Mall Retail Location - Pics added (Pic Heavy)

[Lindy]

Thanks Kitn - there is even space for a spot where I can do all my packaging and labels too!

KSL - the mall is the Powell River Towne Centre Mall here in Powell River. We have 2 anchors there - Walmart and Save-On Foods.It's not the type of mall where people usually go to window shop so the people whpo are there are usually there to biy. Of course that doesn't include the kids after scvhool and Saturdays, although I have sold to a few of them too.

 

[KSL]

I hope everything works out and the rent is low for you!
How fantastic that those eyewear people are renovating it so that you don't have to!

*crossing my fingers for you* that everything works out positively!

 

[Lindy]

Oh yeah - now I just need to get busy on the other end of my business to get this working for me....

 

[Guest]

Any news Lindy , I sure hope it works out for you , if that is what you want.

Kitn

 

[Lindy]

Hi Kitn - no news right now - I'm waiting on additional information from the mall. I doubt I will make my final decision until the fall. There are so many pros and cons to this.......

Thanks for asking!

Lindy

 

[Guest]

I hear you you Lindy. Lots to do and think about . I pray that it all goes the way that you would like it to .

Kitn

 

[mandolyn]

Good luck with this Lindy. I know it's a huge move, but you'll make the right decision & you have time yet to mull it over & make the necessary plans. It just says how great your products are that you were invited.

 

[Lindy]

mandolyn - thank you.....this is such a big decision and TG I have the time to make this decision. I keep waivering back & forth.... I think it really is going to be determined by a few things that must fall into place first.......

 

[ChrissyB]

Fingers crossed that this all works how you want it to Lindy.
I think you are a bit of a gypsy and you like what you are doing right now with your kiosks and other markets and stuff. But I think the other half of you would enjoy having your own space all pretty and soapy and beautiful and you enjoy having that key to your own store on your key ring, and you would love decorating the place just how you want, and you would enjoy the stability.
Everything will go great either way.
It is a very nice store though.

 

[IanT]

So the mall here in town where I'm at monthly and is my main kiosk - has asked me a couple of times now if I owuld like to go into a retail front there. Today they showed me a storefront that is being re-frubished and finished for a eye-glasses store who will only be using it for a few months. This space is gorgeous with an office in the back that I can make my soaps in, and area that I could do custom scenting on lotions, bath salts etc., a space for a proper office and then all kind of retail space in the front area to create a complete retail outlet.

Here's my problem, I am only newly in business, it would tie me into one location, I would need to hire someone to help me out at least 2 days a week for a few hours to allow me time to make soap (I can make non-lye products & still see what is happening out fron, leave it to serve customers and go back), and, and , and I'm a little frightened that this move is going to be too soon.

I'm waiting on them to confirm the rent, triple net, so I can compare my numbers as far as what I'm spending right now, including ferries, accomodation, fuel and eating out. I'm going to check with my insurance company to see how much the extrea insurance will cost, as well as with City Hall on my licensing.

Do you think I should be incorporated before entering this kind of agreement? What else do I need to consider? I can hire through a governmnet organization for disabled people that are higher functioning and the government will pay 50% of their salaries. There are companies here in town that have had good success with this.

TIA - I'm stressing here. It wouldn't be until the fall at the earliest....but still stressing - I so want to do everything righrt....

DO it!!!! sounds like a great op!

 

[craftydad]

Yowza! Looks like a perfect place. I'd just be careful on the lease...make sure you're not locked in forever, etc., etc, and make sure you have all the licenses and permits that you need. All that jazz.

I'm jealous. Would love to have a retail space where I could also make stuff.

Keep us posted!

 

[Lindy]

Thank you - there are so many pro's and as many cons that I just haven't decided.

 

[Guest]

I own a business (not soap) and the hardest decision was when it came time to hire employees. I balked at the paperwork (which doubles). I found a great payroll program www.paycycle.com that took care of everything, even files monthly and quarterly reports electronically. It was a big help that saved me hundreds of dollars in CPA fees.

 

[sygrid]

Incorporation

Hi Lindy,

Take your lease to a local commercial realtor and have them look it over for you before you make up your mind and sign anything. Malls leases can really lock you down. Ask about 'subletting', ask if your lease is assignable. If you are able to do either of these you have more latitude if sales are not what you thought they would be. You have an 'out'.

The reason to incorporate is to lessen your liability should someone sue you. It guarantees that they can not sue on your personal covenant. In other words they can only sue for your company assets and not your personal assets..like your bank accounts and your house. It's great peace of mind. It will cost you somewhere between 2-4 thousand dollars to incorporate. But...from that moment on you are no longer just you. You are now also a corporation, which is its own entity. So..double the paperwork, double the tax returns, you must file annual reports, all this, pretty hard to do without a bookeeper. Your corporate tax returns will cost you between $1000.00 and $2000.00 depending where you have them done. Maybe less at say H&R rather than an accountant. The general rule of thumb is unless you are upwards of $50,000.00 in sales, there is no need to incorporate unless your business causes a risk to the general public. I have been incorporated for 15 yrs on the advice of my accountant which he based solely on income BUT...if I had it to do over...I wouldn't have.

The mall looks lovely but pay attention to your red flags, they are rarely wrong.

Sygrid

 

[Lindy]

CastorFan - thank you for that information. Since I do have some bookkeeping background the paperwork is of less a concern than making the right decision for the future of my business - permanent location or mobile. I still can't decide and I am usually much more decisive than this.

Sygrid - thank you! I have thought about incorporating and since I know how to do it myself that initial cost is significantly less. (I've done these before). At this point with my insurance I'm not going to incorporate just yet.

Everyone - thank you so much for being here for me as I make these decisions.

 

[MsBien]

Hi Lindy,

It has been a while since you first posted this and I checked back to see if you've made your decision. I see that you are still unsure. I know that you have gotten a lot of encouragement from everyone here because we all want you to succeed.

Good luck,
Stacie

 

[Lindy]

Thanks Stacie - the support and encouragement here is fabulous as is the advice. I have gained so much from this site and the people who are here.

 

[Rosey]

I'm watching this thread too! I know you'll make whatever decision is right for you!

 

[Guest]

Sygrid - thank you! I have thought about incorporating and since I know how to do it myself that initial cost is significantly less. (I've done these before). At this point with my insurance I'm not going to incorporate just yet.

I have a great CPA. When I asked her if my hubby and I should incorporate, she advised me that it would complicate our paperwork for no benefit. She said that incorporation once protected owners to a certain extent. She said that was no longer true -- you can get sued personally, regardless of incorporation.

 

[Lindy]

Yup the corporate veil is being stripped back by businesses and finacial insitutions that you want to do business with by having you sign personal guarantees. However, if there is not a personal guaranteed in place then at least here in Canada, you can't be personally sued. According to my Business Advisor who is a CGA once you get to a certain level of sales/profit it makes sense because you can carry expenses over from year to year and defer profits as well, which you can't do as a sole proprietor. I am so not any where near that level yet so I'm not ready to incorporate. My only consideration would be if I chose to go into this retail location how would an incorporation protect me personally on the lease. That would be something I would want to check into.