When did you decide your business was a success? (FICA, owners, product)
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Just curious about others' stories. My husband and I opened a retail gaming/hobby shop (collectible card games, board games, Dungeons & Dragons, etc., as well as space in which to play) in late 2018. Our total revenue and our profits more than doubled from 2019 to 2020, and so far are on track to nearly double again this year. We've hired three employees and have no business debt. And yet, we have seen so many similar shops come and go in the years we've lived here, and it seems always to be around the 3-year mark. I don't think we're in any danger, but who knows what may come?
So I'm wondering, if you started a business that you deemed successful, when did you decide you'd made it and what were your criteria?
Everything is relative. A business can be successful even if it kicked out $40,000 a year in profit to allow a family to support their lives. Or maybe it’s when you sell it off to a bigger fish so you can cash out and not deal with the headache...or you become the big fish crushing everyone else. But really, it’s my first sentence. You always have to define what success means to you. First know what your hill is, and then take it. If it provides for you, that’s good enough.
Success is always in constant approach. “Unless you’re the best in your industry you better not be chilling, and if you’re the best in your industry you already have the sense not to”.
It must be in a popular retail village so possibly give a link to google street view.
I did have a plan for GS to make use of their retail locations by expanding their product line. The particular product line could benefit from a network of retail locations. But no the GS plan is to develop a following with retail locations and then convert the business to an internet business. But anyone can be an internet business. "Game Pop" could compete with GS.
It must be in a popular retail village so possibly give a link to google street view.
I did have a plan for GS to make use of their retail locations by expanding their product line. The particular product line could benefit from a network of retail locations. But no the GS plan is to develop a following with retail locations and then convert the business to an internet business. But anyone can be an internet business. "Game Pop" could compete with GS.
For the record, six months later, I'm quite comfortable saying we're successful within the parameters we're interested in. We're not looking to sell any time soon, but hope that one day our son will want to take over ownership. We could live on the income the store generates if we needed to, and we have staff trained up to provide flexibility in when I need to be there. We're certainly not sitting on our laurels but we're very happy with what we've achieved. Thanks to everyone who shared their thoughts!
Additional product lines don't interest you ? Or maybe the shop is extremely diverse such that people explore ? The shop is not sufficiently explained as to why it is successful.
Well, other experienced business owners would be inclined to answer more specifically and less generally if they had more information about the business.
My inclination is the location. Is the business in a major population center ? Is the business in a central business district ? Is the business near a major transit facility ? Is the business in a shopping center that is near a mall ? Is the business in a shopping center that is popular with after-school crowds ? Is the business in a rural area with not much competition ?
Another viewpoint would be product lines.
The odd thing is the objection to a discussion of fundamentals.
Last edited by T Block; 10-13-2021 at 01:14 PM..
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