They are owned by Wizards of the Coast , which also owns the popular game Magic the Gathering. A friend of mine used to work at a comic book shop in Dallas, and they would host games for the regulars, including ones with entry fees and cash prizes. He also was nationally ranked for Magic the Gathering, so it helped to draw new business to the comic store when he would do well in tournaments.
The resources necessary when starting a comic book store are fairly consistent wherever you are. They include:. Basically, if you want a successful store, write a business plan. Read our blog and use our template to write your plan. Running a comic shop will take a lot of your time. Because revenue might be slow at first, a business owner should expect to be at the brick and mortar store during business hours. It may be a while before the business owner can afford to pay employees.
Any hours you advertise you are open, make sure you or an employee can be there. He told us,. Every comic book retailer is going to need a small place to sell to comic book customers. Ilan told us:. The space should have decent foot traffic. Places that tend to have the traffic you need include malls, comic book conventions, and online.
Hardcore collectors interested in finding new comic shops might hunt you down, but the less avid customer base will check out your physical store if it looks welcoming. Like every business, a comic book store will need to meet certain requirements, including:. We go into more detail on starting a business in our video:. You need to establish a legal entity, or business structure, when you want to open a comic book store. For best results, hire legal representation that has experience starting a business, like an attorney , accountant , or tax specialist.
That means if something goes wrong, you could lose both your store and your home. As soon as you can, convert it to an LLC. To start a sole proprietorship, fill out a special tax form called a Schedule C.
Sole proprietors can also join the American Independent Business Alliance. An LLC requires a document called an operating agreement. Each state has different requirements. People may register in specific states due to the cost of doing business. Delaware and Nevada are common states to file an LLC because of their business-friendly laws. Partnerships and corporations are typical for massive organizations or legal firms. Unless there is a specific reason you need a partnership, it is better to do a multi-person LLC.
Investopedia has good information about partnerships and corporations. Every business operating in the United States needs an employer identification number. Apply for it on the IRS website. Each location has different licenses, permits, or tax forms required.
Keep reading for information on different legal structures. The U. Chamber of Commerce has a ton of information on unemployment and also offers links to each state agency that handles state unemployment. Check your state requirements. Contact your current insurance agent and ask them if they can provide these. Most will be able to provide a quote or refer you to someone who can. You might also want to purchase some insurance to protect valuable comics against theft. Given a comic book collecting business could have comics worth up to a million dollars, you might want those insured.
Funding a comic book store can be done like any other business. The primary ways of funding are:. There is a ton of work to do in a comic book store. It will help you focus on other aspects that are more valuable to the business, like implementing your marketing plan, managing accounting, and finding new rare issues. Marketing is where Ilan really showed how old school he is.
He described his initial marketing strategies as:. A strong brand will help your business stand out from competitors. Larger retail bookstores have the ability to offer new comic books and related paraphernalia at a lower price. In order to stand out as a smaller comic book store, it is essential to offer things that cannot be found in the larger stores.
Opening this type of business requires careful consideration of the demographics of the target market. It is important to open in a location with a highly visible storefront, in an area with a younger population that has disposable income.
To get customers to stop at the store, it is important to locate it in an area that has significant foot traffic passing by the store. You need to nurture the interests of your customers in finding the rare items that they are looking for. This is the enthusiasm of the treasure hunt, which you will want to encourage.
Ask customers to fill out a profile of things they like and list the rare items that they cannot find, so you can hunt for these treasured items that they want to have in their collection. More casual fans are harder to attract, but essential for the success of the store. Look for ways to entice these customers, like displaying comics related to new blockbuster movies or video games.
Staying up-to-date with pop culture can help you capitalize on the market. Still unsure about what kind of business you want to start? After defining your brand and creating your logo the next step is to create a website for your business. While this may have been a reasonable fear back in , web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders. Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. There are many services available to entrepreneurs who want to set up a business phone system. Recommended : Find the best phone system for your business; check out our review of the Best Business Phone Systems Select your state below for an in-depth guide on completing each of these steps in your home state.
It goes without saying that you need to love comic books. You will need to be an enthusiastic living encyclopedia about the history of comic books, which ones are most treasured by collectors and why.
Entrepreneurship Quiz. You need to be a treasure hunter. You must know the fair market prices for rare comic books and you must buy them for less that the going prices in order to resell them to make a profit.
You can develop familiarity with market pricing by researching on ebay and other online markets, and can often find great deals by attending liquidation events, such as estate sale or a garage sales, where items are often sold below market price. It is not easy to find such treasures and you will look through lots of really bad stuff before finding something good to sell.
If you are dedicated and continue to look, you will eventually find good things to sell. You will also get better over time in knowing what items your customers want and what they would be willing to pay for them.
This is a niche business, which is fairly small. There are not many ways to grow it beyond a level that sustains a small retail store and an Internet sales effort. However, it is possible, though unlikely, that a very successful store could make enough profit to open many locations, even eventually franchising.
Subscribe to our YouTube channel. One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners. Want to learn more about starting a business from entrepreneurs themselves? There are many resources out there specifically for women entrepreneurs. If the business also markets its products on the Internet, perhaps there might be a need for data entry and eCommerce management. In that case, the extra staff would either be freelance workers or workers paid minimum wage to make postings on eBay about items for sale and do all the online marketing and order fulfillment activities.
If the business grows to a point where more workers are needed, or if the business owner would prefer not to be involved in the daily operation of the store, additional employees would be beneficial. Choosing employees with a love for comic books who can help customers pick out what best suits them is crucial. Read our comic book store hiring guide to learn about the different roles a comic book store typically fills, how much to budget for employee salaries, and how to build your team exactly how you want it.
Get more ideas with our Business Ideas Generator. Sign up at the Business Center to access useful tools for your business. Skip Ahead To. Take the Next Step Useful Links. Start a comic book store by following these 10 steps: You have found the perfect business idea, and now you are ready to take the next step. Check out our How to Start a Business page. A few important topics to consider are: What are the startup and ongoing costs?
Who is your target market? How much can you charge customers? What will you name your business? Clearly, you couldn't pay very much for the store. My final concern on sales when I'm purchasing a store is the earned discount on the items being sold.
You just might not know it yet The most successful comics stores are generally those that generate a high percentage of their sales from back issue comics and collectibles.
Margin points really matter! If the store you're considering purchasing passes all of the above requirements, then I think you may be on to something good. Believe me, if you can find the right purchase situation, you can save yourself years of effort, and tens of thousands of dollars of cost.
This not a pie-in-the-sky suggestion, either, as I would project that half of the comics dealers in America would sell out tomorrow if offered a reasonable down payment for their store. If that's the case, however, then why would you ever want to enter the business? I'll offer my explanation next week Please send your e-mails to chuck milehighcomics. Attn: Chuck Rozanski W. TM All Rights Reserved. All Rights Reserved. All scans are exclusive property of Mile High Comics, Inc.
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