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Hi there everyone, My name is Thomas Matthews im 21 and i have always dreamed of owning my own hobby/gaming store in chichester, and crafting it to become the hub of all things Wargaming on the south coast!

After a stint in Games workshop ive seen things, many things and i dont like it!.

Im currently in the idea / funding process for the store and have come to the forums to see if there is an interest for a store in Chichester and i would also love to hear your comments and feedback into what you would love this store to become!

I'm really looking forward to hearing from you guys!


Tom.

Welcome to Dakka!

I can sense your eagerness form your post but you really need to walk before you can run. But in no particular order.

Get a site that is within budget and as accessible to customers as you can get.

Keep it clean and tidy.

Get in touch with local games clubs/the hobby community.

Speak to your Chambers of commerce.

Check out shop fittings (again seek something you are happy with that is within budget).

Expect not to draw a wage or take very little out of the business once it starts.

Expect to live your business 24 hrs a day 7 days a week.

Maybe have space for tables - If you can free it up.

Don't underprice or undersell unless your business model can account for it - you will need every penny to start with.

CCG's and board games are probably a must.

This is something i have looked at in the bournemouth area.

What sort of budget do you have planned?

We worked out that to begin with, we can expect our stock to range around the £12,000-£15,000 mark, not taking into account the shop and equipment.

Well the rent in Chichester is high, i dont intend to stock the entirety of GW's range, warmachine il mostly have the starter box and a few other bits, same for other game systems such as flames of war. going all out on MTG.

The reason for not stocking out on everything is so i dont have standing stock that does not sell. and customers can come in and order exactly what they want and il get it in for them. sure this model is not as convenient but i believe at first this is the best way to keep costs down, and to establish a firm customer base with trust and great service in mind!

i would say a budget of £15,000-£20,000 is a good estimate.

15k will disappear in seconds dude.

You don't just need stock, you need shelves, a till, which for your own sanity needs to be an epos system with all your SKUs loaded onto it, and the hardware to run it. Hell, even a decent quality, commercial barcode scanner will likely cost the best part of £100

A telephone, a counter, painting and decorating, signage, installation of a telephone line, broadband, a PDQ system, furniture if you're going to have in store tables, but you'll also need somewhere to sit.

Then there's all the ongoing costs, utilities, bank account charges (eventually, you'll get a free banking period from pretty much every bank) rent, business rates, advertising, your own salary...

The list goes on, believe me, I've done it.

Would you set up as a sole trader? Or a limited company? The former is much more straightforward, but you'll be personally liable for any debts the business accumulates, the latter protects you from that, but comes with a greater administrative burden and probably means you need to factor the cost of a good accountant into your ongoings (which will be approaching, if not more than £1k a year) and requires additional costs to set up (but not too much if you use one of the web based DIY services)

What about VAT? You are obliged to register by law if your turnover exceeds the threshold (£70kpa IIRC) but can still choose to below that.

Plus you'll need sufficient liquid cash to cover your expenses for 6 months at least, because it takes time for business to develop, even if you do everything right (you won't, it's impossible when you're making judgement calls on a daily basis to get them all right)

You're right not to over invest in stock, but be damn sure there isn't an easy alternative around the corner, and if it is going to take a week for you to get stuff, why would the customer not order online and probably get it from someone who is undercutting you?

There's a saying that the cost of loyalty is 12%, which is the point where a difference in cost outweighs a person's relationship with the vendor, but you'll need to be in a position to generate that loyalty in the first place.

Forgive me if this sounds harsh, but retail IS harsh, I've spent most of my working life in it, and I have set up my own business, so I really am talking from a place of experience here. Also, while I don't know you, and you may be a remarkable person, you probably need to serve a little more time and gain a few years more experience before you consider striking out on your own, working in a store, especially a large chain like GW, where the decisions you'll need to make, day to day, are made elsewhere and dictated to you, does not prepare you for running, your own business. Try and get a more senior position somewhere, to give you a broader view of how a business is run, or a job in a smaller business where the chain is much shorter and you can be more involved in the day to day decision making.

If you decide to go for it, I wish you luck, but however well prepared you think you are, or how much you think you know, believe me, you're wrong.

Thanks for the replies as i say im looking for ALOT of advice, yes im young ive only had 3-4 years experience in retail but ive had management experience (thats not saying much). but i know what your saying dude ive already had tons of advice from relatives who run their own businesses =].

I'll paraphrase something I've just mentioned to someone in a PM.

"why you?"

If you can answer that question (in regard to why a customer will buy from you) with a solid, logical, non emotive answer, you're probably on the right track.

Azreal makes some great points..

I would like to add some more.

If you fail or find it difficult, dont blame anyone but yourself, its not the internet to blame, its that you didnt create an offering that your potential customers wanted.

Of all the industries to go into business in I would say that wargaming/hobby is probably the most backwards you can possibly imagine. Expect to waste epic amounts of time doing stuff you think that should already be in hand. Stuff that should be easy is a massive time sink. You are more than welcome to visit us.

rich1231 wrote:
Azreal makes some great points.

Thanks, if all goes well with drugs and/or surgery, I'll be available for employment a little bit later in the year!

 azreal13 wrote:

rich1231 wrote:
Azreal makes some great points.

Thanks, if all goes well with drugs and/or surgery, I'll be available for employment a little bit later in the year!

Ill keep that in mind