Question to anyone who has opened a store

[moloch]

When opening a new store what is a good cushion of money to live off of? 6 months worth? 12? And what are the best ways to let customers know who and where you are while waiting for the next Yellow Pages to come out? Also, any learned-the-hard-way lessons?

[shadroch]

Life lessons from owning several businesses(two comic shops) 1) Everything cost more than you anticipate.

2)Read and follow Jay Levinsons "Guerilla Markets" books. You'll save $1,000s

 

When I opened my first store,I didn't have money to connect the telephone and was dodging the Real Estate agent who wanted his finders fee.Had zero cushion.I can tell you now that that is not the way to start out.

[ft88]

When opening a new store what is a good cushion of money to live off of?

 

Here's a formula I use when opening a comic store.

 

(100 - Current Age) x 12 = # months you'll need a cash cushion to live off.

 

This may be adjustible due to improvements in geriatric medical technology.

[moloch]

2)Read and follow Jay Levinsons "Guerilla Markets" books. You'll save $1,000s

 

Thanks - those look really helpful.

[moloch]

When opening a new store what is a good cushion of money to live off of?

 

Here's a formula I use when opening a comic store.

 

(100 - Current Age) x 12 = # months you'll need a cash cushion to live off.

 

This may be adjustible due to improvements in geriatric medical technology.

 

 

Not very optimistic regarding the profitability of comic store?

[Comicdey]

make sure that people who owe you MO's pay on time.

[tilleycs]

Not very optimistic regarding the profitability of comic store?

 

Sounds like you haven't heard the "joke" before:

 

Q: What's the quickest way to get to $100,000 in your bank account?

 

A: Start with a million dollars and open a comic book store.

[Comicdey]

If you really love the hobby.....it's a sure fire way to lose interest over time.....from what I've heard.

 

you'll be selling pokeman, pogs, and games in no time.

[Mr. Zipper]

Not very optimistic regarding the profitability of comic store?

 

Sounds like you haven't heard the "joke" before:

 

Q: What's the quickest way to get to $100,000 in your bank account?

 

A: Start with a million dollars and open a comic book store.

 

 

The only way I'd ever open a comic store is if I hit Powerball, never needed money again, and wanted to make my own fun place to work.

 

I've yet to see the LCS owner that lives like he's more than a hair above the poverty line.

 

[Comicdey]

We have a LCS in anchorage that does very very well....not a lot of competition

[Jeffro.]

The only way I'd ever open a comic store is if I hit Powerball, never needed money again, and wanted to make my own fun place to work.

 

Yupper.

Would be a dream come true for me.

[topofthetotem]

Not very optimistic regarding the profitability of comic store?

 

Sounds like you haven't heard the "joke" before:

 

Q: What's the quickest way to get to $100,000 in your bank account?

 

A: Start with a million dollars and open a comic book store.

 

 

The only way I'd ever open a comic store is if I hit Powerball, never needed money again, and wanted to make my own fun place to work.

 

I've yet to see the LCS owner that lives like he's more than a hair above the poverty line.

 

[moloch]

make sure that people who owe you MO's pay on time.

 

 

If you really love the hobby.....it's a sure fire way to lose interest over time.....from what I've heard.

 

you'll be selling pokeman, pogs, and games in no time.

 

Don't think I'd mind too much having to carry some of these types of items to maintain profitability. But it would be a shame if it killed my joy in the hobby.

[tilleycs]

Don't think I'd mind too much having to carry some of these types of items to maintain profitability. But it would be a shame if it killed my joy in the hobby.

 

It may do that, because once you open a shop, it's a business, not a hobby any more.

[Paratrooper]

For you old timers who have owned Comic Stores, has the availability of comics on the internet seriously effected your sales? I've noticed within the past 10 years most of the LCS's I used to go to have gone out of business. And the ones that are still in business focus mostly on Modern/Pokemon/Magic Cards rather than the silver/gold books. They are now attending more and more cons, even getting into the ebay market themselves.

[moloch]

 

I've yet to see the LCS owner that lives like he's more than a hair above the poverty line.

 

 

So you're saying I would improve my station in life...

[sckao]

For you old timers who have owned Comic Stores, has the availability of comics on the internet seriously effected your sales? I've noticed within the past 10 years most of the LCS's I used to go to have gone out of business. And the ones that are still in business focus mostly on Modern/Pokemon/Magic Cards rather than the silver/gold books. They are now attending more and more cons, even getting into the ebay market themselves.

 

 

I'm not sure if he was asking about brick-and-mortar stores... or a virtual store on the Internet. The second seems to have much less overhead... although you won't get the walk-in/new issue traffic and the chance to buy collections.

 

I'd go talk to Joe Fields at Flying Colors and Comics... He seems to have found a good model for a successful brick-n-mortar store. (And I don't think he does any conventions anymore or even sell on eBay which shows how well his store is doing.)

 

http://www.flyingcolorscomics.com/

 

(They're also located right next to a high school. I actually think high schoolers are a better demographic to go after than college kids considering they still live at home and have ready access to their parents in terms of money.)

[Mike Dillon-migration]

A true comic book store is rare these day. In order to survive, you'll most likely have to carry Gaming or possibably Action Figures. I seriously considered opening a comic book/collectible store several months ago. With $35,000 in the bank, location already picked out, and majority of the fixtures already purchased, however, when I crunched the numbers down with rent & maintainance, signs, insurance, utilities, merchandise (a lot of your money goes here with no garuntee you will get any of it back), security system, etc, it only left me with 6 months working capital. I wasn't willing to take the chance unless I had a years worth in working capital. And keep in mind, this was with me still working my full time job M-F 9-5 and my wife running the store during the weekday with me working the evening and weekends.

 

As far as advertising...there's plenty you can do prior to the new edition of the yellow pages. Put flyers out at the local shows, put flyers on cars at the theaters, look into advertising at the theaters right when a new comic based, horror, or cartoon (Pixar) movie is coming out, advertise on Craigs List...it's free after all, and my best one, hire some hot babe and have her stand out front, or on the corner, in a Wonder Woman costume.

 

I still plan on opening one, but not until I feel comfortable with my working capital.

[Monstro]

wow that is the largest front page of a web site i have ever seen

[Buck Biggins]

There is a guy in our area that has his shop inside a flea market that is only open on the weekends. He does quite well and he gets lots of foot traffic from people that aren't diehard comic fans. PLus, the expenses are less than a brick store.

 

By the way, get in lots of older books by people that see him one week and come back the next to unload. Nice little setup he has going on.