I'm opening up a brick and mortar this year and want some advice!! 7 7

[gcstomp]

Suffolk is crazy expensive relative to most of country, I cannot see renting any kind of decent small shop for less than 1500 a month unless it is a family member doing you a favor type deal. Talk of putting out .25 cent or .50 cent boxes is not appreciating how expensive commercial space is in that area, every foot devoted to that is lost revenue, you would be better off not opening a shop and simply burning a stack of money every friday and calling it rent.

 

I have set up for years at shows, which has its own upside and downside, but main upside is limited risk, and I like doing it. Have thought about opening a shop, my area is even more expensive here in Boca Raton Fl, but even cursory working of numbers opened my eyes to drowning in bills and tied to a lease, in worst case, and buying a low wage job in best case.

 

What I think would work best for me is exactly opposite of what you want. Open a warehouse, not a walk in store, but open by appointment for buying collections. Purpose of warehouse would be to have a couple of people doing listings, shipping, sorting, and maybe a handful of times a year do the big shows, that is what some well known long time guys like Al Stoltz do and numbers wise seems solid but you would nbeed to like doing that.

[shadroch]

You need to find the right space. You don't need to be on the main road, but you don't want to be far off it either. If I were in your shoes, I'd be looking on Montauk Highway somewhere between William Floyd and Hampton Bays. Or up by Southhold.

One important tip I learned early is not to let your stock stagnate. Rotate your good stuff every two or three weeks. It gives the impression you have more than you do and also that you sell stuff at your price.

[ft88]

I'm with gcstomp on this too. I don't see how rent can be paid. Financials are everything.

 

Give us an example month and how you would cover bills and then make an extra $2000 profit.

 

Rent $1800

Utilities $300

Inventory or COGS $3000

Wages (if any) $500

Insurance, supplies etc $200

 

Sales $8,000

 

And then outline by $100 how you are getting those sales. That's $2000 a week or $300 a day ($400/day if open 5 days) That's really hard to do IMO. MTG? Old comics? Snacks?

[SquareChaos]

I'm with gcstomp on this too. I don't see how rent can be paid. Financials are everything.

 

Give us an example month and how you would cover bills and then make an extra $2000 profit.

 

Rent $1800

Utilities $300

Inventory or COGS $3000

Wages (if any) $500

Insurance, supplies etc $200

 

Sales $8,000

 

And then outline by $100 how you are getting those sales. That's $2000 a week or $300 a day ($400/day if open 5 days) That's really hard to do IMO. MTG? Old comics? Snacks?

 

 

That right there is the nuts and bolts of it - look at all of that overhead... versus doing the shop and sell on eBay thing which has an overhead of your time and gas money.

[thirdgreenham]

Hi Bill,

 

So, it looks like you're excited as well as a bit scared. Both very normal feelings when jumping into a big new venture.

 

There's a lot to think about before really doing this. Location. Any competitors nearby? Any destination shops in the neighbourhood? ie. A specialty shop that thrive and have a lot of business, that perhaps would have some runoff business for your shop?

 

What about the cost of rent? Rent sucks, but it is one of the fixed costs that you'll deal with.

 

I have a coin and collectibles shop that has now 52 full years under its belt. I've been involved, in some fashion or another, since I was 12, so that's 32 years. I've been running it pretty much by myself for 15 years. I sell coins, stamps, paper money, gold and silver bullion, comics, sports cards and sports memorabilia, celebrity autographs, militaria, and pretty much anything that I think I can buy and resell at a profit.

 

I've been asked many, many times before if someone should open up a coin shop or a comic shop and I always tell them that they can if they want to, but the shop will very likely fail. Even I, with the experience that I have, would likely fail. It would even be difficult for me to move my established 50+ year family business and start fresh in a new city. Why? Because there are a ton of invariables that we cannot predict. Or maybe I should say that there is nothing that you should count on or expect. Sales could be dreadful, for an EXTREMELY long time. How long will you be willing to put up with that?

 

The benefit of having a physical location is your ability to buy stuff. Not to sell stuff. You'll likely find out that you NEED the internet to sell your goodies as people aren't really coming in. There's a few customers here and there but not much is moving. Can't generate enough for rent. So, you do what you can through online sales, eBay, flea markets, shows, whatever you can. Ah, but having that store....that hopefully, gives you the chance to actually buy something. Maybe you can get a collection? Maybe you'll get lucky and have a surprise item in there that is very good. Probably not, but there's always that possibility.

