Big Step---need advice

So I am in the middle of making a huge career decision. We just moved to a new state start my dh nuerosurgery residency (minimum 6 years here). In our last location I did hotel design and really enjoyed it. Here commercial design is not so popular, and the residential design is not quite the same.

I started my online business over a year ago, and it has been going decent. Sustaining itself, and I absolutely love doing it. I have yet to pay myself, but that is another issue. I have always told myself that I would only open a storefront if the conditions were perfect, and this is what I really wanted to do. So here is why it is perfect here---

*Location- found the perfect corner available spot available with the perfect amount of space, no build out required.
*The Economy- believe it or not, now is a great time to get deals with EVERYONE--my rent would be ridiculously low
*The shops there stay busy enough to make money, but you don't need an employee except at the holidays
*The shops are allowed to close whenever they want
*All closed mondays and sunday, regular hours 10-6
*I could get all of my inventory out of my house
*I am allowed to bring my dog
*Down the road, you can bring a baby (given your child would allow this, probably would only work during certain stages)
*Did I mention....I could walk there from home!!!!


I am familiar with Retail business, and am willing to put in a lot of extra time to get it going. Especially with my husband just starting residency, I really need something to throw myself into for a while. I know the economy is not the greatest, but there are some serious deals out there, that might make this the best time if you can scrape through for a while.

All of that being said-- Am I completely nuts? I have to get a loan, and there is no steady income. We could survive, barely, on DH's income. I honestly feel that this is my chance to have my "shop dreams" come true, and I will regret it if I don't try...but then again...am I completely NUTS???

Any and all advice is welcome

[MrsK]

I'd definitely look into it. See what you can do about that loan. It's hard to get financing and that is a really critical factor. Put together a business plan and shop for the loan.

[Sheherezade]

I've considered this option as well. From what I've read, it is a hard road. Still, you sound like you've thought this through and know many of the possible pitfalls. You aren't starry eyed. I'd recommend looking at the book "Cute Little Store" if you can find it. It is a first person advice book about lots of the pitfalls of specialty retail. It may help you sort out any unforeseen problems. I'd also recommend that you consult a lawyer about all your business dealings - including the small business loans. Also look in to Ladies Who Launch (I think that's the name!) to see if they have a local group that supports women in new businesses.

Thanks! I will definitately look for cute little shop. I just finished Ladies who Launch!

I am working with the North Carolina Women's Business Center- They are going to help me sort out the best loan/ possibly a grant since it would be a woman owned business.

Thanks for the tips!

[Momo]

Hey Angie, the "Ladies Who launch" web site looks great!

[GrayMatterWife]

am I completely NUTS???

Any and all advice is welcome

Honestly, a little.

You want to do this while your DH is in a NSG residency? And have kids?

But, you know what: crazy can work. I'm absolutely certifiable (married to a NSG resident, two kids, one dog, one snake, one tarantula, and a fish, while working full-time...and now taking pole-dancing lessons!). If you are ready and willing to put in all the truly hard work it will take to pull it off, it will be worth it! Whatever you do, keep growing as a person and professionally developing (if you like what you do) while going through the NSG residency. Don't let his lack-of-a-life condemn you to the same!

Good luck!

[SuzySunshine]

Kelly, I don't think you're nuts. I think if you've thought it through and you can get the financing then go for it. Being in a college town you'd probably do great on sports weekends and you've got the tourist group too. If your DH's residency is anything like mine 2nd year will be the hardest until Chief and if you guys are thinking of putting off kids for a few years then you might as well have something to throw yourself into.

You've gotten some great advice here about books, etc and it sounds like you're on the right track with the NC business group. Keep us posted!

I don't think you're crazy, either. It will be a lot of work, but it sounds like you are very commited to seeing your dream through.

Where in NC will you be? There is a small community bank here that has been truly awesome to work with and their loan programs are much better than what the larger banks are offering now (plus their checking pays 4%!). If you're interested, I'll pass the info on to you and you can see if they cover your area.

[Bittersweet]

No advice but I think it is fantastic that you are pursuing your dreams – you go girl! Let us know how it turns out.

Sounds like you have a lot of variabilities, many you have researched. I say go with your gut and see how far things go. Now, if I remember correctly you are in the Triangle in NC. If that's so, so am I I'd be up for a meet up if you'd like. And...can't help wondering, where are you thinking of opening a shop? What kind of shop, or did I miss that?

[weeniegeniewife]

You should definitely do it. If it's been your dream, and the conditions seem right, then go for it!

I did this 2 years ago when I built my clinic. Leased out 2 floors in an old Victorian house, and DH and I did the build-out ourselves (blood, sweat, tears and moolah). I now have 16 practitioners here with me, and it is my absolute career dream come true.

You can do it! Go for it!

Congrats on your success Jamie! It is great to here sucess stories!

Yes, I am in the triangle! I will PM you about location etc.

Thanks for the encouragement and tips. I kind of feel like it is now or never, and all variables are on my side.

I will keep you updated on the progress, if I had it my way...everything would be open in October. We will see!

Thanks again everyone!

[MarissaNicole]

So you're going for it? Congrats! I love your website so I'm sure your brick and mortar store would be amazing!

[moonlight]

I think any person that goes into business for themselves has to be a little nuts, but at some point you have to take that chance, right??? I say go as far as you can with it. Maybe you'll hit some road blocks that you can't overcome. But at least you'll know you tried instead of always wondering! It's not an easy road to go down with a hubby in such a long residency, but that’s life!!!!!! Your online store has always been beyond cute; I think it will do great in that area. Count me in for the October ribbon cutting!

[ladymoreta]

Good luck! I know this isn't retail, but my mom is a barber, and she has been so happy since she opened her own shop. It is fun to see her so happy being on her own. I hope it works out great for you!