If I started my new business idea (children's resale shop), what are the chances of it being successful?

I'm seriously thinking about opening up my own childrens consignment/resale shop. I feel very passionate about it and can't get the idea out of my head. I've done a bit of research and there's only 5 of them in my local metropolitian area (Va. Beach/Hampton Roads). I do not consider regular thrift shops my competion since my focus will be on Name Brand clothing in perfect condition. Probably newborns up to preteen. There is one that I go to, and LOVE it!, I notice how popular it is and want my own! The other four aren't as classy looking as the one that I like to go to is. I would want mine to be very classy/upscale also.

ok here is the truth, starting your own business can be risky (investing time and money and not being sure of its success) and yes, most small businesses have a high risk of failure.

now that being said, if everyone felt that way there would be no small businesses out there. so if you are passionate about it, know the risks but can see your shop, how it would look and who will be there then hold the vision and do.

i believe strongly in the law of attraction and if you learn the secret you can and will be a success! dont listen to anyone that tells you that you cant do something if you believe you can and you are willing to do whatever it takes.

by the way warren buffett (you know one of the richest men in the world) made his fortune in investing in companies that he knew a lot about and that he liked himself. it doesnt make a difference if you buy the stock or do the work the end result will be the same ... SUCCESS!

as i always say and the motto i have lived my life by (and yes, i have opened many businesses, when others told me i was crazy) is "BE A SUCCESS MAGNET".

9 out of 10 new businesses fail so, your chances are about 10%. Plan on not making money for the first year and you might make it.

You do sound excited and I think you should go for it! I love consignment shops--I think they work out to everyone's advantage! The one I go to also sells gently used books and movies for kids and they go like hot cakes.

I do remember one piece of advice: take more out on your loan than you think you'll need. It's expensive to start a new business and you may not make a profit right away. Your main focus the first year should be to make yourself known and to attract customers anyway.

Best of luck to you!

if you are really serious about this as a business you will need to do more research other than just going to the store. First you could talk to the owner of the store and see what they did to get it started. Work out if you have the money to put into the boutique and fund it completley because as the other answerer stated you will NOT make profit within the first year. And where and how do you plan to get your boutique filled with clothes within this startup period? who are you going to have work it are you going to work it alone? are you going to have employees. Where are you going to put it. think about more than you think it would be cool becuase there is a lot of work that is not seen going on behind the scenes in a self owned shop. Check out a franchise maybe everything would pretty much be laid out on the line for you and all you would have to do would be make it work. GOOD LUCK