Who We Are
Home Sweet Home Treasures is a veteran & wife owned unique home market source for quality and unique items, hand painted and handcrafted by local artists for your home. There are three (3) sources of revenue building areas in our business, our own handcrafted & hand painted items for sale, booth rental income from vendors and commission percentage from vendor sales.
Opportunity
Our business will be beneficial to many…those looking for an outlet to sell their handmade, recreated, custom creations. After a social media post that we placed on several local community pages that generated overwhelming interest, we have 13-15 quality vendors extremely interested in renting booth space in our shop when it becomes available. And then the consumer who is looking for unique home furnishings and home décor items that they cannot find in a retail store or for an affordable price.
Home Sweet Home Treasures is owned and operated by Sharon & Charles Ripple. Our combined experience spans over many years. We have already been handcrafting, hand painting and selling furniture and home décor items over the past couple decades. We also have experience in selling our pieces in the way our shop will offer us and others the chance to sell their pieces.
Market
Consumers looking for one-of-a-kind and unique home furnishings and home décor pieces that will complement their homes.
Competition
There are only a few other shops in the local area that are similar to what our shop will be. Some do not rent space and do only consignment. Some of these shops are “yard sale/flea market” type establishments. A lot of vendors would consider us because the profit potential for them is better.
Why Us?
Consumers will find our items of high quality with custom options. We will not be another “flea market” outlet shop. Also, our prices will be much more pleasing than your new furniture retail stores.
FINANCIALS
Expected Forecast
Along with leasing booth space, we will sell our own handmade, upcycled, quality furniture and home décor items. Income from rental space for the first year is forecasted to be $70,000 - $75,000 with a shop 4000/sq ft. Ten (10%) percent commission on vendor sales will bring in another $9,600+ and sales of owner’s items will bring in another $15,500+. Long term we plan to expand and afford more people the opportunity to rent space and have an outlet for their items.
Financial Highlights for First Year
Revenue projected for the first year of business is $160,150 from three (3) sources of income, 1) owner’s sales of merchandise, 2) rental income from vendors, 3) commission percentage from vendor sales. Our revenue figure includes a $60,000 bank loan with expenses totaling $147,747.84 which brings a gross profit of $12,402.16 for the first year.
Financing Needed
We have a portion of the startup costs on hand, but we are looking at various bank loan options to carry us through until we start making a profit.
Start-up Cost List:
Office furniture $ 2,000.00
Cash Register P.O.S. $ 1,500.00
Software (Vendor Sales) $ 500.00
Security System $ 800.00
Security Deposit & 1st months’ rent $ 6,800.00
Internet & Phone $ 150.00
Marketing Materials $ 1,500.00
Security Deposits for utilities $ 800.00
Signage $ 700.00
Website Construction $ 250.00
Other miscellaneous $ 2,500.00
Fit-Out for Shop $ 5,000.00
TOTAL ESTIMATED START-UP COSTS $22,500.00
EXECUTION & MARKETING
Problem and Solution
There are multiple shops of this kind within a 20-mile radius of Tarpon Springs that have no more space for crafters and artisans. They have waiting lists that could take 12 to 18 months to be able to offer a space to everyone on the list. We will give these waiting vendors a chance to market their items immediately.
We will offer our clientele a wide variety of handmade & unique items along with custom orders to get them exactly what they are looking for.
Target Market
Our target market will primarily be women aging from young adults to retired individuals, who are looking for something “new” for their home or for a gift for a loved one. Many people are looking to make a change in their décor or need additional items for their homes. This area has new people all the time; from residents, tourists and part-time residents (snowbirds), etc.
Competition
In a five-mile radius of our shop, there is only one other similar shop, One Amazing Find. They are consignment only and offer no rental spaces. Going a little further, there are consignment/rental space shops, Antiques & Uniques Ozona and Antiques & Uniques Palm Harbor, but they allow more “flea market/yard sale” type items to be sold by vendors. Our shop, which will be quality, handcrafted and upcycled items, will be a step above these other shops, attracting the buyer that is looking for upcycled, vintage items that will last for years to come. Coastal Market 607 in Largo, FL, which is roughly 20 miles from Refined Home Treasures, is our “model” shop. They are a highly successful unique coastal home furnishings shop that sub-lease booth space to local vendor artists.
Our Advantages
We will have a wide variety of quality handcrafted and one-of-a-kind distinctive home furnishings and décor items to fit our client’s needs. Custom pieces will be available, and we will eventually be able to offer our clients the added feature of upcycling pieces they already own but want to refresh.
Marketing Plan
Our marketing plan includes many aspects of today’s marketing options. First and foremost, we will advertise on social media outlets including Facebook & Instagram. With this option we can reach thousands of people who are searching for the products we provide. We will build a website that offers information on all areas of our business, who we are and why we are the best choice for client’s needs. Our vendors social media and personal contacts will only widen our marketing area and reach hundreds of others. They will be able to share our social media posts and advertise our website that will feature their products available. Other areas of advertising and marketing will include, but will not be limited to, hosting events, such as outdoor markets; attending networking events; ads in area community newsletters; local tourists bureaus and Chambers of Commerce; newspaper and radio advertising and last, but not least, word of mouth passed on from our clients, vendors, friends and family.
Locations
The location we are planning to open our shop in is the Tarpon Springs or northwest Palm Harbor area. The building we are currently looking at leasing is 4000+ indoor square feet with an expansive back parking lot that can be utilized for our outdoor markets. We plan to hold these on a regular basis, and they will include community engagement activities such as, live music, children’s entertainment, etc. We are going to look at getting other local small businesses involved to help market their services. This location also has ample parking in front of the building for our clients to easily park, including handicapped parking and handicapped accessible entrance into the building. It is located on US Highway 19 in Tarpon Springs and is an excellent location with annual average daily traffic reaching 74,000+.
This location also affords the possibility of future expansion, or we may decide to purchase our own property instead of leasing.
Technology
We will need a minimum amount of technology to support our business functions. The hardware we will need to purchase includes a point-of-sale (POS) system which will include a cash register and credit card payment capabilities, a computer and a printer/copier/fax. We will purchase a software program to keep track of our financials and inventory in our personal booths, and a software program that keeps track of vendor sales and will send an email each evening to those vendors who have sold items that day. It will also compile monthly sales of vendors and then an annual report each year.
Company & Management
Our company is owned and managed by Sharon & Charles Ripple.
Between us we have experience in accounting via multiple employment positions over the past years, 20+ years’ experience in painting and upcycling furniture and crafting experience along with experience in selling upcycled furniture and crafted home décor items.
Advisors
We have met with a consultant with the Florida Small Business Development Center (SBDC) and been given assistance by them in planning the opening of our business. We have also attended virtual workshops offered by SBDC. We intend to continue utilizing the many tools they offer for small business success.