8 Bit WWBG
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Post by 8 Bit WWBG on Apr 12, 2013 20:23:53 GMT -5
Very exciting! I'm looking forward to hearing updates!
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violagirl
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Post by violagirl on Apr 12, 2013 22:39:28 GMT -5
I have some friends that opened a games store in 2008. I thought they were crazy. It is more like..a hmmm..geeky gadgets type place. They live in a university town and their business is doing really well. They are thinking of opening a second store. The problem they have is more in finding good staff.
So just saying, if you have the right niche, even a seemingly crazy idea can flourish.
We were all envious of them when they went to NY for the Toy Expo.
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 13, 2013 1:36:03 GMT -5
Indeed. There are several law/accounting firms that only do these transactions. It's a small niche, and not that common, but it's been around for decades. "Only those who dare to fail greatly can ever achieve greatly. " ~ Robert F. Kennedy
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Deleted
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Post by Deleted on Apr 13, 2013 9:07:02 GMT -5
So waiting on lawyer/accountants.
What is the difference rent wise on the two locations, or $$/sqft?
How long are the leases for?
Have you looked into wholesalers that carry the toys you want to sell? What margin are you looking at?
Can you go the first year without another employee? As in you or loop be there from opening to close?
If not, looking into a part timer? How many hours per week? Pay rate?
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 13, 2013 11:24:02 GMT -5
Per sq ft they're very similar, (right around $1/sq ft/month if I do a one year lease) but the smaller unit is just under 1400 sq ft and the larger unit is almost 3000 sq ft.
1-5 years negotiable, they'd probably do longer too if I asked, with the rate being cheaper on a longer lease. Right now we're negotiating exit clauses. If I can get the one my lawyer is suggesting, or one close to it, I'd consider a 3 or 5 year lease and take the lower rent.
Some. The larger more reputable ones aren't sharing a lot of information until I can show them my merchants license, which is really annoying, but I understand. Exact pricing will depend on the size of my order, which depends on the square footage of the sales floor I lease. 1400 sq ft goes really fast when you start putting fixtures in it, and leave wider aisles to accommodate wheelchairs and strollers.
God I hope not. If we go into the Christmas shopping season with so little business that our toy store can function with one employee we're probably sunk. The plan is for me to work open to close everyday when it opens. I need a feel for when we're busy, when we're slow, who shops at different times, etc, plus we don't have the capital to sustain a big payroll from the get go.
I'll hire as needed which will be dictated by our customer traffic. The pay rate will be probably be pretty close to minimum wage, assuming I'm happy with the quality of candidates I get applying at that pay rate. They'll be part time retail jobs, somewhere pretty darn close to minimum wage is competitive for that work.
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Post by BeenThere...DoneThat... on Apr 13, 2013 12:59:44 GMT -5
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Deleted
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Post by Deleted on Apr 13, 2013 14:31:40 GMT -5
Is the foot traffic and associated stores at the smaller location the kind of clientele that would shop your store also? If not, then you need to be looking for another location. You need easy access, visibility and location. Wherever your customers shop weekly is where you need to be easily accessed from.
Start setting up your facebook business page and outlining the marketing plan while you are in your no money available phase. Put Loop on the task of site/blog writing for SEO match hits to get your internet search result higher in the rankings. Get your press release kit ready for the local media also.
Businesses owned by 401K is how Romney got millions hidden away in his. Not quite in the same way that Dark is doing, but business shares owned by the 401K at start up (near valueless) that increase in value over time.
Is your goal to run just this store, or to build a portfolio of stores and then franchise others into your store concept? Where are you making the millions instead of a small income?
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8 Bit WWBG
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Post by 8 Bit WWBG on Apr 14, 2013 6:49:45 GMT -5
...:::"what are you doing to create some buzz about a new toy store coming to town? Do you have any opening day promotions planned? I think the hard part about a business is getting more and more customers. How are you addressing this? Just build it and they will come?":::...
Steve makes a great point here. Your very first day open should be an event people remember. Hold a raffle or a tournament or both? You could give away one ticket for free, but additional tickets are available.
Potentially you could also try to build a following BEFORE opening. I think people love feeling like they have exclusive treatment. Is your store the type that lends itself to selling memberships or something? If you can reach out to groups of your clientele, maybe sign some up before you open to the public and have a mock opening event?
Are you going to sell any food or drinks? I forget if we covered this already. I'm thinking a soda case, or some of those really esoteric snacks like Pocky that people seem to be willing to pay for if they can find.
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Deleted
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Post by Deleted on Apr 14, 2013 7:15:27 GMT -5
Also new moms. Our local hospitals all gives out coupon and trial size kits to new expecting mothers. See if you can get your coupon in the bag at yours...
