Expanding a small business

[lcarus]

I know absolutely nothing about expanding a small business. How much profit do you need to rake in before you can even think about opening up a second store? As some of you know, I work at a trophy and awards store in Tulsa. We're the biggest in Tulsa, and the 2nd biggest in Oklahoma. There is a place in OKC that is one of the biggest awards stores in the country. As far as I know, there isn't a "chain" of trophy stores nationwide. Seems like there's an opportunity there. Is there a chain of trophy/plaque/awards stores in the USA? I'm kind of embarrassed to not know, but I haven't heard of one.

[Ming the Merciless]

I know absolutely nothing about expanding a small business. How much profit do you need to rake in before you can even think about opening up a second store? As some of you know, I work at a trophy and awards store in Tulsa. We're the biggest in Tulsa, and the 2nd biggest in Oklahoma. There is a place in OKC that is one of the biggest awards stores in the country. As far as I know, there isn't a "chain" of trophy stores nationwide. Seems like there's an opportunity there. Is there a chain of trophy/plaque/awards stores in the USA? I'm kind of embarrassed to not know, but I haven't heard of one.

I believe there is , there is one in the mall near my house...let me try and look the name up.

edit: I might be thinking of Things Remembered, which doesnt seem to have trophies...I am actually not sure now...

[Stewie]

Crown Trophy used to be a national chain. Not sure now.

[El Jefe]

I know absolutely nothing about expanding a small business. How much profit do you need to rake in before you can even think about opening up a second store? As some of you know, I work at a trophy and awards store in Tulsa. We're the biggest in Tulsa, and the 2nd biggest in Oklahoma. There is a place in OKC that is one of the biggest awards stores in the country. As far as I know, there isn't a "chain" of trophy stores nationwide. Seems like there's an opportunity there. Is there a chain of trophy/plaque/awards stores in the USA? I'm kind of embarrassed to not know, but I haven't heard of one.

A sizeable amount. How do your P&L's look? Do you have an ability to not take a check until the business becomes full functioning? The issue with new startups is that the owners dump everything they have into just opening the doors, and until they start getting business they just keep going into debt or close. Do you have a funding request draft?

[Saul Good]

I know absolutely nothing about expanding a small business. How much profit do you need to rake in before you can even think about opening up a second store? As some of you know, I work at a trophy and awards store in Tulsa. We're the biggest in Tulsa, and the 2nd biggest in Oklahoma. There is a place in OKC that is one of the biggest awards stores in the country. As far as I know, there isn't a "chain" of trophy stores nationwide. Seems like there's an opportunity there. Is there a chain of trophy/plaque/awards stores in the USA? I'm kind of embarrassed to not know, but I haven't heard of one.

Profit at the first store matters less than having someone you can really count on to run the second store. As a small business owner, you put your heart into running your single location. When you have multiple locations, the one you spend your time at is going to perform better than the rest unless you really have a gem working at the other location and come up with a blueprint for how to run the place.

Would you leave your current shop to run the new location?

[El Jefe]

I must say, in this economic climate you better have a good financial funding plan in place, because it's brutal out there.

[Fish]

I know absolutely nothing about expanding a small business. How much profit do you need to rake in before you can even think about opening up a second store? As some of you know, I work at a trophy and awards store in Tulsa. We're the biggest in Tulsa, and the 2nd biggest in Oklahoma. There is a place in OKC that is one of the biggest awards stores in the country. As far as I know, there isn't a "chain" of trophy stores nationwide. Seems like there's an opportunity there. Is there a chain of trophy/plaque/awards stores in the USA? I'm kind of embarrassed to not know, but I haven't heard of one.

Perhaps there's a reason for that...

[bevischief]

Get a web site.

[lcarus]

Perhaps there's a reason for that...

Perhaps you're right. I just figure, with so many odd chain stores in this country, there might be room for a trophy and awards chain. I mean, people everywhere have schools, businesses, churches, little league, etc.

[jbwm89]

I would look into expanding your current market, geographically or by increasing your product offering before I opened another location. Of course I am saying this without knowing hardly anything about your situation.

[loochy]

I know absolutely nothing about expanding a small business. How much profit do you need to rake in before you can even think about opening up a second store? As some of you know, I work at a trophy and awards store in Tulsa. We're the biggest in Tulsa, and the 2nd biggest in Oklahoma. There is a place in OKC that is one of the biggest awards stores in the country. As far as I know, there isn't a "chain" of trophy stores nationwide. Seems like there's an opportunity there. Is there a chain of trophy/plaque/awards stores in the USA? I'm kind of embarrassed to not know, but I haven't heard of one.

I thought you were going to quit because you don't get paid enough.

[lcarus]

Profit at the first store matters less than having someone you can really count on to run the second store. As a small business owner, you put your heart into running your single location. When you have multiple locations, the one you spend your time at is going to perform better than the rest unless you really have a gem working at the other location and come up with a blueprint for how to run the place.

Would you leave your current shop to run the new location?

I could run a second store. My dad runs this one. He doesn't know how to run any of the machines or anything. He just manages the people and orders product we need. Occasionally deals with our bigger clients. I on the other hand, can order product when needed, deal with clients, run all the machines, build all the product, and am pretty good with people.

Could I survive a certain period without taking a paycheck? No. We haven't looked to expand, we have no plans in place for anything like that. I'm just asking about it. I think there's a lot of opportunity out there. We have a pretty good amount of business here rolling in throughout the year, and we're getting new clients all the time.

[lcarus]

I thought you were going to quit because you don't get paid enough.

