How about exploring the on-line store idea like Joel from BBTS is doing. so you don't have to pay a store mortage,store taxes. have a limited employee staff. no electric store bills. depending on the state no store water bills.
Right now, I don't have anything solid to any of your questions; I'm still researching everything feverishly at this point, though all of this questions you guys keep asking are bringing up things I haven't thought of yet so I thank you all for that. Like I said, it was just a crazy idea at first but, the more I research, the more I'm really starting to get into it. At this point I -don't- know the area will be good. I just figured that based on the other little shops and the pretty heavy foot-traffic it would be a great area to -start- looking. You're right though, rent ain't cheap haha. That's why I've decided to expand my search/research area out a bit more. Aye, I have plenty of retail management experience. I started as a department manager, then went to accounting, then customer service management to assistant store manager where I basically ran the place for a while. I've also taken plenty of classes in the areas where I don't have as much experience. Those aren't bad ideas at all! I hadn't thought about the consignment option either. - I do plan on selling vintage as well as new so having a viable buy/sell program with the vintage stuff would be paramount. Aye, that's the truth. In my single day of research, I've found there aren't many shops of this nature in the area. Though, I haven't found -why- yet. I'm not convinced that there isn't demand as people like us are all over and shows like Toy Hunter and Collection Intervention show that. From what I've seen over that last thirteen years here (I've lived in the area four separate times) it seems that location is the main killing factor. So, that's something I'll have to work out for sure. Also, a lot of people are renting entire office buildings here but, nary a shop for rent to be found! (in my twent-four hours of research thus at haha)
Not at all! I'll be happy to have you! I might even look further out to see what the prospects so, Fairfax might be its home! Haha. It's a shame that with DC being so close, Arlington and Alexandria are almost exclusively office and politically driven regions. It'd be nice to have a collectors shop here. No way?! I'm only about two/three miles from you depending on where you are in Kingstowne. I'm in Rose Hill right now. - Congrats on the baby boy, by the way! Depeding on where this place gains life, you may be working for one, indeed! Haha. That is true, there seem to be more shops of this nature further out but, less and less the closer you get to DC these days. I remember the shop in the Crystal Underground but, haven't had the time to stop by to see if it's still there yet. It'd be a shame if it wasn't but, they've been remodeling and revamping the entire area so, it might not be. There used to be one in Springfield mall but they closed the mall for renovations which really leaned out the area for anything entertainment wise. The closest thriving mall is now Tyson's Corner which is a drag because Springfield was always my favorite. I haven't been to Katsucon yet but, AnimeUSA is -in- DC so, you're right on about there being a market for it. It's just finding the right spot and all that. I was looking in Alexandria specifically right now because my family just moved here and it would be convenient and yadda yadda yadda but, I've only been researching for the better part of -one day- haha so, I'm -sure- there are places and things that are more suitable that I haven't found yet lol.
I'm by Hayfield High on the other side of Kingstowne. I thought about renting a store front across from the movie theater when there was a space available but never went through with it.
I remember a Big Planet Comics in Springfield. Haven't been to that area in ages but hopefully you find what you're looking for. The only advice or at least something to think about having your own business is "money flow." I've been told that is the key to having a successful business - understanding and maintaining your money flow.
Unless OP is very familiar with lease contracts, then he'll need to lawyer up. Anyone who signs a multi year lease without getting it looked over is going to probably get screwed hard. A lawyer can make suggested amendments to the contract in order to add exit strategies so the lessee (OP) doesn't have to pay the rent for the full duration of the term if the business goes under. A landlord or agent will always try for the longest leases possible but it's always negotiable and that's where the lawyer comes in. As far as the phone line goes - 1. Are you absolutely sure businesses get free installation? Because usually businesses get charged for things like that. Even if the line is already installed, the phone company may charge a "reconnection fee". Again, it's something that needs to be considered. 2. Square is great but would you be happy to let someone use their mobile phone to swipe your card? It hardly looks professional and I would think that the majority of shoppers would be suspicious of it. On top of that, Square charges 2.75% per transaction or $275 a month, whereas if you get a proper business machine you'll get a better rate. From a 1 minute Google search, it seems that merchant services can be around 1.89%. Not a huge difference, but that's still your money you're giving away to someone else.
