What have I been doing lately?!

Well....a lot. Just not a lot related to a consignment store. Here's the deal: I was researching loans and online funding sources like mad and I hit a wall - FYI, if you didn't already know, the economy sucks! - I absolutely cannot get a loan right now. I have exhausted almost every bank in Volusia County. I thought seriously about Prosper and Virgin Money, but the thing that steered me clear of those was that the loans are set at 3 years, max. Which would mean that yes, it's a great lending opportunity, and I'm sure I could get what I needed in a matter of a month or so, but would I really be able to pay back upwards of $1,000 a month on that loan, on top of high leasing prices and not have an accurate sales forecast? (Of course my business plan is great, but who really knows how it will go?) Honestly, with the economy the way it is, I couldn't see myself sleeping well if I were to take on a risk so huge.

While I was researching funding options, reality kicked in and I also started job hunting. Who likes that daunting task? (College grads - you can attest!) I sent out several resumes and went on three interviews, one second interview and finally, two days ago I was offered an awesome job. When asked in college, I could never explain my dream job - but this is as close as they come for me! I don't start until Monday the 24th, but I will be working for a local Chamber of Commerce. I'll be working a little with the Business Development Partnership and will be researching demographics and studying business trends (that business plan I didn't get paid for doing? This is why I did it!), and also writing. Sounds great, right?!

I'm not sure what will come of this blog. I'd like to keep it up, maybe just shift my focus to business trends, small business startups, and consignment news (I know this topic isn't very common, but I still love it!). Any suggestions from my loyal readers?!

I've Said it Before....

...and I'll say it again: consignment stores do really WELL in times of economic uncertainty, contrary to popular belief. Read this article from CNN which quotes the National Association of Resale and Thrift Stores (NARTS). I researched the NARTS website several times while working on my business plan, and what they say in this CNN article reiterates it all:

To his point, the National Association of Resale and Thrift Stores (NARTS), which represents more than 2,500 stores, expects the multi-billion dollar resale market to grow at a robust 5% pace, or more, this year. That compares to a much slower 3.5% projected overall growth for annual retail sales in 2008. "Our industry benefits every time the economy is tight and gas prices and heating bills are high," said Adele Meyer, the association's executive director. "People have to look for alternative ways to shop."

I have been telling anyone who will listen that this IS the time to get into resale. It's about time others caught up.

Startup Funds Scarce All Around

Just to get it out there once again that entrepreneurs are unfortunately having a rough time finding startup funding, check out this article from BusinessWeek. I first found the link at Startup Spark.

According to the Business Week article, JC Converse of California wants to open a restaurant serving organic food, and although he has sufficient funding of his own, AND assets to pledge (upwards of $500,000 total in cash and equity) he is having a hard time obtaining a loan - and has already been turned down for 4 of them. This does not give me much hope. Converse may even have to start job-hunting if he can't get financing. This article was written in October; I'm curious how his story unfolded.

Sounds like me. I do not want to give up on my project, something I have put so much time and energy into, but I have started looking for other full-time jobs. I still have my business in my mind, but a girl's got to make a living.

Birth Order and Business Success?

I have on my iGoogle account a list of blogs I frequent so I can see immediately when they post, and this blog post at Startup Spark about first borns caught my eye. I have never considered birth order in relation to business or really anything, but maybe this is true? I suppose it makes sense, what with first borns generally taking more responsibilities than later born children, and some studies suggest they are even smarter. Curiousity got the best of me, and I googled it for further information. Here's what I found:

• At the Portland Press Herald - Maine Sunday Telegram, I found this interesting blog post - Giving First Borns The Edge.
• Robert Needlman, M.D., F.A.A.P., at Dr. Spock wrote Firstborns: The Family Pioneers.
• Liz Webber at Inc. wrote First Borns More Likely To Become Entrepreneurs.

Perhaps my favorite article was First Borns Dominate American Boardrooms by Nic Paton at Management-Issues.com. He says this:

"...but the paper surmised that it might be because first-borns get the undivided attention, at least for a time, of their parents. They also have the pressure of greater expectations and are forced to become self-sufficient because they may have to look after younger siblings while not having an older sibling looking out for them. Ben Dattner, a psychology professor at New York University, told the newspaper the findings made complete sense. First-borns were often more extroverted, confident, assertive, authoritarian, dominant, inflexible, conformist, politically conservative, task-oriented, conscientious, disciplined, defensive about errors and fearful of losing position and rank, he argued."

I have to agree with a lot of this. I spent a big part of my life in a single-parent household, helping with my younger sister...and many of these traits really fit me, but a couple are the exact opposite of me - those traits fit my sister! (Dear friends and family, do you agree?!)

Consignment Shop Mystery!

Today I received my autographed copy of Kate Holmes' The Picker Who Perished, a To Good To Be Threw consignment shop mystery! For those of you who don't know, Kate Holmes is the consignment guru - check out her website here.

And thanks again, Kate!

What's Happening in the Business World?

It's time for another round-up of my favorite business writings on the web:

• Nina Kaufman wrote this for The Huffington Post.
• Check out what Diane K. Danielson at Top Shelf Reading Picks had to say about Seth Godin's Small is the New Big: and 183 Other Riffs, Rants, and Remarkable Business Ideas. I have read some of that book, but if you're a regular reader, you'll remember my post about The Dip.
• Tim Berry at Up and Running makes several good points about simply asking for help and advice as an entrepreneur. Once again, loyal blog readers will know that's all I do!

News

I've still been researching financing options; many good things have been said about Prosper and Virgin Money, but I am still unsure. A loan officer I met with recently is currently meeting with an SBA representative and is asking questions on my behalf. Hopefully I will receive some information that actually goes somewhere...and not just right back into the "sorry, we'd love to help, but.." pile that I've collected lately.

On the location front, there are several options for me. The great thing about my community is that there are several building projects in development that are bringing shopping centers and plazas all over around here. That means I've had some good offers on locations to lease!

Finally, check out my story on the Business in General blog :)