 

If you do decide to take this on, I would recommend diversifying into a large variety of collectibles. I'd try to learn a bit about gold and silver coins and jewelry as well, so you add another thing to your "expertise". This could end up being a consistent area of profit for you, once you learn the best place to wholesale off the scrap metal. Have your comics, Magic/Pokemon, etc, but also consider used video games, Toys, DVDs, CDs, and stuff like that. Make it a true collectibles shop. One of the things that really helped my shop was the diversity. If coins weren't selling well, cards were. When cards were in the dumps, comics did well. Collectibles have trends. One day they are popular, then just okay then not very popular. Around and around and around they go. When you've got a bunch of different things, you are really just hoping that something picks up the slack when the others are down and out.

 

Use social media well. Collect every person's info that comes in and start building your email list for your newsletter and special deal promotions. Consider having your own internal points system. Create a YouTube channel and create videos frequently. Advertise on Craig's List or similar sites. Get your name out. Hopefully, you are single and don't have a family, as this will take a ton of your time. Consider processing a lot of stuff at home. You can do a fair amount while watching a movie in the background. Consider watching movies or TV shows that you've seen before, so you aren't looking up too frequently. Either that or during your down time, consider watching some educational videos on YouTube, about stuff you're trying to learn about, like how to detect fake gold of fake Pokemon cards or fake Gretzky rookies.

 

I wish you the best of luck, but be cautious before you jump in. Success is possible, but it may not come easily.

 

Andy

[Junkdrawer]

Hi Bill,

 

So, it looks like you're excited as well as a bit scared. Both very normal feelings when jumping into a big new venture.

 

There's a lot to think about before really doing this. Location. Any competitors nearby? Any destination shops in the neighbourhood? ie. A specialty shop that thrive and have a lot of business, that perhaps would have some runoff business for your shop?

 

What about the cost of rent? Rent sucks, but it is one of the fixed costs that you'll deal with.

 

I have a coin and collectibles shop that has now 52 full years under its belt. I've been involved, in some fashion or another, since I was 12, so that's 32 years. I've been running it pretty much by myself for 15 years. I sell coins, stamps, paper money, gold and silver bullion, comics, sports cards and sports memorabilia, celebrity autographs, militaria, and pretty much anything that I think I can buy and resell at a profit.

 

I've been asked many, many times before if someone should open up a coin shop or a comic shop and I always tell them that they can if they want to, but the shop will very likely fail. Even I, with the experience that I have, would likely fail. It would even be difficult for me to move my established 50+ year family business and start fresh in a new city. Why? Because there are a ton of invariables that we cannot predict. Or maybe I should say that there is nothing that you should count on or expect. Sales could be dreadful, for an EXTREMELY long time. How long will you be willing to put up with that?

 

The benefit of having a physical location is your ability to buy stuff. Not to sell stuff. You'll likely find out that you NEED the internet to sell your goodies as people aren't really coming in. There's a few customers here and there but not much is moving. Can't generate enough for rent. So, you do what you can through online sales, eBay, flea markets, shows, whatever you can. Ah, but having that store....that hopefully, gives you the chance to actually buy something. Maybe you can get a collection? Maybe you'll get lucky and have a surprise item in there that is very good. Probably not, but there's always that possibility.

 

If you do decide to take this on, I would recommend diversifying into a large variety of collectibles. I'd try to learn a bit about gold and silver coins and jewelry as well, so you add another thing to your "expertise". This could end up being a consistent area of profit for you, once you learn the best place to wholesale off the scrap metal. Have your comics, Magic/Pokemon, etc, but also consider used video games, Toys, DVDs, CDs, and stuff like that. Make it a true collectibles shop. One of the things that really helped my shop was the diversity. If coins weren't selling well, cards were. When cards were in the dumps, comics did well. Collectibles have trends. One day they are popular, then just okay then not very popular. Around and around and around they go. When you've got a bunch of different things, you are really just hoping that something picks up the slack when the others are down and out.

 

Use social media well. Collect every person's info that comes in and start building your email list for your newsletter and special deal promotions. Consider having your own internal points system. Create a YouTube channel and create videos frequently. Advertise on Craig's List or similar sites. Get your name out. Hopefully, you are single and don't have a family, as this will take a ton of your time. Consider processing a lot of stuff at home. You can do a fair amount while watching a movie in the background. Consider watching movies or TV shows that you've seen before, so you aren't looking up too frequently. Either that or during your down time, consider watching some educational videos on YouTube, about stuff you're trying to learn about, like how to detect fake gold of fake Pokemon cards or fake Gretzky rookies.

