Philly vintage
Grumbler
I'm planning on opening up another store. It's within the same city but I'm going after a different type of customer. Has anyone out there had experience good and bad with this?
multiple stores?
- Thread starter Philly vintage
- Start date
So what are ya selling? Doughnuts?
Seriously, You know your numbers better than anyone else and hopefully you have studied the market you intend on entering. You will spend a lot more time managing two stores or pay someone to do this for you. I’m sure fellow Gs can help you if you have more specific questions.
John
Seriously, You know your numbers better than anyone else and hopefully you have studied the market you intend on entering. You will spend a lot more time managing two stores or pay someone to do this for you. I’m sure fellow Gs can help you if you have more specific questions.
John
check the achives of Picture Framing Magazine. A year or two ago they featured a couple of different owners who have done this. Might be at least 2-3 years back.
Good luck
Good luck
Philly vintage
Grumbler
Specifically, has anyone out there with a picture framing shop decided to open up another store within the same city/area? did you have equipment at both locations? did you find it worth you efforts to have two or more stores or did you double your problems without a worth while increase in profits?
Basically if you've opened another store, what was your experience.
Basically if you've opened another store, what was your experience.
David Knox
CGF II, Certified Grumble Framer Level 2
David,
I opened a second location one year ago this week. It's twelve miles from my original location, in the seventh fastest growing town in North Carolina. No frame shop was located there and I had a established customer base of 500 people I could market to. I hired a full-time manger for the store and we do all the framing at the original store. Knowing that I would pull some business from the original store, I predicted that the business revenue from Hillsborough would fall by 10%, but in actuality it fell by 20%. Took a year for me to get back up to speed at Hillsborough and Mebane has been on the break even point all year. I'm ready for it to show a profit every month instead of just some months! The key is incredible employees which I have and am very thankful for. It's definitely hard work, but I'm encouraged that business continues to improve. At this point, I don't know if it has been worth it, but I sunk so much money into the upfit that as long as we're not losing a great deal of money I can manage. The hardest thing has been a decrease in my personal income, which according to the SBA is typical when you add employees and it should slowly rebuild to above minimum wage! Actually my life has changed drastically and for the better but that means my focus has changed... after ten years of being divorced I'm getting married in August. So I'm not into working all the time and that doesn't help the new store. Please don't hestitate to get in touch with me if you have questions.
I opened a second location one year ago this week. It's twelve miles from my original location, in the seventh fastest growing town in North Carolina. No frame shop was located there and I had a established customer base of 500 people I could market to. I hired a full-time manger for the store and we do all the framing at the original store. Knowing that I would pull some business from the original store, I predicted that the business revenue from Hillsborough would fall by 10%, but in actuality it fell by 20%. Took a year for me to get back up to speed at Hillsborough and Mebane has been on the break even point all year. I'm ready for it to show a profit every month instead of just some months! The key is incredible employees which I have and am very thankful for. It's definitely hard work, but I'm encouraged that business continues to improve. At this point, I don't know if it has been worth it, but I sunk so much money into the upfit that as long as we're not losing a great deal of money I can manage. The hardest thing has been a decrease in my personal income, which according to the SBA is typical when you add employees and it should slowly rebuild to above minimum wage! Actually my life has changed drastically and for the better but that means my focus has changed... after ten years of being divorced I'm getting married in August. So I'm not into working all the time and that doesn't help the new store. Please don't hestitate to get in touch with me if you have questions.
David
Consider writing a business plan for two additional stores and implementing the first part of it. This will help you get rid of the idea we all have that we can be in two places at once. Three is more likely to be successful than two.
Consider writing a business plan for two additional stores and implementing the first part of it. This will help you get rid of the idea we all have that we can be in two places at once. Three is more likely to be successful than two.