I am trying to decide if this would be a good business venture. I live in a large midwestern metro area, and have been thinking about turning my new hobby(ok, obsession) into a business. The lack of stuff available at local chains is laughable. Ive obtained almost eveything from online vendors, save a few drugstore as's. A All of my purchases have beeon heavily weighed based on reviews from forums like this. A few of them have been regretted, brushes too big, as's I dont care for the scent etc. I think If there was a place locally to touch, smell, handle items I would probably do most of my shoppping there. Also shipping cost outweighs tax unlesss I put together a a order of 80- 100$. It seems like there arent very many actual stoees across the US to do this. I figure if AOS can hold there own with overpriced goods, a store withe the classic shave stuff only found online would be awesome in a big city. I read the feedback to peoples excitement of the store, Imperial Shave in Medina, Ohio. That is not a very big market for such products. Also i have thought of cigar shops. They arw all over the place. Anyone can buy cigars online probably at a lower price than the local cigar shop, yet they continue to survive.
Thinking of opening a brick and mortar shop
- Thread starter smoothie72
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Location will be key... If you don't have foot traffic, you will have to join the several well established online vendors. That in it self could be a nightmare and depending on online sales to keep the rent going on the brick and mortar could have it's up and downs. What area you looking?
I own a small business in the waterfowl hunting community and my biggest problem I have is people coming in a "testing" all the products and leave and go home to purchase them online (and they only save a few buck's). People who understand what you are doing are few are far between now days. If it works, it would be a great small business to have.
- Thread starter
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Yeah that has been a concern in the planning stage is that people will use the store as a place to find what they want then buy online. I would try to stay competetive pricewise. I am in the Columbus, Ohio area. Yes foot traffic would be key also. I would also get an online store up and running. I think online exclusive would be a tough market due to the competition alrwady there and the relationships and trust people already have with some of the online stores.
I commend you on turning your hobby into a business. However I'd recommend doing a lot of research first (if you haven't already done so). Some suggestions:
- how many customers are in your area?
- what is rent going to cost per month and how long is your lease?
- what advertising will you do? How much have you budgeted per month?
- what insurance and permits do you need?
- do you have a business plan?
- what is your exit strategy if your business is unsuccessful? Or successful?
- how long will it take to earn a profit?
- how much cash/finance do you have?
- have you spoken with any vendors?
- what products are you going to stock? A select few? Or lots of the same products?
I dislike shopping in stores with a passion. The only shaving gear I bought was an AOS kit. Everything else was bought online.
AOS has the support of P&G.
- how many customers are in your area?
- what is rent going to cost per month and how long is your lease?
- what advertising will you do? How much have you budgeted per month?
- what insurance and permits do you need?
- do you have a business plan?
- what is your exit strategy if your business is unsuccessful? Or successful?
- how long will it take to earn a profit?
- how much cash/finance do you have?
- have you spoken with any vendors?
- what products are you going to stock? A select few? Or lots of the same products?
I dislike shopping in stores with a passion. The only shaving gear I bought was an AOS kit. Everything else was bought online.
AOS has the support of P&G.
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Why? It is really those stores that keep a lot of local economies alive, and all you are doing is destroying that. I understand if you can't find something it is okay to go online. IMO you might want to revisit some brick and mortars.
I say go for it. But, my suggestion is to start in a side room of an established men's clothing store. Rent is way cheaper and you automatically have customers.
Also consider the services you could offer, razor restoration, sharpening, custom brushes and scales would be enough to bring me into my local store but they offer no services only products. Why pay more for something you can get cheaper online, but if they offered custom or restoration work that would be enough to get me to go in to at least see their skills.
+1. Also think about sideline in a traditional men's barbershop.
With high gasoline prices, you have to factor in the cost to drive to a store versus let your fingers do the walking buying online. If prices go higher, which they will, this could hurt B&M shops.
Here's a sure-fire way to make a small fortune with your business model:
And don't forget to register as a vendor.
Start with a large fortune.
And don't forget to register as a vendor.