 

I wish you the best of luck, but be cautious before you jump in. Success is possible, but it may not come easily.

 

Andy

my post was bigger

[HENRYSPENCER]

Why not focus on the gaming but have the comics as a side aspect. Develop a business plan that attracts gamers so they somehow pay money. Either through snacks and drink or time played or supplies, something / anything so you basically break even.

 

Then you have your wall books of $10 to $500 books to show you are a comic guy. Have maybe 10-40 long boxes of old stuff only GA/SA/CA and a smattering of quality 1990s on up. Then Man Cave it up so it's wicked sweet with what you like. Posters, art, statues, 1970s toys - you name it.

 

The point of the comics is to sell and make a little there but really your goal is to acquire walk in collections. Buy those at 30-50% on the dollar (as in what will sell easily not full retail)

 

So you don't have to deal in new inventory and the Diamond hassle. You hang out with comic folks but that will mostly be slow. And the Gamers keep the place relatively lively.

If you buy a couple $5000 collections a year and hit on one really good one, then you can make the $25,000 or more a year. The gamers and back stock pay for the bills.

 

You still need to sell online. Part of your comments worry me (if I were playing shark tank) in that you don't want to box and ship. ???? That's called work. Every avenue must be utilized or the odds of failure increase. You don't need to sell online 40 hours a week but at least 10. And maybe more in a slow month to make ends meet. It simply has to be done IMO. Also it is a good way to clear stale inventory.

 

I probably wasn't totally clear...I don't enjoy boxing and shipping...that's why I wouldn't want to do it full time...of course it's a necessary evil and something I would have to do, but I wouldn't want to do it full time...I'm not afraid of hard work...just wasn't totally clear...

I like your image of the store...It will be mostly MTG and gaming as I reflected in a later post...I've been building up some inventory the last few months and have some nice minor keys...nothing ultra high end, but hopefully I can build up to that...

 

Awesome feedback, thanks!

 

I don't have the time to read through this entire thread but just saw the the title, "Opening up a brick and mortar".

 

I would NOT suggest opening up a comic book store mainly for the reason that present day comics, like other print mediums, are going completely digital. In the next few years current print issues are undoubtedly going to be obsolete with tablet/iPad prices dropping, more readers owning them and everything print going digital and mobile. Diamond has already begun selling lots of their stuff on eBay and unless they can survive on the Gemstone publishing brand alone, they too are likely gone. Comic Books stores who rely solely on flipping new issues, hardbacks and trades will be closing their doors. It's already started happening to them but you'll see more and more in the years to come.

 

I'm sure you've already thought through this but what else do you plan on selling? You're probably better off just setting up at cons and trying to flip back issues. There's no money in selling modern stuff. You'll undoubtedly have to mark things up and because you've got rent/retail space, you won't be able to compete with Amazon/eBay.

 

While this may be a passion it sounds more like a sinkhole given the current state of storefront retail.

[thirdgreenham]

Make your shop into a giant man cave with lots of unique items.

I dont know why more people dont do this. I'm going on 6 years this May. Avoid new comics is my advice as well.

 

I was advised via PM to contact you about your business model...can you give me an idea of what you've done to be successful?

Opening my store wasn't as a much a dream as it was an opportunity. Sure I thought about having a store in years gone by, but I, just by chance had this happen to me. I being a single dad now and at the time of my opening of my store, was not in the best of situations. I didnt have thousands in the bank either nor a massive amount of inventory. I had visions, dreams and goals, but there was also reality that had to be dealt with first and foremost. There was a tiny little antique shop in my town I used to pop in every now and then when I was still ebayin' and setting up at flea markets. I often told the owner that if she ever decided to get out off the business, that I would like a heads up so I could rent the shop. So one day I drove by and instantly noticed the for rent sign in the window. I was glad she was moving out and upset I wasnt made aware of it sooner (my opportunity) So I called the land lord and was told that it had just been rented and to leave my number for future ref. I drove buy weeks later and saw new junk in the window and a large sheet blocking visibility into the shop. It was never open. I called the land lord a few times and it was suspected that the new tennent was actually living in the space (no shower..ewe), but that was what was suspected. There was 2 spaces, the antique shop $325/mo and a back room storage $200/mo. The current tennent made the landlord open a wall between the two spaces and combined them as one space. $525 he was paying and it was approx 6 months when I got a call from the landlord asking me if I was still interested and to meet him at the shop. (opportunity knocks again).

