anyone have experience of taking over a shop cold. no experience

The missus has been fed up for a while now with her high flying nursing gig
she aint a spring chicken, so the time has come for some indulgence

she is accomplished with the sewing machine, quilting, crochet and knitting
so she wants to combine the hobby with the business

a wool shop has come up for grabs 7.5k leashold

so if you run a shop

1. What would her employment status be ?
2. Accountant required ?
3. Solicitor ?
4. Shop name ? buying existing stock ?
5. Goodwill ?
6. Tax liabilities ?
7....what havn't I thought of ?

Woollybacks welcome?