Yeah, well...yeah. I feel I don't make enough at my current position, but that's why I'm just dreaming about opening a second store and running it. I doubt it will ever happen, but god it would be nice.

[El Jefe]

I could run a second store. My dad runs this one. He doesn't know how to run any of the machines or anything. He just manages the people and orders product we need. Occasionally deals with our bigger clients. I on the other hand, can order product when needed, deal with clients, run all the machines, build all the product, and am pretty good with people.

Could I survive a certain period without taking a paycheck? No. We haven't looked to expand, we have no plans in place for anything like that. I'm just asking about it. I think there's a lot of opportunity out there. We have a pretty good amount of business here rolling in throughout the year, and we're getting new clients all the time.

I understand where you're coming from, but you have to remember the first rule of business, it takes money to make money. I myself have entertained the idea of pursuing a route such as your, obviously a different field, but it's very risky.

[El Jefe]

Yeah, well...yeah. I feel I don't make enough at my current position, but that's why I'm just dreaming about opening a second store and running it. I doubt it will ever happen, but god it would be nice.

Don't stop dreaming (cue Journey), but have a solid basis for your plans. It may take a few years, but make a plan and work on it.

[Sofa King]

I'm stealing this idea.

I just funded 20 "Hulk Trophies" stores in your area and across the nation.

[lcarus]

I'm stealing this idea.

I just funded 20 "Hulk Trophies" stores in your area and across the nation.

Well if you want someone with experience to help run things or whatever, give me a ring. :thumb:

[Saul Good]

I could run a second store. My dad runs this one. He doesn't know how to run any of the machines or anything. He just manages the people and orders product we need. Occasionally deals with our bigger clients. I on the other hand, can order product when needed, deal with clients, run all the machines, build all the product, and am pretty good with people.

Could I survive a certain period without taking a paycheck? No. We haven't looked to expand, we have no plans in place for anything like that. I'm just asking about it. I think there's a lot of opportunity out there. We have a pretty good amount of business here rolling in throughout the year, and we're getting new clients all the time.

Would you have to buy all new equipment, or could you use the same engraving tools and whatever else you use?

[lcarus]

Would you have to buy all new equipment, or could you use the same engraving tools and whatever else you use?

We would probably need one laser engraver, one average PC. We already have extra heat presses and an extra rotary engraver. Laser engravers aren't cheap by any means, but really if you have one of those, the laserable/sublimation sheet metal, plaque boards, trophy columns, bases, trophy figures - I'd be in business. The materials are all really cheap. If I had a laser engraver with an exhaust fan, I could start a business just engraving things.

[Saul Good]

We would probably need one laser engraver, one average PC. We already have extra heat presses and an extra rotary engraver. Laser engravers aren't cheap by any means, but really if you have one of those, the laserable/sublimation sheet metal, plaque boards, trophy columns, bases, trophy figures - I'd be in business. The materials are all really cheap. If I had a laser engraver with an exhaust fan, I could start a business just engraving things.

Why wouldn't you be able to use the engraver from the other location?

[lcarus]

Why wouldn't you be able to use the engraver from the other location?

We have 2 good laser engravers at our current location. This place has to have 2 though. A new place starting up, I could get away with using just 1 for a while. So I would need a new one, or the current place could get a new one and give me the old one.

[Rain Man]

The profit at the first store doesn't matter. The question is whether you can make a profit at the second store.

The first store can give you insights into that, of course.

[Sofa King]

Well if you want someone with experience to help run things or whatever, give me a ring. :thumb:

I don't pay well and I'm an asshole. Also, i don't work hard.

You're hired.

[topher79]

If you can't or aren't taking orders online right now then you're already behind. Focus on that infrastructure if you have the capital.

[lcarus]

If you can't or aren't taking orders online right now then you're already behind. Focus on that infrastructure if you have the capital.

We are taking orders online. I think our website sucks ass though. It could definitely be restructured to make it easier and more appealing for a potential customer.

[lcarus]

Here is our website. Not trying to sell anything at all, just showing how crappy the site is. I'm sure there's worse out there, but ours needs to be updated for sure.

http://onlineawardstore.com/applications/trophynplaqweb_default/store/index.asp

[mikeyis4dcats.]

I bet your dad's girlfriend would make a good store manager for the new location.

[lcarus]

I bet your dad's girlfriend would make a good store manager for the new location.

i'm gonna take the high road on this one. o:-)

[mikeyis4dcats.]

i'm gonna take the high road on this one. o:-)

LOL, I'm just poking you....I know you're struggling, but you've got to stand up for yourself man.

[lcarus]

LOL, I'm just poking you....I know you're struggling, but you've got to stand up for yourself man.

Well there isn't any room for me to go up at this spot. I am getting a raise soon. So that's good.

[Saulbadguy]

Expand your web presence.

[lcarus]

Expand your web presence.

Definitely. At this point I'm just gonna try everything I can to improve the business, help it be more successful. If it doesn't work out, I'm gonna put my resume out there and move on. I figure I owe the place one last ditch effort. If I show real interest and motivation to help the place become more successful, and my dad doesn't take me serious, I'm gone.

[ghak99]

Here is our website. Not trying to sell anything at all, just showing how crappy the site is. I'm sure there's worse out there, but ours needs to be updated for sure.

http://onlineawardstore.com/applications/trophynplaqweb_default/store/index.asp

The website might function, but that home page is horrible.

[lcarus]

The website might function, but that home page is horrible.

God tell me about it. You should have seen the one we had before it. Just awful. Having a good looking, well-functioning website is kind of vital in this day and age wouldn't you say? I've tried to tell them, but they don't listen to me.