I meet him on May15th almost 6 years ago and he is explaining the rent of both places now and the opened wall and I am getting bummed out. He sees that and there are two other women waiting to see the place currently out front. I'm crushed and just then he says, I just cant be bothered to put up the wall again and I simply can not rent you the store for $325 like the you expected, but I will give you both spaces for $350 no utilities. Let me know cause I got those 2 ladies to speak with next. I'LL TAKE IT!!!!!!!!!!!!!!!!!!. He gave me the key and I handed him $350. No contract, no receipt, just an address to send the money. It was mine right there.

 

The meter was running and I was currently doing what I was doing to make my way in life and that was the race horse business (hence my avatar) I was at it over 10 solid years and was drible and drabling as I said with ebay and setting up at flea markets etc. I had moved what I had into my new shop that I wanted to sell, fixtures, display cases, shelves etc. I was only able to be at the shop just 2 days per week. I had no choice, I needed to make money. Over the first few years, I experimented with my days and hours and added more days and selected days off to get out to buy at auctions and estate sales. Three years ago I went 7 days per week 12-6 Mon-Sat and 12-3 Sundays. These days its like Shadroch said, Its my mancave and I'm just hanging out there. Diversity has been another factor in addition to being there everyday (yes and low rent, FYI my rent has risen $25 each yr and its currently $475 plus utilities). A variety of avenues my business stretches from LP records, comic books, vintage toys and games, coins, sports cards, magazines, nick nacks, advertising signs, and just about anything I decide I like and think I can sell for a profit. I simply enjoy it until it sells is usually the case. Ive got things that have been in the shop since day 1.

So my door is open each day and that is for selling and BUYING. (more opportunity) I have not had that old lady with a run of Action Comics in yet, but I have had some great interesting purchases come through my door. Keep in mind, I am a hustler and go getter and I was hitting 5-20 and often more estate sales (monthly) in addition to two flea markets each week and ebayin' away. I was flippin big books on line as well. I have had many scores, home runs, and banner record breaking days, but even still I have many under $10 days. Because its my mancave hangout, I keep myself busy learning and moving items around. I have a natural knack for displaying my merchandise and some say its like a museum. Most people are taken back when they enter my shop and I great everyone and acknowledge everyone in the crowd while in my shop. I'm also blessed with the gift of gab. I just turned 50 this year so I have no shortage of stories and tales from my own childhood as many who come in are helpless to admit that they had this and that and that their mother threw out (fill in the blank). I dont have heavy foot traffic through my door, so I focus on the here and now whenever someone is in my shop. I'm entertaining them I feel at times. Dancing for dollars pretty much. I want them to simply spill what it is they like, enjoy, want, desire. I'm extracting info and use my knowlege of my inventory to show and suggest different items. Some days are better than others and just like Pawnstars says (and its so true) You just never know whats gonna walk through that door.

Sure who wouldnt want a comic books shop, but why limit myself to just that. Seriously, I want my customers to be all ages and both male and female. I want to sell something to anyone and everyone. I buy with an open mind thinking oh I can sell this for $xxx as long as I was getting a deal on it. I do strive for items in my store to be vintage(pre 1980) I want good condition, not broken or incomplete things. Its such a deal breaker to have something sold and oops. Its hard enough to sell perfect good condition things.

My secrets to success are common sense. Think like a customer. Little details are important. Being there when you say you are going to be there. Always have new merchandise. Listen to your customers wants and needs. I keep a rolodex file by item ie clocks, tonka trucks, fountain pens etc and next to it a phone number. When I get some I will call ya. Ive sold cars for over 6 years in my background so I know how to be romancing my customers list. You can never have what they want when they come in but I end up selling them something else. I just good at that. Being there 7 days means I dont miss many opportunities (sure I run late sometimes and close early at times, but never make a bad habit of it and I ALWAYS leave a sign up if I'm out for a few minutes or days.

Facebook, Yelp, etc. I'm not too motivated to drive customers to my store. I am LAZY. So my web page is blah and I never up date it. I s#ck and I know it. I do post things from time to time on my store's face book page, but I just dont want to be spammy, so my posts are from time to time. I joined a few face books groups and post dedicated items and have sold a few things, but again, I dont want to do do internet business. Its too much like ebay and dealing face to face is my thing.

So I'm diversified and dedicated, but I am also passionate about a lot of things. I am constantly learning and researching. All to often I sound so smart and professional because I am able to a few things about what ever it is I have in the shop no matter how cheap or expensive it may be. I'm excited about the most insignificant . I'm triggered by key words so it seems. Been a life long disability or ability depending on how you look at it.

