My Experience Of Opening A Card Shop-What It Takes To Open An LCS
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- Опубліковано 4 сер 2024
- Every sports card fan has dreamed of opening up a card shop. One thing that holds us back however is that we are scared to take on the financial risk that comes with it. In this video I discuss what it was like for me to open a card shop and what it takes to open a card shop of your own!
Everyone wants to open up their own business until they realize they have to work 60 hours a week while making half of their previous salary. It’s hard but it can be done. I’m glad you’re on YT now.
My wife and I are both retired and live off of our current incomes. We plan on opening a local card/memorabilia shop at the end of the summer. We're going into this with our goal being to just break even the first year. Wish us luck!!
Good luck buddy
Hows it going?
My suggestions:
open 9-7 every damn day, later on event nights
Online selling
Breaking
Do magic, Pokémon, board games
Host trade days
Host game nights
Sell snacks on those nights
Host sport events
Invite local sports heroes to do meet and greets
Sponsor youth baseball teams!
The old shop closed up about 2004. It was so sad. Was so excited when you guys brought it back. Please come back Scott!
Thank you so much for this video. I often fantasize about opening an epic card shop
I fear of turning my hobby into work. I thought about it for many years but glad I didn't. More power to you, my salary is 3x of running a card shop and thankfully not a stressful career. I'm good for cards as an fun side experience.
I'm taking the slow roll approach to this, I've collected for about 30 years. I've started with a Instagram page and got my Ebay Store to Best Seller status. Have a inventory of about 200,000 cards, will start attending my local card shows next month. Appreciate the vid Scottie
So basically, "NEVER OPEN A CARD SHOP" lmao got it. I'm joking but seriously I was lost from the get go so ill just go to other peoples card shops ty sir awesome video and I can def see u as card shop owner, very very knowledgeable!
Thanks for the transparency. Good advice
Very cool sneak peak behind the scenes!
I want to open a Sports Memorabilia/Card shop. Autographed Baseballs, Basketballs, Hockey Pucks, Jerseys and Trading cards. It seems a card shop with just sports cards is not going to make it. I thinks you have a better chance if you include stuff for the Pokemon crowd also
I’ve wanted to open a shop for years. Thanks for the video. The fear of not finding a distributor at all or not getting good enough pricing has always deterred me.
I've wanted to open a shop 4 years but my brother n his wife stole 35 years of me collecting bought 2 houses new 4 door dually etc n paid $25,000 for expensive lawyer to fight me on my own property & so much more
This has literally been my dream, but I have a wife and 3 kids to support as well.
Very interesting. You’re lucky you had the experience and lived to tell about it. Very tough business!
Allocations are key to success in a store. Do you think it will be easier or harder in the future, once Fanatics has all licenses, to open and keep a store open?
Thank you again for sharing your story.
You're missing a crucial revenue stream - supplies. I have been told in no uncertain terms by a store owner doing decent volume on card sales and breaks that sale of supplies was by far their biggest revenue stream with much better margins than actual card sales.
Everything else is totally on point tho. Great video, thanks for sharing
Very informative, thank you. I wouldn't mind opening a Used Book Store and Card sales at the same time
If your going to have a small shop like that location is the key to be able to find good walk in collections.
The best thing you said was keep your margins low. My shop is still doing okay, two years in, but card people are a different breed and they are looking to tear you apart in reviews at the drop of a hat. Charge bare minimum for as long as you can
Excellent!
Great video. Thanks for the honestly and transparency. I personally would never want to make my hobby my main form of income or job. Just seems too stressful. I think it’s the perfect hobby or side hustle though
Great information.
Can you do a video on having a card shop vs just selling on eBay or other platforms? I know eBay takes a fee but you are not left with all the overhead. Which do you think is better choice to make the bigger profit?
Ebay is a a worldwide marketplace. Your storefront in a small town that gets very little foot traffic, is a much harder proposition. The only plus is you can get wax after a few years. If your lucky. I had a small brick and mortar selling collectibles. Ebay was 90% of my sales. I closed the brick and mortar after a Year and a half and never looked back. I have noticed malls now have kiosks you can rent for a day or two. It maybe a good option for some patrons on a local level. Especially if you do it the First weekend of every month type option so a reputation can be built. That way you are not invested in the crippling overhead of an everyday b&m and your products are displayed in the busiest part of the mall and easy to advertise in the local paper and craigslist. Good way to buy collections too.
Love the info! Do you have a sense of what type of discounts shops or distributors are able to get if they have a direct account with the manufacturers?
I've been in the process for a couple of years. Let me tell you, NOT EASY. The most difficult part if getting in with Topps/Panini. I've seen from other card shop owners that it generally can take a couple of years to get their attention. I'm still not there yet, so I have to pay distributors, which adds to the cost of my cards. The one bit of advice I can add, BE DIFFERENT! We are half sports bar, so folks come in to watch games, drink beer, trade amongst each other. Also, don't be afraid to put your cheap wax out where customers can touch it. Most shops keep all wax behind the counter. Carry tons of supplies. Boxes, top loaders, sleeves, EVERYTHING. I could go on...
I have never been to your shop when it was open, but I have friends who tried visiting. When they arrived, the card shop was always closed even though it was within your business hours. This coincides with your reviews at the time. Maybe this should have been entitled a lessons learned video?
What point of sale system did you use, and did you price singles on the actual top loaders?
How Do you Deal with Inventory tracking for singles? Costs and Sales tracking?
Online is best way to go....I do! It's been great!
Wow, there's a lot more to opening a shop than I thought.
great video as always but your numbers are off on overhead with the employee compensation. if your going monthly overhead expense and paying someone $500 a week then you need to add $2150 to your monthly employee compensation.
