vendredi 26 février 2016

New small business

I started my business when a local used book and movie store closed and I bought out the remaining inventory. 9,000 + books, 1,000 + movies, cds, all priced and shelving for $1,200. Our location has been open almost 3 months now and we added video games, toys, comics & collectibles, also people can Buy-Sell-Trade all in one location. We are not where we need to be yet, mostly because of rent & utilities that cost $1,000 a month, it was more because I'm month to month and not in a lease. I know that I have competition from other stores, we are unique in a way that we cater to the Nerd, Geek & Gamer which our inventory appeals to all ages plus it's a collage town. I have been considering getting a loan or have an event to help raise funds to secure land and a small building, I understand businesses tend to fail in the first 5 years, even if we started on a 1/4 acre of commercial property and a converted shipping container or metal building, something inexpensive that we could expand out in the future. Also the thought if we don't do well, we could always rent out the building. Is attempting to invest in land and a building a good idea this early ? My thoughts are getting someone to sell a small piece of commercial land might be difficult , which there are 4 good areas in town and everything seems ridiculously priced. Trying to get a loan would be my last option.


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