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Signature Finishes Maureen Bane Mike Bane Nichols College Business and Society MGMT-100-02
Maureen’s Business Maureen Bane is my Mother, but to others she is a small business owner. She runs her own business through Spaulding Cooperage, an Antique store in Townsend, MA. At this store she rents out a 10 x 10 area which she can place items for sale.
Maureen’s Business Cont. The items she sells are used Antiques in which she purchased for cheap to fix up and sell for profit. Spaulding Cooperage has over 10 Antique Dealers who rent out spaces for $150 a month. Along with the $150 dollar charge the owner of the store also takes 4% of the dealers sales each month.
Background in Business After studying at the New England Institute of Faux Finishing and Royal Design Studios in San Diego, California she acquired the skills to be successful in the art and Faux Finishing field. Starting her career in 2006 and few years of completing painting and redecorating jobs she saw how the economy was affecting her business so she decided to move to a store with multiple owners last spring to ensure job safety.
Successes/ Challenges After moving her business to Spaulding Cooperage last Spring she has felt a lot less pressure because owning a business with others is a lot less risky than being a sole proprietor. The biggest challenges in her business is to make profit and to compete with the other dealers in the store.
Successes/ Challenges Cont. Fortunately for Maureen she has never had an unprofitable month at Spaulding Cooperage. Some Critical challenges in this business is to make sure the products are in top shape. Products that are in poor shape will not sell and promote bad business.
The Future In the future my Mom wants to continue to make profit and see how far she can take her business. Her next step in the future is to make a website and blog. Her dream one day is to own her own shop.
Unique Questions Whats the biggest profit you’ve made off of an antique? Answer: I bought an old chair for $5, fixed it and sold it for $140 Where do you buy the majority of used antiques? Answer: Mostly yard sales and Auctions. Would you ever want to teach your skills? Answer: I’ve never thought of that, maybe someday.
Summary Her advice to the members of the class was to get involved in something you love and if you have an idea to follow it. I learned a lot about how to conduct “conservative” or “safe” business from interviewing her and think these things will help me promote safe business in the future.
Before and After Here is a before and after shot of some typical work she does.