Should I purchase a local Comic Shop or Start my own?

[The_Man_Of_Steel]

If space is a problem, I think you should set up a couple computers for inventory.

 

That is a good idea, Thanks I forgot to mention, that IF I decide to become "the only game in town" (so to speak), I will also have an eBay store, and probably sell as many CGC graded books as I possible can.

 

You may want to think about magazines as well.

 

Another good idea, and one that crossed my mind, but I forgot to mention it. I would at the very LEAST carry every magazine pertaining to what I have available, YES even that magazine that everyone loves to hate...Wizard!

 

Finally, if you need any help with a loan..let me know

 

I certainly appreciate your generous offer. When and if things get more concrete, and if I need financial support, then I might take you up on your offer. We'll see

 

[The_Man_Of_Steel]

U need to be a businessman 1st, & a hobbyist 2nd.

 

That is exactly right, and Lighthouse would also agree.

 

Crunch the #s to see if there is enough profit at the end of each month to justify working 7 days/week at the retail level then going home & thinking about how to increase business another 8 hrs/day.

 

Too true, and something that certainly needs to be considered before "diving" in. Even if I don't start a shop NOW, I can use the spare time I have to plan, prepare, gather information, and make all the necessary arrangements.

 

Comics & yu-gi-oh will consume your thoughts.

 

Is this good or bad? Sounds to me like you have some inside information.

 

How about buying the comic store stock cheap then flipping it at weekly flea mkts or on eBay in bundles? Go to where the customers are instead of having your customers drive around looking for your retail outlet in the low rent district w/ no parking.

 

Yes, I remember while reading the "Future of Comic Books" thread, KevTheMev mentioned something to the effect of "Go to where the customers are", and that is the best advertising/convience plan that could be achieved. odin88, you are a wise man, thank you for the good advice.

[The_Man_Of_Steel]

1) Could be good, could be bad. A steep hill isn't going to stop someone from accessing your store unless handicapped. What TYPES of stores are bordering the proposed Comic-Shop? THAT'S the most important factor as well as WHERE is the closest competitor.

 

I cannot recall ALL of the surrounding types of stores, but I'll tell you what I do recall. Unless the demographic has changed, a Flea Market, a Barber shop, and a Gift Shop among others. Where is the closest competitor? Across the street is the ONLY competition in town. From what my brother has told me, they have a very small selection of comic books (hardly worth mentioning), and mainly specialize in cards. I know that at one time, my brother would go there to play Magic The Gathering with fellow enthusists. It is a crowed area, and IMO, the "Paperback Exchange" does not stand out among the other businesses.

 

2) You can learn to work around this. Even a small space can go a long way if the space that IS there is used creatively. You'll change the layout of the store and position of fixtures many times before you'll finally optimize space, even in a larger area. The benefit is: less sqare footage, LESS rent, LESS overhead. Insufficient parking or low visibility to bypassing traffic...VERY bad. Sometimes, this is the best reason to PASS, overriding all other positives in consideration of a retail business venture. These two elements CAN'T be worked around. However, if you're right next to a SCHOOL, you might make this sticking point of parking and visibility up on good demographics! Weigh one against the others.

 

Thanks for the excellent advice about square footage. Yes, the shop is plagued by insufficiant parking, and while it is visible, it's like finding a store in a strip mall, without the signs above the store. Then again, the street is right there (which is why parking is close to non-existant, and overhead signs would probably be fruitless. The shop is NOT next to a school, but that is a good idea for a new location. Yeah, the small square footage, location, and insufficiant parking, are the main reasons why I most likely will pass on purchasing the "Paperback Exchange".

 

Most important: VISIBILITY!!!! You'll get THOUSANDS of dollars of free advertising monthly if on a BUSY street where you're easily seen and have an attractive storefront and interesting window display, or on a busy intersection.

 

I agree with you 100%!!!! Thank you for sharing that seed of wisdom.

 

Keep it small spacewise: No more than is needed. LOW overhead = bigger net. The bottom line matters far more than the gross sales.

 

I think moderation is the key when it comes to space. Not too much space due to overhead, but not so overcrowded with "stuff" that customers have to hug in order to get to the books/cards/action figures/etc. they are interested in. I prefer shops that have a little moving room, and not just enough room for me to move either.

 

You can make it work, BUT, be prepared, as in any business, to put in LONG hours. GOODbye social life. Do it right, do it yourself.

 

I appreciate your honest answer and agree. There is NO doubt about it, dedication would NOT be an option, but a requirement.

 

Choose help CAREFULLY and do not give access to cash transactions until 100% trust is acheived. Even then, in business, if your employess are SMART enough to work for you, they're smart enough to STEAL from you. And THIS, sadly, in business, is a very common scenerio. You will need ONE employee to do the schlepping. Choose him carefully. Perhaps a RELATIVE.

 

Yes, this is a BIG concern of mine. I will/would need an employee that I can trust, and this may be something that holds me back for awhile. I need not only an employee that I can trust, but one that is knowledgable about the products I will carry. Right now, I can only think of two people, my brother, and my best friend from high school. The problem with having a relative working for me though, is that MANY times family and business do NOT mix. However I know this is NOT always the case, because I work for my dad, and I have for a long time (on and off for roughly 10 years). The problem with my high school friend is that he has NOT always kept his word with me. He is a really good guy, but anyone that does NOT keep their word to me, looses my trust, and so he would have to earn back my trust. Also, I've found that friendship and business are NOT a good mix. I would probably feel better having my brother for a partner, BUT he has a really good job, and I don't have the heart to ask him to leave a good job and take a chance with me. So finding the right employee is a MAJOR concern of mine, and I'm glad you brought that up. I certainly appreciate your informed advice, and you've given me some things to think about. Thanks

 

[hammer-migration]

A brother is an EXCELLENT choice. Someone not only that wouldn't think of helping himself to things without asking, or making HIS OWN DEALS when you're not there, but also loves you and only wants to see you succeed and is willing to help in any way possible. Friendships, even good ones can be tested quite easily where money is involved. Hey, relatives as well, but the chances are astronomically against it. Your brother would be the best choice possible. A word about the women: I HAVE to say it. MANY times in my life I have had friends, associates, etc. who for some strange reason have involved their women in their business (wives, fiancees, girlfriends). THIS is the classic and worst mismatch possible. A brother, NO! Your brother, will never get it in his head that you :

 

A) cheated on him or attempted to

B) did him out of something

C) did any one of the 1.6 million things males do to a woman that they consider a grave injustice to her, and would do ANYTHING to get even with him for.

 

I've seen it. It isn't pretty. While she's dutifully helping you with the bookkeeping, she's keeping her own set of books in her head, noting dates, amounts, places, etc. Could you imagine a divorce proceedings with a women that would do ANYTHING to rake you over the coals if she knew YOUR ENTIRE BUSINESS. Yeah, yeah! I know...some of you are saying, not MY sweetie!!!! ANYBODY'S sweetie!!!!!

 

That's the family tie that should remain DISTANCED from the workings of your business. The less they know, the better. Don't even let them know where the store is if you can. Your brother is cool. It'll bring you two even closer together in all probability and when you wish to EXPAND the business, you already have a manager to overseer that part of the business. You should do VERY well with a retail outlet that fits the criteria I laid out to some extent, Ebay, and possibly local mall and Comic show setups occassionally (as advertising). Keep it all under tight control and you'll reap big rewards.