Local wool and knitting shop

Hobby knitters and crocheters, people learning a new craft, and gift buyers shopping for handmade projects.

Margin on yarn and supplies sold in store, plus class fees and workshop tickets. Regulars tend to come back for each new project.

• Knowing yarns, needle sizes and patterns
• Friendly customer service
• Stock buying and ordering
• Basic bookkeeping

• Commercial lease terms and rent reviews, ideally checked by a solicitor
• Public liability and stock or contents insurance
• Check with your local council about signage, shop fit-out and zoning rules
• Register for an ABN, and for GST once turnover reaches the threshold
• Slow months and unsold stock, so avoid over-ordering at the start

Estimates suggest startup costs typically around $25,000 to $80,000, depending on the premises, fit-out and how much yarn stock you buy. Avoiding over-ordering at the start can help, as slow months and unsold stock are a risk.

Estimated monthly revenue is typically around $6,000 to $30,000, depending on location, your stock range and whether you run classes. Expect some slow months, so plan your ordering carefully rather than buying too much stock early on.

Check commercial lease terms and rent reviews, ideally with a solicitor. Ask your local council about signage, shop fit-out and zoning rules. Register for an ABN, and for GST once turnover reaches the threshold, and check public liability and stock or contents insurance.