I am most certainly not familiar with commercial leases and the like so the lawy idea was a great one that I hadn't had yet. I definitely want exit strategies and the like when I do final sign a lease so, having someone knowledgable around would be a pretty great thing. I think there's a reconnection fee but then I think it's just normal rates after that. At least from my short time researching, that's what I've found. Square also has an iPad register app which is pretty groovy too. Buying a couple of iPads and running square is cheaper than traditional registers plus, you just need a wireless connection instead of a phone line. It may be a percentage higher but, I like the idea a little better than regular registers.
It doesnt matter what you sell, as long as there is a strong commitment to customer service you will succeed
Go online and look up commercial real estate in your area. I wanted to open one in my small town and was positively floored by the rental costs. We're talking $4500 monthly for a place about the size of a 4-car garage and utilities were on top of that. For a frame of reference, that's over triple the mortgage payment on houses in the area. Now look at the margin you'll be getting from wholesalers. I reasoned that I'd have to sell $20K-$25K of toys per month to cover just the rent. If we assume that I sell kid toys, at $15 each, that's 1300-1700 toys per month. The higher price of collector toys knocks the number down but how many $200+ Iron Mans can you sell at a local venue? Also remember that even with perfect turnaround you've got to have $25K worth of toys on hand to sell $25K worth of toys, so you're probably paying interest on a small business loan and perpetually at that if you're just breaking even. That perfect turnaround also assumes you never order any cases stuffed with TF Prime Bumblebees that you have to practically give away or pay to have disposed of. Then there's the swipe fees for credit cards, advertising to remind people you've opened this shop, and all the other little incidental charges that eat away at your ability to offer decent prices and make a few bucks. Keep in mind that you may also be on the hook for a 6-12 month lease whether you go under 2-3 months in or not. Really don't mean to put you down but I ran into this same wall and had to rethink how I was going about this. The business plan is basically like a resume so alot of the same shortcuts apply but like a job you can't get in _completely_ over your head without it coming back to bite you. Do _not_ run off and sign for leases and loans if you're not sure if you can get out from under it if it doesn't work out. I decided I needed to start smaller with flea markets and toy shows in addition to online sales. Progress is slow right now but it's still progress.
Dude not a problem. There's definitely a market for it here. I'm at GMU and there's a comic book store, Phoenix Comics, literally blocks away from the campus entrance and it does fantastic business (also sells Marvel Legends/DC Universe and Select figures, but trust me, competition would be more than welcome). I'm sure a toy-specialty store in downtown Fairfax would do wonders. Aside from Phoenix Comics, the only other interesting store here is Guitar Center Hell, I might even apply for a job if the bus stops close enough to it's future location.
I've actually been looking into that pretty seriously for the last few months. I just need to find out how to get a Tax ID and some place to store stock. That would be ideal until I could find a place to rent and then move into a brick-and-mortar situation. If I could get setup with them, I wouldn't really have to worry about a distributor for a good while; or ever, really. I think I've been there once before years ago but since I've been back, I haven't been able to find many open comic shops. I've only been to one in Old Town, one in Fairfax and one in Annandale. All pretty sparse on customers but, it was early afternoon when I went by. Cash flow and capital are what I'm looking into right now with a few leads, actually. I know at first I might try selling cheaper than the bigger stores just to get a good customer base and then raising them slightly afte six months or so as business (hopefully) picks up. Customer service is my -main- concern and really, the main reason I want to do this. Sure, -I- love toys and Transformers and the entire geek scene but, seeing a kid's face light up when they find the toy the want or after an older fan finding that piece they've wanted for years; that's what matters to me. It sure won't hurt that I'll get to test out new product too haha.