And I did try new comics for about 3 years. I had 2 subscribers. Went to comiccon in Boston 2 years trying to spread the word I tried and I guess if I was near a college or had a busy foot traffic location, it could have netted better results, but I chalked it up as a loss. More books were damaged my ordinary customers just grabbing books and yes kids and I tried a sign that got ignored. New comics are not for everyone and certainly not for me. I tried and failed, but I tried. This week I added new sports cards and 2017 Silver Eagles. I can try anything here and there. Because I'm so diverse it could work, if not successful, I'll nix it. The comic books I do sell are dollar books and my BIG books are $20 - 30 bucks at the shop. It certainly doesnt mean I cant wheel and deal in comic books, cause you can't stop me there. Just cause my store isnt a great outlet or I didnt focus and work as hard as I should have or could have, I'm getting my fix in other ways.

So when I hear people say DON'T do it (open a comic book shop) its likely because you are getting into a dedicated and unique business with online competition. I can agree for the most part. But I REGRET not opening my store many years ago. It just never occurred to me to do so. I'm 6 years this May 15th and each year has been just a step in the right direction. Sure I still pop a certain item on ebay that I know my customers wouldnt pay up for but I know ebayers would. Thats knowledge Ive gained through out the years and I do give it a chance in the shop first, but Ebay is vital to getting rolling and keeping it real when the shop just dont hit on all eight.

This is my longest post ever, sorry to scare some of you (all of you)

Chris

 

Terrific read!

[thirdgreenham]

Hi Bill,

 

So, it looks like you're excited as well as a bit scared. Both very normal feelings when jumping into a big new venture.

 

There's a lot to think about before really doing this. Location. Any competitors nearby? Any destination shops in the neighbourhood? ie. A specialty shop that thrive and have a lot of business, that perhaps would have some runoff business for your shop?

 

What about the cost of rent? Rent sucks, but it is one of the fixed costs that you'll deal with.

 

I have a coin and collectibles shop that has now 52 full years under its belt. I've been involved, in some fashion or another, since I was 12, so that's 32 years. I've been running it pretty much by myself for 15 years. I sell coins, stamps, paper money, gold and silver bullion, comics, sports cards and sports memorabilia, celebrity autographs, militaria, and pretty much anything that I think I can buy and resell at a profit.

 

I've been asked many, many times before if someone should open up a coin shop or a comic shop and I always tell them that they can if they want to, but the shop will very likely fail. Even I, with the experience that I have, would likely fail. It would even be difficult for me to move my established 50+ year family business and start fresh in a new city. Why? Because there are a ton of invariables that we cannot predict. Or maybe I should say that there is nothing that you should count on or expect. Sales could be dreadful, for an EXTREMELY long time. How long will you be willing to put up with that?

 

The benefit of having a physical location is your ability to buy stuff. Not to sell stuff. You'll likely find out that you NEED the internet to sell your goodies as people aren't really coming in. There's a few customers here and there but not much is moving. Can't generate enough for rent. So, you do what you can through online sales, eBay, flea markets, shows, whatever you can. Ah, but having that store....that hopefully, gives you the chance to actually buy something. Maybe you can get a collection? Maybe you'll get lucky and have a surprise item in there that is very good. Probably not, but there's always that possibility.

 

If you do decide to take this on, I would recommend diversifying into a large variety of collectibles. I'd try to learn a bit about gold and silver coins and jewelry as well, so you add another thing to your "expertise". This could end up being a consistent area of profit for you, once you learn the best place to wholesale off the scrap metal. Have your comics, Magic/Pokemon, etc, but also consider used video games, Toys, DVDs, CDs, and stuff like that. Make it a true collectibles shop. One of the things that really helped my shop was the diversity. If coins weren't selling well, cards were. When cards were in the dumps, comics did well. Collectibles have trends. One day they are popular, then just okay then not very popular. Around and around and around they go. When you've got a bunch of different things, you are really just hoping that something picks up the slack when the others are down and out.

 

Use social media well. Collect every person's info that comes in and start building your email list for your newsletter and special deal promotions. Consider having your own internal points system. Create a YouTube channel and create videos frequently. Advertise on Craig's List or similar sites. Get your name out. Hopefully, you are single and don't have a family, as this will take a ton of your time. Consider processing a lot of stuff at home. You can do a fair amount while watching a movie in the background. Consider watching movies or TV shows that you've seen before, so you aren't looking up too frequently. Either that or during your down time, consider watching some educational videos on YouTube, about stuff you're trying to learn about, like how to detect fake gold of fake Pokemon cards or fake Gretzky rookies.

