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What is the best way to do research wedding second hand store?
crazychix
subscriber Posts: 5
I have a new business idea and I am not quite sure how to go about researching it. I am thinking about starting a second-hand/ consignment wedding decor shop. After posting some wedding decor on craig`s list to sell to recoup some of the cost, I noticed that there were quite a few postings of the same thing. I know second hand stores are hot due to the economy and I have not been able to find any stores like it, except second hand wedding dress stores. Does anyone have any idea how to best research the profitablity of this kind of store? The only thing I can think of is posting on wedding blogs to get current brides thoughts.
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My thinking is to model the business after a bridal dress consignment shop. My initial investment would be rent, insurance, racks, signage and marketing, ect.. The inventory would come from the sellers which I would spit the profits with once the item was sold. My thinking is that a soon-to-be bride would more interested in a discounted centerpiece that maybe she could use as is or tweak it to her specifications. When organizing my niece`s wedding, we looked at rentals and decided for the same price we could buy the same item. Labor was free and we didn`t have to worry about putting down a deposit. Our thought was that we could try and recoup some of the money after the wedding. She was also fortunate to have a co-worker who had table cloths from her daughter wedding and another friend who had glass cylinders from her wedding months previous. We were able to utilize everything to create a very nice reception. Not every bride is going to have these outlets, thats where my store would come in. I know there are brides out there doing the same thing. I want to provide both the soon-to-be bride and the new Mrs. a place where they can sell and buy things items that were used for such a short time.
Like any consignment shop there would be rules as to what was being taken in to be sold. For example, a new Mrs. brings in her 20 vases from her reception, we price them for $7.00 a piece. Once the vases are sold, the seller would receive anywhere from 40%-50% of the sell price and I would receive the remainder. I would let the buyer know that if the vases are still in good condition when her event is over, she then could turn around and consign the items again. In doing the math, if the items are maintained by the new buyer, her cost are really only 50% of the purchase price once the item is resold. Once the item was worn or dated it would be priced accordingly and could not be returned.
I thought that I could advertise in the yellow pages, craigs list, wedding planners, churches, all rental halls( i.e., VFW, community center, etc.), bridal shops, bridal web sites and of course, word of mouth.
As of current, I am still doing research for this adventure! I have found some retail space in a old downtown area that is running about a $1 a square ft. Though the property is on the edge of the downtown area, my thought is that the business would be a destination store and would not have to depend on foot traffic as my only customer business. I will need to create a business plan and a budget and maybe find a business partner. I thought about trying to run it out of my house until I could get enough traffic to justify renting retail space, but I don`t think my neighbors would like it too much. My husband would have a cow!