Thought the same thing when I saw that. Good call out.
If you're buying random collections at 55% all the guys who collected during the junk wax era will beat a path to your door. I try to remember that some cards you get will NEVER sell at any price, especially from random assortments. A dealer friend of mine gave me some sage advice, you don't make money when you sell, you make money when you buy.
I opened an LCS 6 months ago and I turn people away all the time that have junk wax singles.
@@claywinn32 I would low ball on junk wax singles so low, example 2 cents on the dollar and the seller would still say yes. If it was a $5 deal, I would give them $5 and have them take the cards back with them. I would tell them thanks for your business. I always had happy customers. I would buy from everyone and the word got around, at times I was buying 3 times more than I was making in a month.
Great advice. Really hard NOT to 'overcharge' sometimes when you do see what some cards sell for online.
If you’re in Louisville and would want to do this again I’d be down. I started 2 successful restaurants so I’m not scared of the hard work to start up a business Louisville could definitely use another LCS
Good stuff
6 months? Definitely an expert in the industry. Seriously, in any industry you have 0 experience after 6 months.
The card shops in my area that I went to had singles marked up past ebay's highest prices and wax at double retail and hobby prices and nothing gets bought. Idk how they stay in business.
My local LCS is the exact same way. I only buy supplies like top loaders from them bc their prices are outrageous
Watching a lot of these videos...thinking of making a small LCS with two other investors. Already have a profitable break business...just economy and Fanatics uncertainty makes it difficult. Been with a distributor for 1 1/2 but GTS is losing Topps...fun but stressful lol
Hello! Sir, i'm from China, and could help answer some my questions? 1. I For the distributor part, do you mean i won't get one distributor unless I have a storefront first? (if so, then this would be a tough thing for me to do because i don't have that courage to open a shop first and then start to find a distributor. could you give me some advice?) 2. Since I'm in China, where can i find a potential distributor to negotiate with? Look forward your reply :)
What is a "new breaker"...Thanks
Is your card shop open now? I'm in Ogden down the road.
Scottie B I'm looking to start a shop where can I buy some boxes plz?
Come to Scottsdale and open a store with me. I’ll back it!!
seems like only way to make it worth while if ya own a corner property or duplex with a store front and renting apartments upstairs to pay for the card shop rent, get rid of the rent and could be an OK cash business forget taxes, I think ya found your niche on youtube good informative channel
I would think the biggest thing would having a connect on wholesale sealed wax
No insurance, no alarm, no garbage, no quickbooks or recordkeeping software, no integrated pos? Seems like you forgot some basics into the monthly expenses.
go rockies!
Go Rockies!
I’ll say Build your online store first then head into renting a place for your business , if you can build digitally for a year then you’ll have to worry less about generation traffic and the cost of having to pay rent
Operating expenses is so high. Need to ensure a consistent customer base. This might mean other sources (i.e. online presence).
What about insurances and taxes?
Random comment just to help support the channel.
Your better off operating a biz like Kruk cards. A warehouse that only sells on web platforms. Sell everything and sell volume.
Man and I thought running a LGS was brutal.
Excell marketing. They distribute to all the big boxes. You need a Brick n mortar to do business with them. Don’t buy through 3rd party distributors. They will eat up your points and you will make nothing.
Another tip: card stores are like liquor stores. The more recant inventory the better. You can then purchase volumetrically and gain price advantage
So, you don't need to be a big box store to get inventory from them?
@@AroundTheHorn1 You do as distribution is NOT available to the public. Moreover, they usually are very selective with working with online vendors unless you are selling in volume (so you cannot just launch a makeshift website to get boxes). Best way to secure distribution: OPEN A BRICK AND MORTAR
@@Hellastorytella I do own a brick and mortar card shop
@@AroundTheHorn1 Beautiful. Give them a call. See what they say. I am not sure if Excell distributes outside of big box and large format retailers but doesn't hurt to ask. Let me know if it works out. Very curious.
@@Hellastorytella will do
In and out in 6 months but giving advice?? Cmon bro
Hey thanks for watching.
The business I was in was extremely successful. I was only out because I received a promotion at my day job and wanted to pursue my career. The advice I gave was about my experience of starting a shop which any new business owner will need to experience.
now is not the time to start any business, we are heading into stagnation..
You have to have a minimum of 100k in your bank account to start a card shop. And that’s after you have set up and paid your first months rent.
I always hear stories from people in the hobby about card shops that open up and are shuttered within a year or two because the owner is so soft that he can’t handle the slightest bit of constructive criticism or well-intended feedback from customers.
My first instinct is to feel sorry for them - no one should celebrate someone having the stones to start a business and then failing - but then I start to think that maybe this hobby isn’t meant for people who are so insecure and defensive - it’s probably the best thing for them to move on to other things. I mean, I think most of us can agree that a card shop whose owner who gets all pouty pouty every time a customer tells them something they don’t like isn’t a card shop that anyone is going to want to visit, no matter how much inventory they have or how much curb appeal the place has.
I would never open a shop unless you just love it and have disposable income .your not going to get walk in sales or purchases . Everyone is savy to ebay and other platforms . Especially now with uncertainty with the economy . Do yourself a favor and set up at shows and if you dont like it ,your not stuck with inventory or a lease . Makes zero business sense to open up a card shop
I owned and operated 3 stores for 10 years. I had the inventory and the knowledge of how to run a business. Saw dozens of types like you come along. Totally clueless. Video should be called how not to open a business of any kind. I also did it in 1987 with no big internet presence.
I know I can't swing a card shop... So I am premiering in Whatnot this weekend! Come give me a follow (SportYourCards) and come hang out this weekend for Slabs, Singles and Giveaways!