 

I wish you the best of luck, but be cautious before you jump in. Success is possible, but it may not come easily.

 

Andy

my post was bigger

 

I hadn't read your post when I started typing.

[shadroch]

Contact the SCORE people based out of Stony Brook Univ. They can be invaluable.

They may be able to hook you up with some business students to work on your business plan and other things.

When I dealt with the guys from Queens College, they not only got me help from business students, but even got a Professor and a Set Design class to give me designs as a class project.

www.score.org

Edited January 24, 2017 by shadroch

[underthebigw]

Things I like to see at shops:

 

A superhero pinball or arcade- I own a pinball and maintenance can be costly.

Life size Superhero- they are out there and make a shop special.

Pull list/orders for moderns. I pull 13 books a month. It keeps me coming back,

Rent out a few display cases to bring in more unique items to the shop.

Sell records- this is hot and brings people in to my local shop.

Have Mtg gaming ready to rock!

Attract a variety of costumers, not just comic people. Get pokemon to appear in your store to bring in the go people.

25 cent bins

Sidewalk art contests

Local artists/ drink and draw

Free Comic book day events

If you have any pro artists, get them in on a monthly basis.

Sell snacks

Good looking clerk is a plus

fabreeze air fresheners to counter the body odor

Free appraisal day...

Star wars- toys,etc all over the place.

Podcast- book reviews

 

 

 

 

Great suggestions, thank you...I have a buddy who has about 20 or so pins and builds and fixes them...I was thinking of having 1-3 in the shop depending on space...we'd split the $$ from game play...he would do the maintenance and I'd get 10% if he sold one...

 

Ok , before you put in a video (smart) or pin (stupid, and I collect them), check with local codes. Often, back in the 80s, towns did everything they could to prohibit anything resembling an arcade. You may be able to have one machine without buying a license. Or not. Check before you get fined

 

As for the store, I really suggest you put the dream on hold. It's a really bad time for comic retailers, and many of my customers are hurting. Large retailers have stepped in, everything is available on-line, and in general I think consumers are jaded with the volume of merchandise out there. There are VERY few retailers that are feeling comfortable right now

[Junkdrawer]

Hi Bill,

 

So, it looks like you're excited as well as a bit scared. Both very normal feelings when jumping into a big new venture.

 

There's a lot to think about before really doing this. Location. Any competitors nearby? Any destination shops in the neighbourhood? ie. A specialty shop that thrive and have a lot of business, that perhaps would have some runoff business for your shop?

 

What about the cost of rent? Rent sucks, but it is one of the fixed costs that you'll deal with.

 

I have a coin and collectibles shop that has now 52 full years under its belt. I've been involved, in some fashion or another, since I was 12, so that's 32 years. I've been running it pretty much by myself for 15 years. I sell coins, stamps, paper money, gold and silver bullion, comics, sports cards and sports memorabilia, celebrity autographs, militaria, and pretty much anything that I think I can buy and resell at a profit.

 

I've been asked many, many times before if someone should open up a coin shop or a comic shop and I always tell them that they can if they want to, but the shop will very likely fail. Even I, with the experience that I have, would likely fail. It would even be difficult for me to move my established 50+ year family business and start fresh in a new city. Why? Because there are a ton of invariables that we cannot predict. Or maybe I should say that there is nothing that you should count on or expect. Sales could be dreadful, for an EXTREMELY long time. How long will you be willing to put up with that?

 

The benefit of having a physical location is your ability to buy stuff. Not to sell stuff. You'll likely find out that you NEED the internet to sell your goodies as people aren't really coming in. There's a few customers here and there but not much is moving. Can't generate enough for rent. So, you do what you can through online sales, eBay, flea markets, shows, whatever you can. Ah, but having that store....that hopefully, gives you the chance to actually buy something. Maybe you can get a collection? Maybe you'll get lucky and have a surprise item in there that is very good. Probably not, but there's always that possibility.

 

If you do decide to take this on, I would recommend diversifying into a large variety of collectibles. I'd try to learn a bit about gold and silver coins and jewelry as well, so you add another thing to your "expertise". This could end up being a consistent area of profit for you, once you learn the best place to wholesale off the scrap metal. Have your comics, Magic/Pokemon, etc, but also consider used video games, Toys, DVDs, CDs, and stuff like that. Make it a true collectibles shop. One of the things that really helped my shop was the diversity. If coins weren't selling well, cards were. When cards were in the dumps, comics did well. Collectibles have trends. One day they are popular, then just okay then not very popular. Around and around and around they go. When you've got a bunch of different things, you are really just hoping that something picks up the slack when the others are down and out.

