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Business people and Shopkeepers: How to start and business?
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08-28-2009, 02:54 PM
Kungfuguy
Crimson Guard
Join Date: Sep 2008
Location: Toronto, Canada
Posts: 1,045
I held onto a dream of starting a toy store for many years. I've reached a crossroad in my life. My past graphic design career is over. I got laid off from my last job, a photo lab. Every fibre of my being says I must work for myself and not for those jerks in my past.
So how do you lauch a start-up business? I've asked this question many times. Even a professional business consultant couldn't give me a satisfactory answer. "Research" was his answer. You're a start up. Time and money is not on your side. You're in a finanial black hole already. So how is it done?
I've also talked to several shopkeepers. Some were helpful, some not so. The best advice I got was I could read all the text books you want. But the only way to run a business is to do it. Another told me his store is a destination store. No one does does any advertising. Maybe christmas advertising or annual toy show. But that's it. There's the phonebook too.
I've visited all the toy stores in a 2 hour radius of my home. I've checked them all out. I've tried to figure out their business model. They succeed despite what I see as drawbacks:
Poor location - Run down part of town, little foot traffic. Warehouse turned into business use.
Bad organization - Toys up the wazoo with no room to walk! Too much merchandise and not enough thought on decor. I'm selling cool toys. It has to look cool as well. My start up is going to be modest at first. Does decor have to be compromised. I've seen too many stores that look like you've walked into someone's basement.
Bad attitudes - Bunch of kids with an attitude. Staff are very young and immature. A shopkeeper told me make the customer your friend. They need you as much as I need them. These kids aren't the friendly type.
High prices - This store has sky high prices in a chi-chi tourist spot near the lakeshore. Great locale during the summer. Blistering cold during the winter. Tourists don't buy toys or do they?
I'm not interested in selling cheap stuff. I'm not directly competing with Walmart. I want to sell big ticket items. $50 and up. No single carded figures. Stuff like 1/6 figures, imports, collectibles, games (no video games), radio control (no assembly required), etc.............. I'm not familar with Warhammer and card gaming.
I've considered mall kiosks. Ideal small space. But I don't like their practices. I'm doing this alone so it won't work. Ideally a small store front at street level. I've seen jewellery dealers with long narrow store fronts. I'm leaning towards an underground concourse that connects much of the downtown office towers. It a long concourse. There are shops and businesses. They close at 6 and weekends. Great during cold winters.
With a few exceptions, the competitors have set the bar very low. How hard is it to keep a business clean, bright, and organized? I must set myself apart from these guys. Clean, bright, organized, well stocked is the lowest common denominator. I need an edge! What can I offer that other don't. I've considered restoration work. Would you pay to fix old toys? I do have a background in design and arts and crafts. A cool window display is another possibilty.
Online store? Too much credit card fraud to consider.
I've looked around for a business mentor, but I' don't know anyone with a business. My contacts aren't going to share their trade secrets or financials. I do have money to start this venture, but I don't have the support of family and friends. Please share your thoughts and experiences.
Kungfuguy
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