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Bryan Gilles Inner circle Northern California 1732 Posts |
I had to pop this thread back up as it is something I've been kicking around as well.
A few major question... *How do you go about getting investors to finance many of the initial costs to opening business? *Are there wholesalers that are better to go through than others? *Are there books that can help me better understand many of the "hurdles" I will face with opening a local shop? *Would a business plan for a magic shop be any different from a regular retail store plan (giving the various "off-site/ in-store" profits; such as- performing outside of the shop, teaching magic classes, and hosting magic club meetings)? -Bryan |
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JamesTong Eternal Order Malaysia 11213 Posts |
Bryan,
Here are some things you can also think about. 1) Would you like to sell things (cheap items) that are of low quality or items with good profit margin and high quality? 2) Who would you like to target as your customers? People with money and are willing to buy from you? Customers that appreciate quality and want to spend money for them? Or customers that are looking for cheap items that bring you low profit margin? Additionally I would suggest that you start building a database of the following ... 1) People who are makers of magic items - get to know all of them and develop good relationships with them. This will help you in sourcing for great items. 2) People that are willing to spend money on good quality items - there are many around. Make friends with them and because of good relationships with them, they may be good supporters for your business. 3) Hot and quick turnover items people are generally interested in - magic accessories, etc. From the business point of view it is the numbers you have to work with and that means sales and profits and good customers. If you have developed the database above then you can focus on serving the customers'needs and wants rather than over-stocking on unnecessary items. Hope this helps to tickle your mind. |
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Andy the cardician Inner circle A street named after my dad 3362 Posts |
Frankly, there are much better ways of making money . . . a magic shop is a passion, not only a business model.
Andy
Cards never lie
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Father Photius Grammar Host El Paso, TX (Formerly Amarillo) 17161 Posts |
LOL, email Denny of Denny and Lee's magic about the joys of owning a magic store, he will probably give you a couple of them. Only magician who makes less money than an illusionist is a magic store owner. Glad they are around, we couldn't do without them, but a tough business to say the least. Before going into it I'd work for one a few years to learn the ropes, and make sure I had enough money to own and operate the store and live on for about 5 years before trying.
"Now here's the man with the 25 cent hands, that two bit magician..."
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Gordyboy Loyal user British Columbia, Canada 216 Posts |
As a former resident of Las Vegas, I shopped at a couple of stores off the strip (I've always felt that the shops on the strip were there for tourists). One of the shops I went to was a small shop where the owner was extremely personable, friendly and helpful. At another nearby shop it was tough to get anyone to talk to me, even though the place was usually pretty empty and I was there to purchase, not just to look. I don't know how that one kept running, but it appears to still be a successfull business.
I always tell my friends who are going to Vegas to stop in at the smaller shop. |
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JamesTong Eternal Order Malaysia 11213 Posts |
You really need to have a real passion for magic. Without it, the long hours would drain you out. Besides that you also needs lots of money to sustain in the beginning.
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Bryan Gilles Inner circle Northern California 1732 Posts |
I know that a magic store (nowadays) could not succeed off of only magic alone. Especially in our city! I was thinking along the lines of a magic/costume/novelty gift shop... maybe even offer classes to teach magic and hold monthly events and shows to keep the shoppers coming in and staying interested.
-Bryan |
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Jay Austin Regular user 184 Posts |
Be involved with the clubs in your area. Also, visit as many shops as you can. It seems that every dealer (at least around here) is afraid of each other. That is something that I do not understand. For example, I run an IT business. (I know it is different from magic, but the principal is the same.) I have a friend that runs a similar business in a town about 7 miles up the road from me. We call each other when we have questions or need advice. We even work together. It is something that has helped both of our businesses grow. We can offer our customers better service that way. I know of 2 magic shops in town here. One is willing to work with anyone. The other would not promote a lecture that a local club is having because he says that he does not want to send people to that club because not many people from that club come into his shop. If the stores would be willing to at least communicate, it would benefit both and the magic community.
As for a complete brick and mortar store. You would probably do well by either specializing in something and offering it through multiple chains (store, mail order, internet, etc.) or have multiple types of products like suggested above. The first thing that you should do is to develop a business plan and do some market research for the type of store you want to open and the location where you want to open it. That will give you some idea of feasibility as well as attract any investors. If you are looking for start up capital, they will want to see a business plan. |
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Bryan Gilles Inner circle Northern California 1732 Posts |
What is the best way to do the market research? The closest magic shop is about three to four hours from here and I run the local magic club (we average 5-10 members)... Any thoughts?
I'm looking into the Small Business Development Center workshops to learn the steps and help develop a business plan. As I understand it, this will help get the right certificates to get better loans with the SBA. Weird enough, it seems like a store such as this, falls along the same format as a scrap booking store. Due to the possibility of giving classes at night and running special promotions throughout the year where customers can come in and get hands on with the various products. Is there anything special I would have to write into the business plan on doing both internet/walk -in services? Also... When it comes to finding investors and dealers... where is the best place to start? This thread has been incredibly valuable... -Bryan |
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jolly12 New user PEI, Canada 48 Posts |
I would think the easiest way to start something like this would be a shop in a home basement or converted garage, with online sales. this way you could write part of your rent when it came tax time
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Bryan Gilles Inner circle Northern California 1732 Posts |
That's not a bad idea!
I've been thinking about doing the online store for a while and think it would help come up with concrete sales figures. In turn, this will be a big help when trying to put together the business plan for an actual store. -Bryan |
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