 

Use social media well. Collect every person's info that comes in and start building your email list for your newsletter and special deal promotions. Consider having your own internal points system. Create a YouTube channel and create videos frequently. Advertise on Craig's List or similar sites. Get your name out. Hopefully, you are single and don't have a family, as this will take a ton of your time. Consider processing a lot of stuff at home. You can do a fair amount while watching a movie in the background. Consider watching movies or TV shows that you've seen before, so you aren't looking up too frequently. Either that or during your down time, consider watching some educational videos on YouTube, about stuff you're trying to learn about, like how to detect fake gold of fake Pokemon cards or fake Gretzky rookies.

 

I wish you the best of luck, but be cautious before you jump in. Success is possible, but it may not come easily.

 

Andy

my post was bigger

 

I hadn't read your post when I started typing.

And on that note, it's interesting how similar our posts are. Kinda validates each other.

[thirdgreenham]

Hi Bill,

 

So, it looks like you're excited as well as a bit scared. Both very normal feelings when jumping into a big new venture.

 

There's a lot to think about before really doing this. Location. Any competitors nearby? Any destination shops in the neighbourhood? ie. A specialty shop that thrive and have a lot of business, that perhaps would have some runoff business for your shop?

 

What about the cost of rent? Rent sucks, but it is one of the fixed costs that you'll deal with.

 

I have a coin and collectibles shop that has now 52 full years under its belt. I've been involved, in some fashion or another, since I was 12, so that's 32 years. I've been running it pretty much by myself for 15 years. I sell coins, stamps, paper money, gold and silver bullion, comics, sports cards and sports memorabilia, celebrity autographs, militaria, and pretty much anything that I think I can buy and resell at a profit.

 

I've been asked many, many times before if someone should open up a coin shop or a comic shop and I always tell them that they can if they want to, but the shop will very likely fail. Even I, with the experience that I have, would likely fail. It would even be difficult for me to move my established 50+ year family business and start fresh in a new city. Why? Because there are a ton of invariables that we cannot predict. Or maybe I should say that there is nothing that you should count on or expect. Sales could be dreadful, for an EXTREMELY long time. How long will you be willing to put up with that?

 

The benefit of having a physical location is your ability to buy stuff. Not to sell stuff. You'll likely find out that you NEED the internet to sell your goodies as people aren't really coming in. There's a few customers here and there but not much is moving. Can't generate enough for rent. So, you do what you can through online sales, eBay, flea markets, shows, whatever you can. Ah, but having that store....that hopefully, gives you the chance to actually buy something. Maybe you can get a collection? Maybe you'll get lucky and have a surprise item in there that is very good. Probably not, but there's always that possibility.

 

If you do decide to take this on, I would recommend diversifying into a large variety of collectibles. I'd try to learn a bit about gold and silver coins and jewelry as well, so you add another thing to your "expertise". This could end up being a consistent area of profit for you, once you learn the best place to wholesale off the scrap metal. Have your comics, Magic/Pokemon, etc, but also consider used video games, Toys, DVDs, CDs, and stuff like that. Make it a true collectibles shop. One of the things that really helped my shop was the diversity. If coins weren't selling well, cards were. When cards were in the dumps, comics did well. Collectibles have trends. One day they are popular, then just okay then not very popular. Around and around and around they go. When you've got a bunch of different things, you are really just hoping that something picks up the slack when the others are down and out.

 

Use social media well. Collect every person's info that comes in and start building your email list for your newsletter and special deal promotions. Consider having your own internal points system. Create a YouTube channel and create videos frequently. Advertise on Craig's List or similar sites. Get your name out. Hopefully, you are single and don't have a family, as this will take a ton of your time. Consider processing a lot of stuff at home. You can do a fair amount while watching a movie in the background. Consider watching movies or TV shows that you've seen before, so you aren't looking up too frequently. Either that or during your down time, consider watching some educational videos on YouTube, about stuff you're trying to learn about, like how to detect fake gold of fake Pokemon cards or fake Gretzky rookies.

 

I wish you the best of luck, but be cautious before you jump in. Success is possible, but it may not come easily.

 

Andy

my post was bigger

 

I hadn't read your post when I started typing.

And on that note, it's interesting how similar our posts are. Kinda validates each other.

 

I thought exactly the same thing after reading yours.

[shadroch]

Remember, you miss One Hundred Percent of the shots you don't take.

 

Just keep your costs down. To me that means avoiding New books, at least at the start.

