Starting and Owning My Own Business...

[Allanon]

I'm currently very interested in starting my own card/memorabilia business and wanted to network/interface with others who have already done this...

Of course, I know that this is not exactly a "get rich quick" kind of business... but I don't really want to do this for the money so much as doing it because I love the Hobby. Once my wife actually gets to working (she's in school at the moment) and I get my student loans paid off, I really want to open my own store... one that is a little different than your run-of-the-mill card store. I feel that one of the big things thats missing out of sports hobby shops is that everyone concentrates on getting as many hobby boxes/wax packs in their shop and they miss out on just simple "eye candy". I always want to go into a shop that has nice memorabilia as well... not that I would ever buy it, but being able to see a pre-war game used glove or pre-1900 bat, etc I think really lends to strengthing not only your business, but the hobby as well...

I'm not in anyway bashing other card shops... I believe they are all important... this is just a way I feel I might be able to help out... let me know what you think and if you are currently a store/business owner, I would love to pick your brain.

Thanks,

Mike

[UofLnMU]

I think it's good to think about the ambience of the store, but also you have to think about whether you want to make some coin or just have it as a hobby. If you are renting your space, it can get quite pricey in a hurry. If you own, and your wife makes enough to support the store, by all means.

Similar sort of story. I used to work at a record store, which was very successful, due to the fact that we knew who our customers were, and specifically catered to them. There was another store that I used to frequent, which was much cooler--had tons of music memorabilia up--that were certainly not for sale, just for show. The place was out of business in a year and a half. The store space was not utilized well, and there was a lot of money spent on decor. (The owner didn't have great business acumen, but he was cool to hang with.)

Not to suggest that you'd be in that boat...just make certain that you are able to make what you need to make. In the current economy, I think that a lot of current shop doors may close. :(

[Allanon]

That's a good point... having a definite balance is one of the keys... I guess I just sometimes go into stores that have shelves and shelves of unopened boxes, tons of singles, but it all seems like a lot of clutter to me...

But anyway, that's still way down the line... I'm also an engineer and plan on doing consulting on the side as well as my wife's job... so I'm not too worried if the shop doesn't work out too well...

Right now, I think I'll start with just a local newsletter and see how that goes... hehe

[JustinBerl]

My brother and I are thinking of starting a home business with cards, after considering everything we more than likely will be going the route of supplies rather than the cards themselves. Everyone needs supplies and the market for them will not go up and down as much as the card market would.

[BackInTheDay]

As someone who has started and sold a few successful businesses- and early on when I was a youngster, started one that failed- I can offer some generic advice.

First, you have to be honest about the viability of the business itself. Never, ever make a business decision guided by feelings or emotion. This decision should be made coolly and calmly with reason and logic, since the checks you write are going to be very, very real.

I don't know what area you live in and what sort of sports card market there is, but it had better be god-awful strong if you're going to profitably compete against ebay. Basically, your entire margin is going to revolve around what buyers can save over ebay shipping costs on singles, or on whatever you can buy in bulk and then mark up as single units on the retail end (supplies, packs- whatever)

When you start doing the math, you soon see that you have to sell an extraordinary amount of packs and cardboard shoe boxes in order to make rent, utilities, insurance, and inventory costs- all before you even draw a single dime of salary. You're basically going into an overhead heavy business in a nearly dead market. Not exactly a recipe for success.

When you look at the great sports card store wash-out of the mid 1990's when they virtually all died and then examine the few who made it through, it's clear as a bell that the "survivors" were following a model that revolved around higher end sports esoterica, big volume and/or a diverse retail line (Sports cards plus (X), (Y), (Z) with X,Y and Z being sports apparel, comics, coins, MTG- whatever). Still, even with that said, an unfortunate truism whether we like it or not (and in spite of those few who still cling to their own delusions and refuse to admit it) is that the "collectibles" world now revolves around one medium of transaction, and that medium for darn sure isn't storefront retail. It's ebay.

You have a tough road ahead, but if you're shrewd, well funded and have passion, you might be able to beat the odds. If for some reason you already own the building and won't have a hungry lease to feed, then that's another story. Also, if you have a partner in another related "collectibles" market who is willing to split the space with you- for example, your half is the sports card half and his half is the coin half of the store- that's another option.

