Phase Two

[gonfishn]

Many here may remember about four years ago i opened my own furniture store. Even with the economy the way it was i still went for it. Where many stores have closed down i have managed to show profit. Today i signed a lease to put my new adventure in. The Chillicothe Mattress Factory. I will be making bedding now and putting it into my store. In about thirty days i will start making mattress's.

Have got a 20,000 dollar contract order and not even opened yet. The Hotel chain wanted a discount because of being my first contract sale. Lol.... The machines and material cost are in the six figure range alone. I did tell them though that i would put them in my tv commercial and give them some exposure.

Seems like i have to have it all. The risks and hard work have been great but the rewards well what can i say. I would say to those who who are thinking of going on your own, burn all your bridges behind you and don't look back. I still have a long way to go. Afraid my board time will be scarce but i will let ya all know how it is going.

The name label on my first line will be "The Lady Fish Rest Easy" named after some one we all know...lol....I promise to stay in touch here. Take care.....

 

[Tyme2fish]

Re: Phase Two

Good luck on your almost new endeavor.

 

[bucky7680]

Re: Phase Two

AHH self employed. Be your own boss, work when you want, have others do all the work and just make deposit runs to the bank. Well that's what those that aren't think. I'm sure you'll have a few sleepless nights until you recover your investment. Good luck on the new venture. Everyone needs a good mattress.

 

[tashasdaddy]

Re: Phase Two

Bucky7680, "work when you want, have others do all the work " you've never been in business for yourself. it is work 20hour day 7 days a week, and stay on top of what everyone else is screwing up, and hope you can make the rent, and payroll.

 

[FLATHEAD]

Re: Phase Two

Good Luck GF wish you the best.

TD a little too quick to put down Bucky's post me thinks. You might want to reread his post.

 

[mainexile]

Re: Phase Two

Bucky7680, "work when you want, have others do all the work " you've never been in business for yourself. it is work 20hour day 7 days a week, and stay on top of what everyone else is screwing up, and hope you can make the rent, and payroll.

TD, I think bucky had his tongue buried in his cheek on that one.

 

[JB]

Re: Phase Two

Waytogo, GF. Like the turtle, unless you stick your neck out a little you won't get anywhere.

 

[Limited-Time]

Re: Phase Two

Congrats and best of luck to you gonfishn.............

 

[Kiwi Phil]

Re: Phase Two

Brilliant!!
I remember you starting out.
I have always found the harder you work the luckier you get.
Good luck....and I really mean that!
Cheers
Phillip

 

[Bass Man Bruce]

Re: Phase Two

Drive on good man, drive on!
Best of luck, and yes all hard workers make their own! (as previously stated)

 

[Reel Poor]

Re: Phase Two

Rest easy Doc you'll do great.

TD a little too quick to put down Bucky's post me thinks. You might want to reread his post.

If you reread it there's another post in it for ya.

 

[thefairlaneman]

Re: Phase Two

I know a little about the mattress business. My family owned the oldest mattress company in the state until 1989 and my cousin owns his own company now. You are aware of the,many regulations about making bedding. Things like fire rated material etc etc.? and delivery can be a head ache too.There are strick regulations and permits required before you can market a new mattress.

 

[Kiwi Phil]

Re: Phase Two

I am sure you do this, but can I introduce you to what has worked for me.
As a kid i went to University and did a B.Com.
Accounting came easily to me, and in those days they had an area called "Cost Accounting and Time and Motion Studies".
Understanding the principals of this has probably been the biggest profit making skill I have.
From the simpliest task...eg if someone has to walk from point A to B to "get" something, make sure they take something "with" them (saves someone having to repeat the walk latter) and make sure your factory is laid out so they can get there in the shortest possible time.
I know it sounds stupid, but it can really make money....or save costs.

I am building: a new shed, a packing shed, and a grow tunnel....500 sq meters.
It is costing a bit of money, but it will:
1. save me about $20k per year in wages (less staff but more efficient = greater output for same costs)
2. I can get rid of one vehicle = $5k yr
3. I can produce better stock = increase sales to my existing shops = $50k gross
4. Have increased capacity to take on extra shops = $350k yr gross with reduced overheads....I think I am too old to bother about that bit.

This all came about when i tried to increase 2 employee's hrs...they stuffed me around for ages.....now i don't need them, and I am ahead.

Does your industry work like the rag trade?
30 yrs ago I owned a cut-make-and-trim factory, making jackets.
Never knew a thing about it, but employed a guy that did.
They take every job and break it down to "units", which is a measure of time-verse-task which they relate to cost.
If you are not familiar with it, approach the trade assn for the rag trade and ask for a lesson or 3.
Very good way of running an operation.
Sorry for trying to teach you to suck-eggs.
I'll sign off now.
Cheers
Phillip

 

[oops!]

Re: Phase Two

wow ....small world....

i started in my car port repairing washers and dryers and selling them 13 years ago......

was forced by the city to open my own store 8 years ago....new and used furniture and appliances....then i got contracts with major department stores for their scratched and scuffed mattersses and floor models.....

i sell a ton of mattresses....

may i suggest you buy your own building......its a forced way of saving.....you have to pay rent any how....and rent and wages will kill you every time....if you are putting money in to your own building....you will have equity for expansion, and somthing to cash out when you sell.

good luck in the matress game....its a real dogfight....but there is allys room for a good product.

cheers
oops

 

[gonfishn]

Re: Phase Two

Thanks folks. Been in the business now over 20 years . A lot of regs now but you don't have to be a rocket scientist to follow the rules. Now you have special material that a mattress must be made of. A burn test must be made on all new lines. Next time you buy a new mattress look on the pipping(the border around your mattress. You should see yellow thread in stead of white. This lets inspectors know that you meet the regs. If ya don't see its not a legal mattress and does not meet state regs

I have a reg book thats at least 20" thick. Here is how I look at it. If you do everything the right way you will never have to worry about looking over you shoulder.

From what i have seen here there are many here that have have owned there own business. The dreamers see them selves on a golf course and driving a fancy car. The doers have no home life and your desk is your bed. In ten years i will have everything in place and let this younger generation take care of it for me. Thanks all for your well wishes

 

[tashasdaddy]

Re: Phase Two

Bucky i apologize.

 

[aspeck]

Re: Phase Two

Congrats, GF, on the time consumer in your life. I hope your wife is not the jealous type since you have 3 mistresses now (Mrs. Muskie, the furniture store, and the mattress manufacturing biz). Yep ... its great to own your own business!

TD, way to step up to the plate and do the right thing.

 

[FSHKPR]

Re: Phase Two

hey thats great to hear GF hope everything continues to work out for you.

 

[SgtMaj]

Re: Phase Two

Hey, since you know this, and I'm not a potential customer of yours since I don't think I live anywhere near you, maybe you can answer this for me...

My wife and I want to replace our couch, so when we do, I'm wondering what kind of markup the furniture stores have... and more importantly how low (percentage wise) I can go where they'll still accept the offer?

 

[thefairlaneman]

Re: Phase Two

Seems you have done your home work. Most people dont know about all the paper work and permits needed for this business.The biggest complaint my cousin has is the big companys who can operate on volume and lower prices. When he bought his building there was only one other mattress co a mile away. Now 5 years later there are about 6 . # of these three offer the cut rate beds. Delivery cost are up also because of fuel and his margin gets smaller. Tuff business and good luck