I'm not sure what their return policy is these days, but I used to have a BUs business account and had thirty day returns on everything I bought there. That meant on Valentine's Day, I could stock up risk free on candy. In the Spring, bring in waffle balls and bats. In the fall, some street hockey stuff. It just takes being organized. Some stuff was disastrous sales wise but didn't cost me

a dime.

By the way, I often found action figures and Hot Wheels cheaper at ToyrUs than from wholesalers, especially Diamond.

Taking items on consignment can be very advantageous. No cash output and nice margins.

Edited January 24, 2017 by shadroch

[lou_fine]

Make your shop into a giant man cave with lots of unique items.

I dont know why more people dont do this. I'm going on 6 years this May. Avoid new comics is my advice as well.

 

Metropolis doesn't do new comics. I think they are doing pretty well for themselves.

 

You can't be serious about comparing Metropolis with opening up a new comic book shop.

 

They are completely different business models as they deal in completely different aspects of the comic book marketplace, with no overlapping similarities at all. In addition, the customer base for Metro is also completely different from the customers for the LCS's.

 

It should also be pointed out that while Bill would be struggling just to gain a foothold in the very competitive new comic book marketplace, Metro is basically a market maker when it comes to the vintage comic book marketplace. A lofty position to hold and one from which they have wielded that power for more than the past couple of decades.

[lou_fine]

but I will give you both spaces for $350 no utilities. Let me know cause I got those 2 ladies to speak with next. I'LL TAKE IT!!!!!!!!!!!!!!!!!!. He gave me the key and I handed him $350. No contract, no receipt, just an address to send the money. It was mine right there.

 

Diversity has been another factor in addition to being there everyday (yes and low rent, FYI my rent has risen $25 each yr and its currently $475 plus utilities).

 

 

 

...if I could get 475 a month it would be a no-brainer...wish real estate on long island was cheaper

 

Yes, less than $500 a month for commercial rent for a retail store sounds like an absolute dream.

 

Any idea how much it would cost on Long Island for you to rent a commercial retail store space? I believe the LCS in my city has to pay well over $10K a month and probably much closer to $20K for his monthly store rental.

 

That's an awful lot of comics that has to be sold in order to cover not just the rent, but also the huge staff which he has to hire to run the store itself.

[Glassman10]

to have an attractive inventory for spontaneous sales, I would imagine you would really need closer to 250,000 invested in that inventory. I assume you would need to borrow that so look at what it costs to service that debt. I do think impulse sales are going to be the only viable way a brick and mortar makes it.

That being said, the other basic costs of brick and mortar are real and those costs never sleep. They accrue daily. Given the inventory available to the average rabid comic collector, and the huge variety of grades available for purchase AND the advantages of arbitration or purchase protection,

it's a lot easier to buy a book from a well established on line dealer who has much of his inventory consigned . It seems to me that many of the folks here are on line dealers.I wonder how many of them pull down 75K a ear.

 

I would be far more inclined to take the money that you want to put into this and instead buy some top grade books as investments. I think you'll do better and sleep better. Making what you love into your work leads to a lot of heartbreak..I had a brick and mortar operation for over 40 years. It wasn't in Comics but I don't think I got more than 8-10 days off a year. It's only since I stopped that that I began to get to slow down and appreciate the surroundings. Life is short.

 

Or, as Soupy Sales once said "sell drugs to preschoolers. They make lousy witnesses in Court"

(humor).

[SquareChaos]

In this day and age I feel it is insane to have a massive amount of inventory... admittedly, that is an assumption on my part. I'd think you would need to be very lean.

 

When you say $250k, are you talking about back issue stock and keys, or just in general how much needs to be put into the business? That number really is frightening.

[thirdgreenham]

Yeah, I wouldn't say have a large inventory. In fact, keep it simple and small in the beginning.

 

I also would resist ordering anything from Diamond, until you feel there is a call for it.

[adampasz]

My fantasy comic store is a comfortable coffee bar that also has reader copies, trades for sale, nice art and vintage comics on display (also for sale).

 

Keep your inventory focused. Talk to customers or potential customers and see what they like to buy.

 

Don't cram every corner with stuff so it's impossible to even walk around without knocking something over.

 

Do make sure it is little-kid-friendly, and has books and toys easily accessible to kids near the front, and on display in the window.

 

Don't open your store until you have a website, and some kind of social media presence.

 

Do have a strategy for selling at cons or online, if only to help rotate your inventory.

 

Figure out how you're going to convince every person that comes in to spend at least 7 dollars.

 

Figure out how you're going to lure people in on days that are not Wednesday.