OK, I'm offended by the way you said.. Get a Crappy Job??? That's nice..
Yes , I have a crappy job and would give my right leg to even have the chance to have my own store front.. I'm sorry, but I don't feel bad for you.. You have a awesome opportunity here and you are not fighting for it.... Don't let anything stand in your way.. Fight for this shop.. Don't come on to CC and make everyone feel sorry for you, talk to your husband and fight for this shop.. Better or worse, richer or poorer.. ..
Yeah, I have to agree with batter up here!
Make sure you get good prices for selling your used equipment! You should have at least 10 to $15,000. worth of stuff when you purchased it. There's people online (like me) who are always looking for used stuff. Don't just dump it or get rid of it quick for pennies. There's sources other then craigslist to sell used equipment (if you need links let me know).
WAIT..........better yet.....if you dream of opening a place again keep everything useful (mixers, ovens, pans, pots, etc...). Worse comes to worse pay to store it and don't tell your hubby. It could save you thousands in the future!
I sort of did that. I bought off craigslist, and auctions, for years, but I stored them in my basement, then later the garage that I eventually turned into a bakery. The first thing I bought was a 3 compartment sink, for $350. I had it for 6 years before it ever had plumbing attached to it.
So it can take a long time, too. Storage at $50 a month for 3 years is $1800, so if you can store it for free, that would be better.
This was a pm I received from frosting22.
frosting22
Today at 11:43 am
Little girl? WOW. Just WOW. I'd tattle on her.
So what you bought was the equipment and location lease? I bet your name was better anyhow! lol
I worked for the last company, and when he was thinking of selling this location (should have taken that as a red flag) He offered it to me. I figured I was already working there 50 hours a week, and was the only employee, thats I was set to go. But he left things a mess as well.
I think my name was better ;)
We have to figure out the lease (do we sell it as well) and paying off the old owner, we were on a payment plan with him.
If we really need to, the corporation can go bankrupt. But I am hoping to stay away from that.
I put my heart and soul into this, but I learned thats not it. I have some business learning, and this was much different then my farmers market booth. I look forward to learning and trying again in the future!
instead of "fighting for it) how can I prove the odds wrong?
ideas for promotions? is there any way to fix time, to show him it would be ok?
I have come to terms wit hthe possiblility of losing it, but just wanted to see what you guys say
I have no idea, but I did watch on Kitchen Nightmares that they take the food to the street, and give people a try. I hate mini cupcakes, because they always seem dry to me, but maybe you could find a way to get some very small samples into hands, to get them to come buy a cupcake?
Did you have a grand re-opening, or anything?
I was planning on a grand re-opening in september. When people around here are back from holidays
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Original message sent by motherofgrace
instead of "fighting for it) how can I prove the odds wrong?
ideas for promotions? is there any way to fix time, to show him it would be ok?
What has your monthly net income (or net loss) been for the three months your business has been open? How much less revenue do you foresee over the summer?
I'm with Annabakescakes, when you took over the business, did you do something to let people know that the business is under new ownership? How long until you have to close the doors. Anna reminded me of a conference I had to go to for work, on the way home a co-worker (we carpooled) insisted we stop at this chocolate store. I am not a big fan of chocolate at all, but as soon as we walked in they handed us fresh pieces of fudge. I ended up spending $50.00 in that store! I honestly feel that it was the initial push of that fudge that made me stop and look at other things they had in the store. I don't know how your store is set up, if you are able to do something like that and maybe offer a discount on a half dozen cupcakes.
Sorry if I seem to be rambling, when I start brainstorming, that is exactly what happens.
no no, thank you! if anything I will use it for later. You guys have been great!
Part of my new plan is getting down my rent. Where I am moving, there is a prime location 3 times bigger then my current, for $650 a month.
right now I pay $1800 a month for 250 sqft
Is this right?
Jason, would you mind sending me a link you think is good for writing a buisness plan for a bake and candy shop?
That seems very wrong - over $86 per s.f., per year? Does that include utilities, maintenance, etc.?
Granted I live in a rural state, but rents in the ritziest shopping mall in our capital (over 1 million ppl) run $30 to 40 s.f., and that is with TONS of traffic, all day and night!
Seems like your old boss may have really tried to rip you off.
Liz
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Original message sent by motherofgrace
Part of my new plan is getting down my rent. Where I am moving, there is a prime location 3 times bigger then my current, for $650 a month.
right now I pay $1800 a month for 250 sqft
Is this right?
