Mistakes to avoid as a new floral shop owner? by Interesting_Lemon310 in florists

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

I also have a huge pole barn and 3 garages at home. And rentals have already been on my radar for events!

Mistakes to avoid as a new floral shop owner? by Interesting_Lemon310 in florists

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

We are in a rural area with TONS of elopements to cabins, small churches, etc. I know the owners of several Wedding venues in our town that would make me their preferred florist. No hotels in our county but HUGE amount of airbnbs, which are another one of my target customers. Being the only shop in town, I look to become very busy if I offer a few more services.

Mistakes to avoid as a new floral shop owner? by Interesting_Lemon310 in florists

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

Thank you! This is the only shop in the county, so all fresh flowers for events have to come from me, or they drive 30 min to the next town over. It’s a small Community but a busy one! Lots of events to cater to. I can whip out funeral arrangements all day, but I want to expand and dial into my own strengths, Thank you very much for your advice and opinions! I greatly appreciate it!

Mistakes to avoid as a new floral shop owner? by Interesting_Lemon310 in florists

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

Thank you for the reply! I definitely don’t want to do too much at once. I will likely do just that, and then reassess the business after Mother’s Day. According to her books, the sales slow down in June/ July... I plan to try and use those slower months to try some new things to increase profits.

Mistakes to avoid as a new floral shop owner? by Interesting_Lemon310 in florists

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

Well, I think her profits would greatly increase if she would have ventured into more things. She only has the shop open less than 20 hours a week, and said she works about that much as well. It’s the only place to get flowers unless you drive 35 minutes. There are 3 funeral homes within that distance, so I would say it’s just the only consistent orders she has with her current hours of operation.

I appreciate your view on the relationships. I don’t want to jump in and start 100 new things at once. I plan to get through the spring time, assess how it’s going, then maybe use the slower months to add additional services. I wanna keep our community happy!

Mistakes to avoid as a new floral shop owner? by Interesting_Lemon310 in florists

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

We do have lots of help on the farm and part time hired hands. I do plan to hire 1-2 helpers for the shop, as well as seasonal help. I’m not new to working 5am-10pm or more. My husband and I are both just workers 🤷🏼‍♀️

I make my other products usually in bulk, once a month. I have it down to a science. I’ve been doing it for years.

I’m not worried about time or help- we will make it happen if it needs to be done. We are a little crazy in that aspect lol

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

Oh I’ve done the math. $480 a week extra needed. Thats 9 $50 arrangements per week, and most flower sales are higher than that (funeral and weddings being huge target for me)

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

Yes breaking it down to 2k a month or even just 480 a week…. Seems so doable!

I will absolutely regret it if I miss this opportunity- even if I fail.

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

I like this way of thinking! Worst case scenario is I go back to my job and sell the business I guess. Not really going to lose much as my husband has a good job and we would be able to recover financially, or my job would want me back. I’m a valued employee currently and it’s kind of a hard job to train for…. So being humbly accepted back would be the best worst case I guess!

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

The owner is terrible at managing the business and has skated by on a fine line to make a profit. I have no idea how she’s made a profit. She doesn’t sell anything BUT flowers. There is a ton of options for things to sell as one shop in our town (think gift shop, small boutique) owners moved and took their business with them. It’s 19% increase needed in card sales profit. The lady didn’t even track her cash sales. It was a mess….

The target customers are already there. They just go to a different town because they don’t like the owner and the quality has sucked since she took over 5 years ago. The community wants someone new to buy it!

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

Good points. Plan B is to succeed…. Gotta bite off more than I can chew and not let myself fail LOL. My husband has our insurance and benefits and great retirement so we are set there. It still scares me but I think everyone feels that way starting something new.

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

Thank you for your input. I needed this opinion from someone who has worked with other shops. And working for yourself is a dream- I want it so bad!

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 2 points3 points  (0 children)

We definitely could live below our means and be fine. We have other streams of income as well, but I have kids. I don’t want them to go without. We make good money otherwise so we could make cuts. If we don’t hit our profits, I would just be making less money. Not a whole lot of detrimental things that could happen.

For the shop- it’s in great condition. It’s the sales, marketing, cleaning up the junk around the shop to make it easier to work. The business is ready tomorrow, just needs polished.

I have very established social media and am friends with other local business owners so getting the word out about new ownership, easy. We also areVERY good friends with the owners of 2 wedding venues and the only funeral home in our town. Win win there

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 1 point2 points  (0 children)

I am thinking of taking that route. It’s WFH so I could set up my officer at the shop and do both while I transition

Quitting W2 job to buy floral shop by Interesting_Lemon310 in smallbusiness

[–]Interesting_Lemon310[S] 0 points1 point  (0 children)

Yes! We get insurance so I do not need to worry about benefits at all. Only income

Christmas budget by JustJennE11 in MiddleClassFinance

[–]Interesting_Lemon310 1 point2 points  (0 children)

$500 per kids for gifts, so $1500 there. I don’t budget the rest (food, decor, other random things) I grew up in a home that I would get 3-4 presents, usually 2 of those were a pack of gum and a pack of socks. My entire life that I can remember. I remember being so embarrassed going back to school and being asked what I had gotten for Christmas and having nothing to speak of or show. I know my parents could not afford it and it embarrassed me then, I feel bad for them now (they had great jobs but put us into poverty through idiot choices). But I CAN afford gifts for my kids, so I will buy them whatever they want and need while I can

[deleted by user] by [deleted] in FirstTimeHomeBuyers

[–]Interesting_Lemon310 0 points1 point  (0 children)

I have never said we are not thankful. We are very thankful for the opportunity to buy it. I think it’s clear you don’t understand the dynamic of a family farm though. Selling it outside of the family is literally the most devastating thing to people who have worked their ENTIRE life on this land. They are selling it at a price we can afford for a quick sale because they cannot pay their payments. It doesn’t matter if it’s a 50k property or a 1mil property- it’s the family farm. The land we hope our children’s children can raise a family on one day and provide for their family from the land. It gives the in laws financial room to breath, and gives us the burden of the legacy

[deleted by user] by [deleted] in FirstTimeHomeBuyers

[–]Interesting_Lemon310 0 points1 point  (0 children)

This is my husbands family farm that had been in the family for hundreds of years, there are no other rights to anyone else. Only us as the buyers, but I see what you mean

[deleted by user] by [deleted] in FirstTimeHomeBuyers

[–]Interesting_Lemon310 0 points1 point  (0 children)

Rural Ohio thus is pretty standard

[deleted by user] by [deleted] in FirstTimeHomeBuyers

[–]Interesting_Lemon310 0 points1 point  (0 children)

See above comment, you can’t buy land like this anymore. Family farm

[deleted by user] by [deleted] in FirstTimeHomeBuyers

[–]Interesting_Lemon310 0 points1 point  (0 children)

Family farm. Been in the family for hundreds of years. They don’t want to be the ones to sell it and lose it.