Money Expanding a small business

lcarus · 08-07-2012, 10:25 AM

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** · 08-07-2012, 10:26 AM

Quote:

Originally Posted by 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.

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 · 08-07-2012, 10:33 AM

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

El Jefe · 08-07-2012, 10:33 AM

Quote:

Originally Posted by 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.

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** · 08-07-2012, 10:33 AM

Quote:

Originally Posted by 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.

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 · 08-07-2012, 10:34 AM

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

Fish · 08-07-2012, 10:34 AM

Quote:

Originally Posted by 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.

Perhaps there's a reason for that...

**bevischief** · 08-07-2012, 10:37 AM

Get a web site.

lcarus · 08-07-2012, 10:40 AM

Quote:

Originally Posted by KC Fish

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 · 08-07-2012, 10:42 AM

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** · 08-07-2012, 10:44 AM

Quote:

Originally Posted by 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.

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

lcarus · 08-07-2012, 10:44 AM

Quote:

Originally Posted by Saul Good

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 · 08-07-2012, 10:45 AM

Quote:

Originally Posted by The Ultimate Warrior

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 · 08-07-2012, 10:47 AM

Quote:

Originally Posted by lcarus

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 · 08-07-2012, 10:48 AM

Quote:

Originally Posted by lcarus

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.

08-07-2012, 10:25 AM
lcarus Everybody Lies. Join Date: Aug 2010 Location: 22 Acacia Avenue Casino cash: $-2059887	Expanding a small business 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.
Posts: 17,866

08-07-2012, 10:33 AM	#3
Stewie MVP Join Date: Oct 2006 Location: West of the Equator Casino cash: $-1930099	Crown Trophy used to be a national chain. Not sure now.
Posts: 13,894

08-07-2012, 10:34 AM	#6
El Jefe Don't tread on me. Join Date: Nov 2006 Location: Where the peaches grow Casino cash: $9030572	I must say, in this economic climate you better have a good financial funding plan in place, because it's brutal out there.
Posts: 8,540

08-07-2012, 10:37 AM	#8
bevischief .... Join Date: Apr 2009 Location: Somewhere Kansas Casino cash: $7719352 VARSITY	Get a web site.
Posts: 27,771

08-07-2012, 10:42 AM	#10
jbwm89 MIZZOU Join Date: Jan 2009 Location: Saint Joseph Casino cash: $10005040	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. __________________ "You can't sit on a lead and run a few plays into the line and just kill the clock. You've got to throw the ball over the goddamn plate and give the other man his chance. That's why baseball is the greatest game of them all."
Posts: 1,076