[tutall]

I actually looked into it myself... had a business plan, the money to get it going, even the space to do it in which was prime retail space at about half the cost other tenants were paying. When i started getting sell sheets from suppliers and really got into the business aspect of the shop i found it was a mistake waiting to happen. Truth is there is very little market for sports cards in most towns.. like backintheday said... money is not made on sportscards but everything else you can put in the shop. I looked at several different options and it just was not the way to go. I know the shop i go to make most of his money on GOld Canyon candles.... he said if it wasnt for them he would have packed up years ago.

Good luck in whatever you choose to do

[themanishere]

I wouldn't focus on little gimmicks in the shop, would just be a waste of money. Although this is obvious, you have to be a people person. Nothing better than talking with people who walk in and have them walk out satisfied and willing to come back to a place that knows cards/sports. This goes a long way in getting connections too.

Being on top of new products and the orders/shipments is big too. A lot of people like the convenience of just going to the shop and picking up packs/boxes of new stuff right then and there rather than waiting a week for an order online. Its disappointing seeing no relatively new products on the shelves, or understocked product.

You would also need something to draw people in. A huge one is being able to obtain local stars for signings. That's a big part of how the shop I go to gets people coming in - they have signings of a lot of local guys. They've been in business 20+ years, so something is working.

Good luck in what you decide.

[cettin]

I have card shop in my area I dont buy cards from just my supplies because majorty of time can find place over net get cards cheaper with free ship. Which sux for shop were I get my supplies from he aware of it he understand cant get me better deal then I get on net I buy alot in bulk at a time.

[gladdyontherise]

I wouldn't focus on little gimmicks in the shop, would just be a waste of money. Although this is obvious, you have to be a people person. Nothing better than talking with people who walk in and have them walk out satisfied and willing to come back to a place that knows cards/sports. This goes a long way in getting connections too.

Being on top of new products and the orders/shipments is big too. A lot of people like the convenience of just going to the shop and picking up packs/boxes of new stuff right then and there rather than waiting a week for an order online. Its disappointing seeing no relatively new products on the shelves, or understocked product.

You would also need something to draw people in. A huge one is being able to obtain local stars for signings. That's a big part of how the shop I go to gets people coming in - they have signings of a lot of local guys. They've been in business 20+ years, so something is working.

Good luck in what you decide.

Excellent post. i have worked at the cardshop i go to for almost 2 years now, and have learned a few important things.

1. you dont have to buy very many single cards as you think, tons of people will come in and will not know what they have and will want little for it, will just give it away, or will sell cheaply even if they know what they have.

2. the gimick of memorabilia, you dont need to buy it. from my expierence working, it accumulates in time from people selling it to you cheaply. the shop i work at attains so much memorabilia,/ autographs etc, from people not wanting them or wanting you to sell them for you and you getting some of the money sold for them.

3. regular customers are huge! i have worked in there and watch regulars spend anywhere from 600 to 1500 dollars in a very quick span. the stuff in the shop is important, but if you have happy customers, thats more important.

4. a basic "card" shop isnt the best. if you have stuff like jerseys, hats, shirts, supplies, bumper stickers, signs, posters, etc thats when you become successful. my shop has been open for 15 years because they have a variety of things to choose from.

i plan to buy the store when i graduate from college, because i have expierenced how successful it is, but good luck in whatever you decide to do

[doniceage]

Well as others have said there a lot of things to look at and you know what you have to compete with. The best thing is to build that customer base. I know many people that have bought a successful store and kept it going as they had a built in customer base. To just open a card shop is hard as why would any one want to come to your shop. So give that some serious thought and here a few suggestions on that front:

1) If you have a local card show start setting up that on a regular basis. That way you get to network with customers. Those same people that go to the shows will be customers that drop by the shop. As the shows only a monthly or weekly show at best. While your card shop will be open all week long.

2) If you do not have a card show look into a flea market and do that for a while to build up a customer base as well. Also, you can do a lot of buying as well at a reasonable price. I know a few dealers that still do a flea market show even though they have their own store front. Luckily, they have their kids run the shop while they are at the flea market.

I wish you the best and hopefully if your serious about this you will keep posting what comes of it.

DON