Generally commercial real estate is priced based on traffic, visibility, and access, as well as the demographics of the local market. I can't speak to your current or future location since I have no information about either, but considering your current property rents for over 8 times what the new property will rent for, you are either paying way too much for your current location or the new location is not as desirable as you think. Or both.
Jason, would you mind sending me a link you think is good for writing a buisness plan for a bake and candy shop?
Bplans is a good place to start, it will probably take you at least a month or so to put together a solid business plan. http://www.bplans.com/
AI just thought I would share my story (a brief version) my mother, and fiancé were less than supportive about my career choice. My mother rightfully so (I guess) because she paid for me to go to college out of pocket. I had no student loans or anything. So even with a 4 yr degree I decided to this for a career. The only ppl who thought it was a good idea was my dad and sister. So before I graduated I started with a business plan. Things are great now in 2-4 years hopefully a storefront.
Just saying this to say you don't need ppl to necessarily BELIEVE. (Although I know it's your husband so the dynamic is different). A good plan will carry you through!!! Don't start up a minute before that plan is done. It's soo tempting to jump in without a solid plan. It's not worth it to take the chance.
ANot sure where you are but TLC is advertising for bakeries that need help for a new show on my local Craigslist, maybe you can check it out?
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Original message sent by liz at sugar
That seems very wrong - over $86 per s.f., per year? Does that include utilities, maintenance, etc.?
Granted I live in a rural state, but rents in the ritziest shopping mall in our capital (over 1 million ppl) run $30 to 40 s.f., and that is with TONS of traffic, all day and night!
$30-40/sf/year is also roughly the going rate in downtown areas in Orange County, CA.
I would be curious to know how much other people are paying for retail space in your area. A commercial real estate agent should be able to help you with comps if you don't know how to do this research on your own.
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Original message sent by kikiandkyle
Not sure where you are but TLC is advertising for bakeries that need help for a new show on my local Craigslist, maybe you can check it out?
http://www.tlc.com/tv-shows/bakery-boss
OP certainly has enough drama to make for an interesting story.
its not the amount and more that being on a single income ( he is in training for his job) we cant pay our rent at home either.
Thanks for the support.
I almost commented on this thread earlier, but I didn't exactly think we were getting the whole story. So the title of this thread changes from "Husband wants to close" to "Husband doesn't want family to be homeless". I am very sorry that things didn't work out for you, and I hope that better planning, luck, and times are in your future.
To the OP, best of luck to you - I hope you can save your shop.
I sort of did that. I bought off craigslist, and auctions, for years, but I stored them in my basement, then later the garage that I eventually turned into a bakery. The first thing I bought was a 3 compartment sink, for $350. I had it for 6 years before it ever had plumbing attached to it.
So it can take a long time, too. Storage at $50 a month for 3 years is $1800, so if you can store it for free, that would be better.
Omg, that's how I've been doing it, too. I have a 3 compartment sink waiting in my garage (and a few other things). We don't have basements here.
Generally commercial real estate is priced based on traffic, visibility, and access, as well as the demographics of the local market. I can't speak to your current or future location since I have no information about either, but considering your current property rents for over 8 times what the new property will rent for, you are either paying way too much for your current location or the new location is not as desirable as you think. Or both.
Bplans is a good place to start, it will probably take you at least a month or so to put together a solid business plan.
http://www.bplans.com/
Something about your post -- it just hit me why commercial owners will let their properties stay vacant for years rather than rent for a lower price, they don't want to lower market rates. I know there are other reasons, but ironically, I'd never thought of that one.
There's a lot here that doesn't exactly make sense. The OP pointed out herself that she jumped in with-out much business background. I think you owe it to yourself to get help and figure out the realities of what you have before you walk away from it.
I think OP needs to go back and relook at her lease. That price can't be right for 250sf. That's premium rent, you've got to be in a unbelievably great location to be paying that much.
From all the bits and scraps of info. you've posted I think you seriously need to sit down with a business professional and get all your business data figured out. It would be worth paying a cpa to help you figure out your books.
Definitely worth a trip to your local SBA and get someone to help you understand things.
You need to know exactly to the penny what you're spending and what you've taken in for everyday, every week, each month! I don't get the feeling that you know those details. Do you know your costs verses your profits per item in your case? Are people walking in your door buying?
What if a few changes made the difference between paying you rent or not? I'd make them if I was you. That's a lot easier then re-inventing yourself financially.
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