It is definitely a financial viable option to start your own quilt shop during this challenging times particularly if quilting is your passion. It is possible to start a quilt shop from home without quitting your day job.
Having said that, it is important to have a business plan, else you will plan to fail if you don't plan in ahead.
Below we shall discuss the major elements of a quilting business plan:
Objectives and mission
Having an objective for a business is vital. An objective your business can be something like achieving a gross sale value of $50,000 at the end of the second year operation, or to achieve positive cash flow by year one of the business operation.
It should be noted that the objectives of the business should be measurable, attainable and realistic.
Start up summary
A start up summary covers the initial capital required for the business and the utilization of the funds injected. Preliminary capital are normally spent on purchasing sewing machine, supply of materials for initial orders, paying for accountant's fee for business registration and things like that.
Marketing analysis
This normally covers marketing strategy and market segmentation. A business should formulate its marketing strategy only after it has identified the market segment that it wants to target. For example, your targeted market can be women with huge disposable income and age above 45.
There are other various factors that have to be considered in a quilting business plan. A good plan should be achievable and measurable in terms of performance and goals.
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