White Orchid Melody

I’ve been reading a book that I checked out from the library entitled, The Complete Tightwad Gazette.  It is basically a series of newsletters from the 6 year run of the Tightwad Gazette.  It is a compilation of articles and research from the author, as well as lots of helpful hints sent in from readers. 

The tips tend to be about getting the maximum use out of the minimum expense.  So, buying things used (or getting them free from friends/family) and then maintaining them rather than just throwing them out when they need a repair.  This is fiscally and ecologically sound advice.  I once read an article by a “green” home designer who pointed out that spending extra money for “green” was absurd because the most economical choice was usually also the most ecological choice, such as building a smaller house.  The author of the Tightwad Gazette, who titles herself, the “frugal zealot” points out that there are a few cases where buying new is best, such as with freezers/refrigerators (due to improvements in efficiency) and with computers (due to improvements in technology).  But almost everything else, she buys used or salvages from free sources. 

This got me thinking about my business plan for the shop I’d like to open.  I’m working with a consultant on this and have written the business plan and even did a “faux shopping” exercise where I priced out everything I’d need for the shop.  Well, turns out it was going to be much more expensive than I could afford to open.  So, I have a few choices.  One, abandon the idea altogether and find something more attainable.  Two, save up for years and years until I can afford it.  Or, three, find a way to do it cheaper.  I’ve been pondering over that last option for a few months now.  How can I make this happen sooner and for less cash?  I wasn’t really thinking about the business when I started reading this book, but then I read an article in the book about a lady who had started a bed and breakfast.  They bought the 20 room Victorian as a fixer-upper and started by renovating the common areas and a few guest rooms.  As they brought in money from the first few guest rooms, they worked on renovating more.  Meanwhile, they furnished the place with elegant pieces from estate sales, yard sales, flea markets and the like.  They also bartered and traded for certain items.  They had a dream and made it happen on their terms.  How inspiring! 

So it got me thinking about my “faux shopping” exercise.  I’d chosen everything brand new from retail sources.  I’d found the cheapest versions for the look I wanted, but still, I was paying a premium for all that “newness.”  What if I took the time to accumulate the items from a variety of thrifty sources, including yard sales and thrift shops?  How would that affect my budget?  I think it could make a huge difference.  Some of the ideas that appealed to me:

1.  Estate/Yard Sales - tables, chairs, storage pieces, baskets, kid’s paint brushes, decorative items such as faux foliage, flatware, serving dishes, books

2.  Flea Markets - decorative items, furniture

3.  Building Supply (or surplus) Stores - the ReStore, run by Habitat for Humanity, has a random, ever-changing selection of building supplies, from tile to cabinets, to windows.  Some of these items could be transformed into storage and display pieces for the shop.

4.  Home Improvement Stores - reject paints: the ones that people had mixed and then didn’t claim, or that were mixed incorrectly.  This could be great for adding color and fun to the salvaged furniture. 

5.  Other - I’d also like to look into going out of business sales and overstock type outlets.  I’m not sure what exists in this area, but even a trip to Chicago could be worth it, if there were some good sources for used/discount supplies.

The biggest chunk of change in my business plan was the rent on a space.  The area I was originally looking into was fairly expensive and buying was not an option.  But I’ve been considering other neighborhoods, such as close to our own home, where we might be able to purchase as space, rather than leasing.  Ideally, we’d find an old building with storefronts on the lower level and apartments above.  We could rent the apartments to cover some of the mortgage, which would ease some of the business expenses.  Plus if you own the building, you can build out however you’d like. 

We’re not the average entrepreneurs who would need contractors and such to fix up and outfit a space.  That will be a great savings on our part.  If we own the building and are getting rental income from residential space, we can take our time fixing up the retail space without the pressure of that monthly rent outlay.  So the combination of buying our own building and outfitting it with frugal finds gives me hope that my dream of opening the shop in the not so long term future may actually be possible.