Herro everyone =] So I've been mulling this idea around for a while now, and I've started talking to a few people about it, they seem to think it's an okay idea. Just looking for some feedback from a larger-non-friend group =] So let me know what you think! Please only constructive though? Thanks ^-^ I live in the middle of nowhere, with very little to do. We are getting a huge influx of people recently though, because of the gaswells popping up all over. The main complaint from these guys is that there is nothing to do =] So this is my idea, I'd like to buy a small house and in the front have a nice, classy little headshop. The closest is about an hour away, and I live in the drug capital of the world! Well, actually we're the meth capital of the world, but there is a LOT of weed in this area being grown and smoked. Besides nice pieces I'd like to sell herbs (legal ones of course!), pretty baubles, crystals, incense, pastries and just all kinds of little things like that. I also read tarot cards and I'm learning to read tea leaves and astrology charts. One of the big entertainments around this area is "tarot parties" where you get 10-12 people together and a host/hostess brings a tarot reader into their home and you get to pick what kind of reading you want, anywhere from a 35$-85$ reading. It takes a few hours and it's really fun! But many people don't want to have them in their home because they don't have the space, or they don't feel like cleaning, whatever. So my idea is headshop in the front, and in the back have 2 rooms. One biggish one, with comfty couches and chairs, a little finger food bar, a cooler if the party wants to byob, incense and maybe a nice hookah. Then the other would be a smaller room where I would actually do their individual readings. Then people could pay to have their parties there instead of their homes! We would provide finger foods, beverages and all they would have to do is get the people and show up. I also thought about having a nice garden where I could do outside readings or people could go out and meditate, whatever. So I'm thinking I'll need a house, 6 rooms - the headshop, the "waiting room", the "reading room", a bathroom , a small kitchen and storage room. What do you guys think? Thanks!
to be honest it could work but youll probly spend all the start up money on weed before it could ever happen (from experience)
I personally wouldnt go to somthing like that. But if your serious about it then more power to you and good luck.
I doubt you'd be able to get a loan from a bank for that. So unless you're filthy rich with lots of money to waste, it might be tough. And how do you plan to make a profit? I'm not seeing the profitability here.
Profit would be from the fact that when people have a card reading party the read makes a minimum of 300$ and a max of 850$ for a 3-4 hour period of time. There is only one reader even close to this area, and I've talked to him personally a few times. He has so much business he is doing between 6-10 parties a week. He is very "rigid", for example you must have 10 people. No more, no less. You have to feed him and provide beverage. You have to have comfortable seating for him to be in while he reads. Basically it's a big hassle. Given the choice I'd rather go somewhere else and let them do the work then just "show up" instead of having to get my house all ready, make food for everyone, entertain them all while they're waiting their turn, ect. And yeah, as far as the bank giving me a loan, I've talked to a few people I know who work there. They said it'd be difficult, but they try to give loans to all different kinds of business, and especially since I'm local and this town is tiny, they'd probably be willing to give me a little starting money just to see if it would work, then if it does they'd give me a bigger loan. ^-^ Thanks for the feedback everyone!
The tarot thing strikes me as a fad. It's probably not going to be a long term profit builder for your business. To get a bank loan, you'll need to have a history of established credit and a very solid business plan.
i like the headshop idea, not so much the card reading stuff... dont think many people would acutally do that
I believe in you! Even if the tarot-party thing doesn't go over well you'll still have the only head shop in town.
not a good business idea. you would be better off to start making meth in your parents bathroom and flooding the streets with that, sounds like a better market
First off, I have to wonder where you live. I have lost track of how many people tell me they are from the "meth capital of the world/U.S.". And they've all been from different locations. I don't understand why everyone desires to be from such a place, but that is neither here no there. As far as this business venture goes, you have to be realistic. I have wanted to open a bar/venue for a long time (something that I find is common amongst us men), but the reality is, that start up costs are expensive, the success rate is low and I would likely have to go into it with a partner (I prefer to work alone). I'm not sure you realize this, but you have a LOT planned for your business idea. House (3 bedroom, 1 bath) - Depending on where you live and how nice the house is (I would recommend a decent house as this needs to be a reputable place of business) I would guess this will cost you at least $100,000+ if you want the rooms to be of decent size and not cramming people in like sardines. You will also have to check that the home can be rezoned for business. Property taxes - Depends, but it can be a lot. Cost of registering the business - Different in every state/municipality, could cost you a few hundred, could cost over $1,000 Stock - With the headshop and your other plans, you need to realize that your initial investment is going to be very costly if you plan on actually having a decent amount of stock for people to choose from. Food - Going to create more costs, and more headaches when it comes to the health department. Furniture and assorted decor - Furniture and decor costs will rack up quickly, even if you won't have a large amount of furniture, I could see furniture/decor cost ranging between $3,000-6,000. Garden - Initial garden setup can be pretty costly, and if you want it to look nice I would recommend having professionals take care of it for you. But that won't be cheap either. Insurance - Insurance can cost you a decent amount if you want a good policy. It's usually not a huge cost, but it's still something that you need to think about. BYOB - This will bring with it more headaches than it's worth. I've seen a few different business in my area try to incorporate BYOB, but it turns into a mess and communities tend not to like it very much. And these are all quick estimates, the little things tend to add up just as quick as the big things. This venture has debt written all over it, especially if you just jump right in without breaking down EVERY little detail and cost. You need to estimate real world profits (always underestimate profits), ongoing expenses (always overestimate expenses), running costs, maintenance/repairs, utility costs, etc. This is the type of business you start out small and work your way up to your ultimate goal. This way you can get a feel for your market and learn if your market calls for your plans. If not, adapt to your market or find a location where your business model would apply, even then you should still take time to feel that market out as well. One of the reasons I have seen businesses fail is from trying to get too big too soon. Overhead will kill any business, even if it's a generally successful company. I've seen more than a few people file for bankruptcy. I would say that something like this needs to have a 6-10 year plan.