We’re still here! Year 2 is just around the corner in April. I was actually in the middle of typing up a business update for our newsletter. Social media, especially UA-cam has taken aback seat in the past few months with all sorts of other things going on. We’re planning a convention with a couple of other game stores in the area and if you’re curious about behind the scenes business stuff we’re launching our VideoCast on Friday @LFGCon on UA-cam.
We opened with about $8K in inventory (at cost) since we started online and did local events first and invested in another $15-$17K upon opening, and have been steadily adding to that number over the past two years and now fluctuate between $65K and $80K in inventory. When looking at how much inventory you need to open to be profitable my suggestion is this formula: (Total inventory at sale price * turn rate) * profit margin vs. your operating expenses
I kind of covered that in the video. I ended up needing a rush installation and there is a huge markup on a business install versus home install. Planning can save a lot of $ and this is one of those tiems I did not plan accordingly. I could have probably figured out how to install them myself, but it would have taken me at least a day or two since it is not really in my skillset and I would of had to learn. Any kind of contract labor, especially in CA is quite expensive!
For sure. That’s why it’s titled “some” and also I chat about it at the start of the video that I’m just talking about buildout costs and some things to get rolling
I kind of covered that in the video. I ended up needing a rush installation and there is a huge markup on a business install versus home install. Planning can save a lot of $ and this is one of those items I did not plan accordingly. I could have probably figured out how to install them myself, but it would have taken me at least a day or two since it is not really in my skillset and I would of had to learn. Any kind of contract labor, especially in CA is quite expensive!
@@BoardGamingwithEducation it’s actually easy you just need to find the stubs and an look out for electrical and plumbing and I believe that the instructions tell you what to do to
@@NinjaTenK It took a professional 6 hours to do three TVs in our unit. Had to crawl up in the drop ceiling connect to the electrical, run an outlet through the drywall, cut holes in drywall to install the mount, etc. Sounds easy! 😀
I watch a bunch of these "opening a store" videos as we prepare to open our own. These guys waste so much money on things they don't need or can just do themselves. Tv installation? Shelve installation? Plant for the bathroom?
I kind of covered that in the video. I ended up needing a rush installation and there is a huge markup on a business install versus home install. Planning can save a lot of $ and this is one of those tiems I did not plan accordingly. I could have probably figured out how to install them myself, but it would have taken me at least a day or two since it is not really in my skillset and I would of had to learn. Any kind of contract labor, especially in CA is quite expensive! The ability to install a 4'x8' 80+ pound piece of slatwall is not possible to do on your own. We are a business even if we wanted to get some help from a friend, we are still a business and need to pay for labor. We didn't want to open a "Mickey Mouse" game store with a table and chairs. Plant was free and donated by sister-in-law. I would love to hear a brick-and-mortar store in a large metro area that can open today for under $50,000 and survive several years! I don't think that is possible anymore. Feel free to come back and share your update on your opening! We would love to hear it!
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Curious if this store survived a year of being in business?
We’re still here! Year 2 is just around the corner in April. I was actually in the middle of typing up a business update for our newsletter. Social media, especially UA-cam has taken aback seat in the past few months with all sorts of other things going on. We’re planning a convention with a couple of other game stores in the area and if you’re curious about behind the scenes business stuff we’re launching our VideoCast on Friday @LFGCon on UA-cam.
Thank you for the video!
I was going to guess $10-15K but everything adds up fast.
How much did the gaming inventory cost? Another 5K?
We opened with about $8K in inventory (at cost) since we started online and did local events first and invested in another $15-$17K upon opening, and have been steadily adding to that number over the past two years and now fluctuate between $65K and $80K in inventory.
When looking at how much inventory you need to open to be profitable my suggestion is this formula:
(Total inventory at sale price * turn rate) * profit margin vs. your operating expenses
1100 for a tv install?
Why not you do it yourself?
I kind of covered that in the video. I ended up needing a rush installation and there is a huge markup on a business install versus home install. Planning can save a lot of $ and this is one of those tiems I did not plan accordingly. I could have probably figured out how to install them myself, but it would have taken me at least a day or two since it is not really in my skillset and I would of had to learn. Any kind of contract labor, especially in CA is quite expensive!
Product??? Literally missing one of the largest items that make the store what it is
For sure. That’s why it’s titled “some” and also I chat about it at the start of the video that I’m just talking about buildout costs and some things to get rolling
Why didn’t you install the tvs your self for free
I kind of covered that in the video. I ended up needing a rush installation and there is a huge markup on a business install versus home install. Planning can save a lot of $ and this is one of those items I did not plan accordingly. I could have probably figured out how to install them myself, but it would have taken me at least a day or two since it is not really in my skillset and I would of had to learn. Any kind of contract labor, especially in CA is quite expensive!
@@BoardGamingwithEducation it’s actually easy you just need to find the stubs and an look out for electrical and plumbing and I believe that the instructions tell you what to do to
@@NinjaTenK It took a professional 6 hours to do three TVs in our unit. Had to crawl up in the drop ceiling connect to the electrical, run an outlet through the drywall, cut holes in drywall to install the mount, etc.
Sounds easy! 😀
@@BoardGamingwithEducation yep but I don’t remember watching
I watch a bunch of these "opening a store" videos as we prepare to open our own. These guys waste so much money on things they don't need or can just do themselves. Tv installation? Shelve installation? Plant for the bathroom?
I kind of covered that in the video. I ended up needing a rush installation and there is a huge markup on a business install versus home install. Planning can save a lot of $ and this is one of those tiems I did not plan accordingly. I could have probably figured out how to install them myself, but it would have taken me at least a day or two since it is not really in my skillset and I would of had to learn. Any kind of contract labor, especially in CA is quite expensive!
The ability to install a 4'x8' 80+ pound piece of slatwall is not possible to do on your own. We are a business even if we wanted to get some help from a friend, we are still a business and need to pay for labor. We didn't want to open a "Mickey Mouse" game store with a table and chairs.
Plant was free and donated by sister-in-law.
I would love to hear a brick-and-mortar store in a large metro area that can open today for under $50,000 and survive several years! I don't think that is possible anymore. Feel free to come back and share your update on your opening! We would love to hear it!
How's it going with your store update?