I'm thinking of opening a shop in WA (Seattle, Bellevue: middle-class, fit in)

[wscottling]

So, after a lot of thought, the hubby and I are planning on moving to WA. We're both in our mid-40's - no kids at home, just us. He's a computer programmer -- he's got the skills, so I'm thinking that he shouldn't have too much trouble finding a job (that's our hope anyway). Me? I have big plans of opening up a shop, either a thrift-type store or a craft-type store.

We don't like city living so we don't want to live in Seattle itself. I've got family in the Puget Sound area, Silverdale, Bremerton, etc. I've lived in Port Orchard before and have fond memories of it, but I'm not sure if the hubby can take the commute. From what I remember from living in PO and working in Seattle, the ferry from Port Orchard takes half an hour to Bremerton then there's another ferry that's either half an hour to an hour depending on which one. Unless there's a ferry that goes from Port Orchard to Seattle now? I dunno.

Anyway, I moved away from WA in 1999 so it's been awhile. I guess I'm asking for good cities around the Sound that aren't IN Seattle (since that's where the hubby will be looking for work) that don't have a huge commute where I can open either a thrift-type store or a craft-type store and won't stick out like a sore thumb.

[Hemlock140]

Both your business and your commute would be a lot better in Poulsbo. 15 minutes to the Bainbridge Island ferry and 35 across to Seattle. I can't see the customer support for your proposed business in PO, Poulsbo gets a lot of tourism and has many local events. On the eastside, the old downtown Issaquah would be a good place for a business. it would fit in well at Gilman Village but the rent is very high there. Other options but with a longer commute are Duvall, Carnation, and Snohomish.

[StealthRabbit]

Be sure to take the free business course from WA Dept of Revenue!!!

You might be much happier as an employee in WA. Not an EZ climate for a brick and mortar business.

Go talk to free SCORE volunteers (Can do online) as well as SBDC.

Do the financials so you don't have a surprise. (I rent space to WA businesses and hate to see tenants go broke, since they work so hard)

Don't ever do FOOD SERVICE, as a business, unless by food truck / roach coach....

[wscottling]

I guess I should have mentioned we're looking to purchase a storefront -- live in the back (or upstairs) do business in the front, that kind of thing. We're not looking to rent a place. This is something we've been researching for a while, I don't want to be beholden to a landlord, and with my physical difficulties, a commute is kind of out of the question. Sorry I forgot to mention it earlier.

[StealthRabbit]

Find the correct location within a reasonable commute, for infrequent trips for business meetings.
As a programmer, DH should be able to work from your home / storefront.

Research your locations thoroughly, and be sure your competition is vastly successful. I have had many tenants with great ideas that were 1/2 baked in regard to understanding traffic / cash flows to keep the doors open. This was especially evident when I sell buildings and prospective buyers with a plan like yours come by. It can be a great idea to own your own storefront, just be sure you have several tenants to diversify your income and fully fund your payments (in case you become sick or disabled or have to move), and that other tenants are STABLE and in business for a long time in that location. You definitely don't want to drag down a real estate asset that depends on you opening the door and staying open everyday of the yr, that can kill your health and wealth.

Do a lot of research from the ground... like sit and count the foot and vehicle traffic on both weekdays and weekends, note the access to nearby parking *can be a deal breaker in the rainy PNW. Use Reference USA, SBDC or similar to get the stats on buying habits and expendable income of your clients, and the sales history / volumes of your competition. (You can get the detail to how much the locals spend on underwear, categorized by very specific subgroups / locations (smaller than a zip code area).)

I spent 20 yrs watching businesses in Port Orchard and nearby Bremerton, and there are lessons to be learned. Don't be afraid / too proud to ask. Do be sure to Listen!

[wscottling]

Thanks for the information, StealthRabbit. I certainly am researching this to a "T" because it's been a dream of mine to own a shop for a long time. Of course, I can't do the ground research until I figure out where we're moving. ^_^

[StealthRabbit]

Actually you better do the front end of the ground research BEFORE you know where you are moving.

How else would you know how to pick the right spot to provide your cash flows?
Customers is FIRST priority, (realistic and necessary cash flows) .
Then you can whittle down the costs and which locations will fit your clientele and cost structure.

[wscottling]

Hmm, I guess you're right about that. However, considering I still live in New Mexico and will be here for at least a year... this question is research from the back end. It would be nice to get a feel of which towns a thrift-type store or a craft-type store would fly (my inventory isn't easy to explain). Not every neighborhood is open to thrift stores and not every town has the demographics to support a craft store. So that's where I'm starting.

[Hemlock140]

Originally Posted by wscottling

Hmm, I guess you're right about that. However, considering I still live in New Mexico and will be here for at least a year... this question is research from the back end. It would be nice to get a feel of which towns a thrift-type store or a craft-type store would fly (my inventory isn't easy to explain). Not every neighborhood is open to thrift stores and not every town has the demographics to support a craft store. So that's where I'm starting.

That's correct, and around here it seems like they are not both in the same areas. Craft stores do better in middle-class and upscale suburban cities such as Bellevue, Redmond, and Kirkland. Commercial property costs are through the roof there. Thrift stores do better in more rural areas with lower incomes, where real estate prices are lower but going up now. Places selling collectibles and vintage clothing do well in Seattle but there is no affordable commercial property there. I would still consider Poulsbo the best city that would suit all of your goals.

[wscottling]

Poulsbo is a good jumping off point then. Thanks!