Thursday, March 29, 2012
From Etsy To Brick And Mortar
Have you ever considered opening a brick and mortar store from your Etsy shop? I certainly have and currently I have a couple of opportunities to do just that. One possibility is opening a shop with a friend of mine. We've been friends for about 15 years and I think is would be cool to share a shop with them but...
The other opportunity is to open a shop on my own. And by alone I mean me and my significant other. The price will be about the same as the shop with my friend I mentioned above. The shop is quite a bit smaller but is in a much better location. Decisions, decisions, decisions.
Opening a brick and mortar is a huge decision. There is an awful lot to consider. There are city licenses, state tax, local tax, assumed name certificates, business banking accounts, and merchant accounts to accept credit cards. That is just the tip of the iceberg.
If you ever plan to open a brick and mortar you should start looking into what your state and local requirements are and start working toward having those things in place. There is no reason not to open a business account at the bank. Even if you do not make enough to file on your taxes you'll have that in place. You have to have an assumed name certificate in most places to open a business account at your bank.
If you start getting prepared now, when the opportunity presents itself to have a brick and mortar you'll be ready. I am sure I have not thought of everything. So, if you have some ideas please share.