You know, that's not a bad idea. Last time I went over that way I thought I spotted an open storefront in the middle of the two buildings around Starbucks and that karate shop. Man, I used to go to Hayfield back in the day before I moved overseas. I know over there pretty well! On a related note: Are there ever meetups around here? That would be pretty sweet to set up if not.
Hey, don't knock Guitar Center! Haha, I used to live there when I was in high school. After I started making my own money though, I started buying everything online haha. Hmm, I'll certainly check out the area over there and see if there are any better prospects and such. So far I'm finding huge office buildings for rent but, not many storefronts haha. I could craft an emporium but, dang man, that'd be ridiculous to keep up with at first lol.
Karate place? Never seen that before. Are you talking about the theater area with the Ross, TJMaxx, Chipotle, Giant and Safeway? Past Generations Toys is supposed to be somewhere in the move theater area. Not sure which building exactly. They don't have a store front though. I think they do all online only. As for meet ups, for some reason people here don't want to meet up. I've tried numerous times to gauge interest but only managed to get people together once and only three other people showed up.
I love Guitar Center too...I was serious, it is the only other interesting store in town . Agreeing with Razerwire. I'm down for a meetup, just that location is kind of an issue since I can only go so far with university or Fairfax buses, or Metro. Anywhere in Fairfax, Fair Oaks Mall, or Fair Lakes is usually good with me, if it happens. Like dinner or something (curse my under 21-ness )
The very same! You can drive between Safeway and World Market to the back parking lots and along each side there are some shops. I told you wrong about Starbucks though, that's inside Safeway. - Are they really? I might have to get in contact with those guys too for some insider info. Really? Well, maybe if they all had some place like a toy shop to meet up they'd feel different! Haha. Before then, it would be nice too though, I understand that one haha. Honestly, I'm at kind of a loss with Springfield mall closed. I used to frequent that as much as I could! Four arcades, two anime shops, three media stores, a few specialty shops; all not including the mall staples. Wait, are you near a metro or the metro bus? If you're near a metro you're basically close to anywhere haha. How old are you? I'm only 24 myself but bars aren't my preferred places to meetup either. Maybe bowling or something? I know of a few big alleys in the area that (at least -were- last time I was here) are pretty gravy. I'll start another thread about it soon and see what kind of response it gets.
I used to own a small toy and collectibles shop online called Global Games & Collectibles - we since closed that because my buddy and I have families now and it was a hassle to keep up with. Maybe I'll do something again when the kid gets older But in a nutshell it was very easy to run and stock - keeping track of orders was easy, and it cost very little outside of the website costs, our business license/LLC cost, credit card carrier, and ordering inventory. NOW - with that in mind - I had no RENT to pay, because it was online - my electric bill was just my "home" electric bill - not an electric bill for a store with square footage that you want well lit - I didn't have to insure a big commercial store - and I had no employees to pay because it was just me and my pal selling toys... if you open a brick and mortar store? Your costs go up ALOT. That little comicshop in your area? It'd take almost NO TIME at all for them to just order some toys thru Diamond or whoever they use, and put you right out of business - they're more established and already have a client base. Just saying. I'd think it over real hard. But good luck.
Yup, I think they're in one of those bigger buildings in the Kingstowne center. Even though they're a sponsor on our site, I've never had much communication with them though. If there were a kick ass store here I'd probably hang out there all the damned time. That is, if I'm not hired there to begin with. I'm glad Springfield Mall is finally going through the renovations. The place has been flat out dead and a waste of real estate. The Target there sucks too. They rarely stock anything new. With the new renovations and a Wegman's opening down the street from me, our real estate value should shoot up. The Franconia/Springfield Metro station is two miles away from me as is the TRU/Walmart/Target in the area. It'll be a sad day for me when we need to buy a bigger house in a better school district.
