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johnsae
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Member since 3/06 18677 total posts
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Is it possible to be a "silent partner" in a fashion-related store?
I have recently been itching to start up a fashion-related business, but I DO NOT want to be there 7 days a week. I would be interested in doing it on a part-time basis...which is what got me to thinking about being something equivaleny to a silent partner....someone that puts money down but is considered a part owner. I live in North Jersey and I see a need for boutique-type stores that I feel cannot easily be found in my area.
I talked to my MIL about this (really smart lady) - she seems to think I would have to find someone who I trust who would be willing to do the "grunt" work (aka working 9-? 6 days a week) while I supervise the store. I am looking for less of a commitment, but if this is the only option then I guess I need to find something else to do.
Anybody have experience or insight with this type of business?
Thanks so much.
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Posted 4/21/10 6:10 PM  |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
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M
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Re: Is it possible to be a "silent partner" in a fashion-related store?
I only have a little bit of advice, just from my education background, not because I've ever done this.
Are you willing to put the time in, in the beginning? I don't think it would be a wise investment to put money down and let someone else run the show in the very beginning. I think you would need to start core competencies that you would want to see your partner providing both on the business and customer end.
I do think this is possible though, although you may have to fork over a lot more of the money upfront since the other person would be putting more hours in.
I would personally LOVE a job like that if I didn't have a 16 month old and one on the way lol. So I really think you need to put some feelers out there, and maybe start interviewing.
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| Posted 4/21/10 6:43 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
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Beth
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Re: Is it possible to be a "silent partner" in a fashion-related store?
there is much more involved that just working in the store
you could make a full time job out of just the buying end of the business
there are trade shows and trips to make to do the purchasing- your not going to have sales reps coming to you as a 1 store operation- you are going to have to go into the city or where the showrooms are for the brands that you purchase- and be on top of what is selling and what your customers like and don't like
then the invoices, returns, getting the returns authorized- there is a lot of aspects to owning a store other then just selling clothes
I think owning a store is something like real estate that sounds glamorous - but it's really a 24/7 business if you want it to be successful
I have a degree is fashion merchandising and product development- I researched opening a clothing store for a small business class I took- it's overwhelming what you need to get started and keep it going
a very wise professor at FIT told me....go make mistakes on someone else's dime FIRST- then go out on your own- he owns a very successful home furnishing store in Sag Harbor
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| Posted 4/21/10 8:11 PM |
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johnsae
Sip.
Member since 3/06 18677 total posts
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Re: Is it possible to be a "silent partner" in a fashion-related store?
Posted by Beth
there is much more involved that just working in the store
you could make a full time job out of just the buying end of the business
there are trade shows and trips to make to do the purchasing- your not going to have sales reps coming to you as a 1 store operation- you are going to have to go into the city or where the showrooms are for the brands that you purchase- and be on top of what is selling and what your customers like and don't like
then the invoices, returns, getting the returns authorized- there is a lot of aspects to owning a store other then just selling clothes
I think owning a store is something like real estate that sounds glamorous - but it's really a 24/7 business if you want it to be successful
I have a degree is fashion merchandising and product development- I researched opening a clothing store for a small business class I took- it's overwhelming what you need to get started and keep it going
a very wise professor at FIT told me....go make mistakes on someone else's dime FIRST- then go out on your own- he owns a very successful home furnishing store in Sag Harbor
Thank you so much, Beth. I really don't know the first thing about this kind of business, so your advice is golden to me. And yes, I def don't want to make mistakes on my own dime! There is a lot to be learned on my end...thanks again for your advice.
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| Posted 4/21/10 8:29 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is it possible to be a "silent partner" in a fashion-related store?
your welcome!
have you ever worked in a store?
why not get a part-time job at a store and just see if you like it?
As much as I love shopping...I actually HATE working in a retail store- some people love it but it's just not for me
I went to work on the corporate side of retail after college- and guess what....I hate that too!
maybe take a class or 2 at FIT- they are not expensive and they are normally offered 1 day a week for 3 hours a (not mon/wed/fri like most schools at 1 hour each)
even a starting a small business class would be helpful
Message edited 4/21/2010 8:42:55 PM.
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| Posted 4/21/10 8:42 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Is it possible to be a "silent partner" in a fashion-related store?
I don't know what part of North Jersey you are in, but Montclair has many boutique type of stores that sound similar. They are open from 10-6, Tues-Sat. Perhaps you can investigate -- and maybe do a liitle freelancing in a store like that to get your feet wet?
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| Posted 4/21/10 8:47 PM |
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fabrichick
LIF Adult
Member since 5/05 2479 total posts
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Re: Is it possible to be a "silent partner" in a fashion-related store?
Retail is a hard business
I sell fabric and travel to see shops as a sales rep. This is unique to the industry but as Beth said, you have to be in it fully to own a retail business as well as watching the register.
There are silent partners but those are usually the money people. Is that what you were looking to do? Be an investor or backer maybe?
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| Posted 4/21/10 9:32 PM |
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johnsae
Sip.
Member since 3/06 18677 total posts
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Re: Is it possible to be a "silent partner" in a fashion-related store?
Posted by fabrichick
Retail is a hard business
I sell fabric and travel to see shops as a sales rep. This is unique to the industry but as Beth said, you have to be in it fully to own a retail business as well as watching the register.
There are silent partners but those are usually the money people. Is that what you were looking to do? Be an investor or backer maybe?
Thanks everyone. Yes, I would want to be an investor, not someone who is involved full-time. Do you know anything about investing in stores?
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| Posted 4/22/10 6:55 PM |
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johnsae
Sip.
Member since 3/06 18677 total posts
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Re: Is it possible to be a "silent partner" in a fashion-related store?
Posted by leese
I don't know what part of North Jersey you are in, but Montclair has many boutique type of stores that sound similar. They are open from 10-6, Tues-Sat. Perhaps you can investigate -- and maybe do a liitle freelancing in a store like that to get your feet wet?
I am about 20-25 min from Montclair....closer to Millburn, Westfield, Summit.....there aren't that many cute stores that are also reasonable in price (that's the key, I think...the boutiques I have been to in Montclair are mostly upscale...I would want something more accessible).
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| Posted 4/22/10 6:56 PM |
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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Re: Is it possible to be a "silent partner" in a fashion-related store?
Posted by johnsae
Posted by leese
I don't know what part of North Jersey you are in, but Montclair has many boutique type of stores that sound similar. They are open from 10-6, Tues-Sat. Perhaps you can investigate -- and maybe do a liitle freelancing in a store like that to get your feet wet?
I am about 20-25 min from Montclair....closer to Millburn, Westfield, Summit.....there aren't that many cute stores that are also reasonable in price (that's the key, I think...the boutiques I have been to in Montclair are mostly upscale...I would want something more accessible).
Hoboken has a lot of boutiques with different price points. Some I go in, and I get sticker shock for some things, and others I am amazed that they are so cheap, when the clothes look on trend and stylish. May be a good place for you to find some inspiration as well. I can give you some names of stores.
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| Posted 4/22/10 8:16 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
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L
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Re: Is it possible to be a "silent partner" in a fashion-related store?
Morristown also has a couple of cute boutique stores as well.
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| Posted 4/22/10 10:28 PM |
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