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Deleted
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Post by Deleted on Apr 14, 2013 16:31:32 GMT -5
Dark, my youngest colleague's SO has a store like that. I don't know him, I've never met him, I've never been to his store. I'm in the western suburbs and they are in the eastern suburbs. (They live in the eastern suburbs, but the store is on the eastern edge of Paris.) I do know that it is almost literally 24/7. Most stores here are not open on Sundays (unlike in the US). Since his SO (my colleague) is a teacher, he originally was not open on Sundays. Like most small stores, he only opened on Sundays for the Xmas season, or the week before Mother's Day or Father's Day (yes that's how it is here lol.) With the economy the way it is, after last Xmas season, he decided he needs to be open EVERY Sunday. He also organizes "game nights" every weekend. I can't say they have NO life, but from what my colleague says, they basically have no life outside of the store. I know she really wants a baby and she is VERY worried about that, because he works seven days a week, and some of those days, he closes very late at night. On the other hand, like with people who have a restaurant, you work long hours, but, sometimes you see your kids more than if you were in an office somewhere with a long commute. But, your kids see you in the store / restaurant (same difference, in my experience). The key to making that work is to have a VERY short commute, so that the kids can drop in after school, on weekends, etc, and make their own way to the store, even at a relatively young age. I'm NOT trying to discourage you, not at all! If you and Loop are up for it, go for it, and I hope it works out splendidly for you all! But, it's something to keep in mind. I think being a small business owner is one of the most punishing jobs that exists today. As we know, finding somebody trustworthy to take over for a few hours or days is not easy. Do you and/or Loop have a trustworthy sibling you could either hire or count on sometimes? As always, best of luck! If this is what you want, I KNOW you guys will make it work.
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Firebird
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Post by Firebird on Apr 15, 2013 12:19:58 GMT -5
Dark, this is cool! I'm probably the only person to say it, but I think this is what life's all about - taking a big risk. You'll never be self-employed if you're not willing to say "fuck it" to security at some point, and EVERYONE will always tell you that it's not a good idea no matter when you do it. So - are you looking to hire? I have a finance/accounting background, I could definitely be your bookkeeper. And everyone says my kid looks like the Gerber baby so she could help with marketing/promotion.
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Firebird
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Post by Firebird on Apr 15, 2013 12:27:39 GMT -5
Oh, and I agree with creating a huge buzz for opening day. A bakery in Livermore did that and they had more business than they could handle from day one (that was a double edged sword - since they couldn't keep up with demand, some people stopped going). But they did tons of promotion, put people on an email alert list, and offered coupons for opening day products. And there was next to no competition - very similar to your situation. I saw you're hoping to hire later this year. I'll let you know if I'm still unemployed at that point Will you PM me the locations you're thinking about when you get a chance?
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Firebird
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Post by Firebird on Apr 15, 2013 12:52:00 GMT -5
No, not yet Currently still employed. It's a long story.
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Deleted
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Post by Deleted on Apr 15, 2013 12:52:45 GMT -5
we got time - and drinks - sooooo.....
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 15, 2013 13:08:10 GMT -5
Whoa, hold on now. You're unemployed too? When did this happen? Are you guys ok? Does the board already know, or are you dropping bombs in my threads? I clearly haven't been paying much attention.
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midjd
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Post by midjd on Apr 15, 2013 13:12:39 GMT -5
Your threads ARE the official location for YM bomb drops, I hope you got the memo.
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The Captain
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Post by The Captain on Apr 15, 2013 13:13:32 GMT -5
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cottoncandyclouds
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Post by cottoncandyclouds on Apr 15, 2013 13:20:15 GMT -5
Your threads ARE the official location for YM bomb drops, I hope you got the memo. *Hangs head in shame* I shredded the memo, in my defense it was setting in the paper shredders shred bin.
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Firebird
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Post by Firebird on Apr 15, 2013 13:29:48 GMT -5
Okay, I guess I'll bite... it's not THAT long of a story.
I've been looking for a new job for approximately a month now. I'm still employed but I will *probably* be cut loose (with severance + unemployment) at the end of this month if nothing pans out. (They've hired my replacement already.... long story there too, but even though he's technically my replacement we actually do very different jobs. Not sure how that's going to work when I'm gone and there's no one doing what I do anymore.)
Other option is using the rest of my paid family leave to lengthen the transition a little more. I'll know which way I'm going after meeting with HR today.
Hopefully I'll just FIND a job within the next two weeks... then it will be easy peasy. Had a couple of good interviews but no offers yet. I should have another interview this week for a job I really, REALLY want. We'll see how it goes. A lot can happen in two weeks. But I didn't get an offer for the last job for which I had a second round interview, and I REALLY wanted that job too - so that was a kick in the gut.
But anyway, I won't be with my current company much longer either way. It's a little borderline... they're not kicking me out per se... and I'm not quitting per se. It's somewhere in between.
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Firebird
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Post by Firebird on Apr 15, 2013 13:30:33 GMT -5
@moneyjenny82, I told the story - where's my drink?!