Look at the volume of sales you'd need to break even (cover expenses) and pay yourself minimum wage. Basic business plan stuff. A market analysis will tell you if there's enough people to generate the volume needed, but if you can't meet expenses and pay yourself a minimum wage, you might as well flip burgers at McDonalds (my euphamism for doing any minimum wage job).
My experience as a professional photographer is that the hardest part of having a business is the marketing to generate sales leads. This has been, is, and continues to be difficult for me - far more difficult than learning all the technical aspects of being a photographer. The other part is the actual sales: I can't make any money giving away the hi-res files on a CD, but that's what 99% of my clients demand. I hated the whole concept of "upselling" until I was forced to do it myself.
Can you take a guy who walks in hoping to find a bargain on Chinese knock-off Mach IIIs and turn him into a B&B shaving connesieur? Then you might have a chance.
It's a tough economy to start a business. Remember that even in good times, 50% of all startups fail in the first year, and 80-90% in the first 5 years. The statistics prove that doing what everybody else does is a recipe for failure.
My experience as a professional photographer is that the hardest part of having a business is the marketing to generate sales leads. This has been, is, and continues to be difficult for me - far more difficult than learning all the technical aspects of being a photographer. The other part is the actual sales: I can't make any money giving away the hi-res files on a CD, but that's what 99% of my clients demand. I hated the whole concept of "upselling" until I was forced to do it myself.
Can you take a guy who walks in hoping to find a bargain on Chinese knock-off Mach IIIs and turn him into a B&B shaving connesieur? Then you might have a chance.
It's a tough economy to start a business. Remember that even in good times, 50% of all startups fail in the first year, and 80-90% in the first 5 years. The statistics prove that doing what everybody else does is a recipe for failure.
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.....beautiful buxom (and knowledgeable) girls dressed as barbers would help business.......
That would help a lot of things...
Definitely start small, don't quit your regular job until the business model has proved itself!
Remember, guys a) hate shopping, b) hate change and c) hate to publicly show interest in their grooming habits. Convincing a guy to even walk in your store is going to be tough, convincing enough to do so every day AND drop their cash is a tough mountain to climb.
Remember, guys a) hate shopping, b) hate change and c) hate to publicly show interest in their grooming habits. Convincing a guy to even walk in your store is going to be tough, convincing enough to do so every day AND drop their cash is a tough mountain to climb.
I prefer to shop in brick and mortar stores and I am willing to pay a little more to support them. However, where I live brick and mortar shaving stores don't exist.
However, whenever I am in an area that has one, I visit and usually buy something there.
With that said, I worked in the retail industry (as an attorney) for more than 40 years. The number of stores (be they large, small, and everything in between) that don't make it are huge. Retail and restaurants have about the highest mortality rate.
However, whenever I am in an area that has one, I visit and usually buy something there.
With that said, I worked in the retail industry (as an attorney) for more than 40 years. The number of stores (be they large, small, and everything in between) that don't make it are huge. Retail and restaurants have about the highest mortality rate.
Use caution here. Like a previous post stated, 80% percent of new businesses fail. (I used to be an insurance underwriter and we would use this statistic for evaluation).
Personally, I would start small. Is there a farmers market close by or even a large flea market? You should be able to get a feel for running a business without a large investment. If that takes off, then parley your capital earnings int a B&M store front. I would imagine the cost to open such a store would be at $50-100K. You need to sign a lease, get a large inventory and work 70 hours a week.
Best of luck!
Dave
Personally, I would start small. Is there a farmers market close by or even a large flea market? You should be able to get a feel for running a business without a large investment. If that takes off, then parley your capital earnings int a B&M store front. I would imagine the cost to open such a store would be at $50-100K. You need to sign a lease, get a large inventory and work 70 hours a week.
Best of luck!
Dave
Can you start out smaller? The products aren't exactly bulky. One of those carts in the mall should be sufficient. A lot of foot traffic and if you can get up/running for the holidays you'll get an idea of what interest there ay be during the peaks.
I buy brick and mortar for LOCAL MERCHANTS and I'm always willing to pay more provided that the merchant works for it (helpful staff, stand by what they sell...). For those items I can only get in big box/chain stores, I really don't have a preference (on line/brick and mortar) outside of clothing. I have to try clothes on before purchase.
