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#664261 - 02/19/11 02:07 AM Buying a quilting store
Felicity Deafness Offline
BellaOnline Editor
Shark

Registered: 12/31/07
Posts: 286
Loc: Australia
Hi Judy
There is a quilting store/coffee shop for sale in our little town (outside Adelaide in South Australia). I wondered if you had some guidelines of things to look for. Turnover, Gross Profit, Net profit, staffing etc. Of course prices are different in Australia than the US... but here must be some general information and things I shoudl look for.

We have run a small business before and own part of a pizza store. I trained as a dressmaker and have continued with it as a hobby having done some quilting as well as lots of other handcrafts so it is an interest. kirkbridequilting.com.au is the web-site.
_________________________
Felicity
Deafness

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#665069 - 02/22/11 10:05 PM Re: Buying a quilting store [Re: Felicity Deafness]
Judie Quilting Editor Offline
BellaOnline Editor
Shark

Registered: 10/04/07
Posts: 365
Hello Felicity, thanks for your email. I'm delighted to see you're an Aussie, as I am! I'm here in drenched Brissy! I don't really know anything about the business side of running a quilting business, but I can give you some food for thought from my experiences. I've worked in several patchwork businesses, throughout Australia, both as a staff member and tutor.

My first comment to make would be in all the time I've been associated with quilt shops, I've never met a quilt shop owner who gets any sewing or quilting done, once they've purchased the business. They never get the time to indulge in sewing for themselves. Most of the quilt shop owners I know (and I do know about a dozen) are often stressed to the ears, having to work long hours as it's cheaper for them to work behind the counter than to pay staff.

The second comment I'd make is that the coffee shop attached to the quilt shop is a super idea. One of the most successful quilt shops in Australia has a cafe/tea room under the same roof and it does very very well. That particular shop also has a lovely range of gifts for sale, so the three genres of quilting, light meals and gifts bring the customers in droves. They have about 12 staff working for them in any given week.

I would recommend that you get a business adviser to look over the business.

I wish you every success Felicity. Stay in touch and keep me posted. If you do go ahead, I'd love to come and visit your patchwork shop.

Cheerio for now
_________________________
Judie Bellingham
Editor Australia & Quilting Sites

www.bellaonline.com/site/australia
www.bellaonline.com/site/quilting

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#668900 - 03/09/11 11:02 PM Re: Buying a quilting store [Re: Judie Quilting Editor]
Felicity Deafness Offline
BellaOnline Editor
Shark

Registered: 12/31/07
Posts: 286
Loc: Australia
Thanks Judie. I decided against it. Net Profit was only about $25K per annum. the owner wasn't taking a wage so the Net Profit had to pay the owner for 40 hours a week work plus any loan to buy the business. I would need more like $75k to cover living and loan repayments as my income is the only income in the household. I can earn more part-time working for other people. My son's Pizza Bar (we are part owners) does greater than that too.
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Felicity
Deafness

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#668901 - 03/09/11 11:03 PM Re: Buying a quilting store [Re: Felicity Deafness]
Felicity Deafness Offline
BellaOnline Editor
Shark

Registered: 12/31/07
Posts: 286
Loc: Australia
Oh and the Business was priced at $100K plus stock at value at $150K which we considered pretty high for a business giving an income of $25k per year.
_________________________
Felicity
Deafness

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#669796 - 03/13/11 09:55 PM Re: Buying a quilting store [Re: Felicity Deafness]
Judie Quilting Editor Offline
BellaOnline Editor
Shark

Registered: 10/04/07
Posts: 365
Wow, Felicity, that's one hunk of money for a business that only gives $25K per year. I think I could clean houses for more than that!

It's a wild dream for many of my quilting friends, you know, always surrounded by beautiful fabrics etc. But the reality can be far from the dream.

Keep in touch, hope all's well in SA.

Cheerio for now
_________________________
Judie Bellingham
Editor Australia & Quilting Sites

www.bellaonline.com/site/australia
www.bellaonline.com/site/quilting

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