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 15, 2013 13:40:00 GMT -5
So, hiring and hours. The plan is to open with just me in the store. I'm working open to close, everyday that it's open. I plan to do a soft open, with a grand opening several weeks later. It depends on the timing a little bit. Right now I'm looking to open in mid May, and all the schools here have their last day on June 7th. I want to target that first weekend of summer June 8th and 9th as my grand opening weekend. I'll do some advertising beforehand. For example I'm trying to see if the school district will let me advertise in their weekly folders that go home to the parents now. Businesses normally can't, but I'm using the educational store angle and I want to let all the teachers know I give a 5% discount to teachers at all times. Anyway, the goal is to send out a discount coupon or one redeemable for a free mystery gift to everybody that comes out for the grand opening.
I want to have a whole schedule of things planned for the summer posted in the store and on our website by that weekend. Wait, hold that thought.
During the soft open I'll work the store alone. Grand opening weekend Loop and I will both work. If we're really busy that weekend I might consider hiring the first part time employee afterward.
Anyway, back to the summer thing. I'm looking for a series of relatively short things that can be done throughout the summer to draw kids in. For example, one Saturday I can offer juggling lessons. $10 for half an hour, and your kid gets a set of juggling balls to take home. I can get those for $4 wholesale, and would normally retail them for $7.99. Before anyone asks, yes I know how to juggle, yes I can also do magic tricks, yes I was a giant dork as a child. Anyway, the point is a half hour should be too short for parents to drop the kids off and come back for them later, so they're hopefully browsing through the store and buying something. The kids associate the store with a fun activity. I want both the parents and the kids to think of the store every single time they start complaining that they're bored and there's nothing to do during summer break.
I just need to come up with a list of things like that for the whole summer that would appeal to kids of different ages and genders. Princess tea party and they get to keep a tiara and wand. Lego castle building class, where I'll teach them to make a working draw bridge out of Legos and they get to keep the pieces they'll need. Whatever.
I'm like a giant kid when it comes to this kind of stuff. When our friends come over with their little ones I can sit there and happily play with their six year old making Magnetix for hours. That's my advantage. Excitement and fun.
Target already has shelves full of toys and generally polite but disinterested workers. I need to have a giant toy box and employees who can coax even the shyest child to see the wonder and possibility in that. That's what gets people coming back. That's what gets them thinking of my store as more than just a place to shop, so they stay loyal to me. That's what makes sure this works. If I can't do that I'm probably screwed.
I need to decide on a location. I need to finish a first draft planogram of the space so I can get a good count of the number and type of fixtures I'll need. Three sounds less important, but I really need to decide on a name pretty soon. It sounds minor, but it feels important to me, and I can't start advertising and especially ordering signage without it. At the very least I need a vinyl coming soon sign to put on the building while I build out the interior, so I need to get that settled.
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Firebird
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Post by Firebird on Apr 15, 2013 13:43:59 GMT -5
I need to decide on a location. I need to finish a first draft planogram of the space so I can get a good count of the number and type of fixtures I'll need. Three sounds less important, but I really need to decide on a name pretty soon.
Four, I need to create a job for Firebird.
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Deleted
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Post by Deleted on Apr 15, 2013 13:47:57 GMT -5
@moneyjenny82, I told the story - where's my drink?!
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Firebird
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Post by Firebird on Apr 15, 2013 13:51:31 GMT -5
You are my new shero.
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Deleted
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Post by Deleted on Apr 15, 2013 13:53:52 GMT -5
WOO HOO!!!!
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 15, 2013 14:00:24 GMT -5
Dude, I love you, you know that, but you can't commute this far for what I'll be paying. You'd be better off delivering pizzas. If things go exceptionally well and I'm opening a second location in Morgan Hill in a year or two, the manager I hire to run that store will make ok money.
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Firebird
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Post by Firebird on Apr 15, 2013 14:17:17 GMT -5
*sigh*
C'est la vie. Imagine having a boss that totes understood the importance of updating YM during work hours.
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 15, 2013 14:20:33 GMT -5
Just because I get to do it doesn't mean my employees do. I have zero problem being a hypocrite. Besides, somebody has to cover for my slacker ass while I play on the computer, that's what I'd be paying you for.
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Deleted
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Post by Deleted on Apr 15, 2013 14:47:13 GMT -5
I want both the parents and the kids to think of the store every single time they start complaining that they're bored and there's nothing to do during summer break.
dark,
Maybe you can have a merchandise just for the parents in your store. And keep them happy while children's roaming around in your store looking for things to buy.More times spends on your store that means they might spend it more of their hard earn Dollars.
Don't forget they are the one whom has the money in their wallet. I think you already knows about it all of this.
Good luck.
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Wisconsin Beth
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Post by Wisconsin Beth on Apr 15, 2013 14:57:49 GMT -5
Team up with other groups - astronomy groups for example. The physics of sports. Hell, Where's My Water or Angry Bird stuff. Dinosaurs. That guy who built a real version of the game Mousetrap. Facepaint artists who will teach the kids how to do it. The local Renaissance Faire group. Hell #2, the cat/dog shelters somehow.
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