• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

  2. Forum *Official* Book Discussion
    How to Get Rich by Felix Denis

    The forum has voted to discuss this book. Grab it and let's discuss!
    Buy: Buy | Discuss: How to Get Rich, Felix Denis (Review | Discuss)

Walkable Mom & Pop Shop Areas

Discussion in 'Business Models, Niches, Industries' started by china, Oct 10, 2007.

  1. china
    Offline

    china New Contributor

    Messages:
    95
    Likes Received:
    8
    Joined:
    Sep 27, 2007
    Location:
    Los Angeles, CA
    Rep Bank:
    $57
    Remember how downtowns used to be? Before malls? Before Wal-Mart? We stopped at a little "downtown" area yesterday and I was looking at the variety of shops that exist in this particular downtown. (I have to emphasize that I live in Los Angeles and this was not downtown Los Angeles but was one of the suburb's downtowns.)

    This downtown had about 4 good sized blocks on both sides of the street. I noticed:

    a pet store
    a sporting goods shop
    many restaurants
    a newstand
    two cocktail lounges
    tiny bowling alley with about 8 lanes
    several banks
    three jewelry stores
    one clock shop
    several ladies clothing shops
    couple of men's clothing shops
    two kids clothing shops
    several gift shops
    one candle shop
    one big toy store
    one furniture store
    huge travel agency (I assume they are doing business on the internet)
    dance studio
    shoe repair
    dry cleaners
    one clothing alterations shop
    two bookstores
    two shoe stores
    one huge art gallery that also did framing
    one wine shop
    and.... I probably forgot a few stores.

    Anyway... What does it take to survive in one of these "non-Wal-Mart" downtowns? One thing I noticed was higher prices and more specialized services. I also noticed "more uniqueness" since almost none of the stores were part of a chain -- and if they were part of a chain, it was a local chain.

    This area must be fairly good to retailers since I noticed there were only had a couple of spaces open and both of those spaces were really large. In fact, one of them had been vacated by a store that simply moved across the street to a smaller space.

    Any thoughts on opening a B & M store in an area like this? I like the idea but I wonder how to make it work financially...
     
  2. nomadjanet
    Offline

    nomadjanet Contributor

    Messages:
    310
    Likes Received:
    51
    Joined:
    Aug 28, 2007
    Location:
    TX
    Rep Bank:
    $187
    As with any busines you have to find the need that exists in that area.

    Get a clip board & paper & pen & a friend and spend a day or two being a Market Research Company:

    Talk with other shop keepers & other shoppers & ask:

    Is there anything you have been looking to buy lately that you just can't find?

    What type of thing do you feel you could only buy in person & would never shop for online?

    Would you mind me asking the price range of that product?

    Would it be something you buy more than once a year? More than twice a year?

    If you find a product that 40% of the people want more than twice a year, that you can stand to sell. Your probably have a winner & can start your research.

    Janet
     
    china likes this.
  3. china
    Offline

    china New Contributor

    Messages:
    95
    Likes Received:
    8
    Joined:
    Sep 27, 2007
    Location:
    Los Angeles, CA
    Rep Bank:
    $57
    Ha! After I read your post I realized there is no office supply/stationary store in the area! There is no store that sells clipboards and paper and pens!

    I'm sure the "right" office supply/stationary store would fit into the area but it would cost more than I could come up with -- and I don't know that I would want to risk it. When I was thinking of the type of things you could put in an office supply store, I thought of briefcases, but there is a luggage store in the area. I'm sure they carry briefcases.

    High-end pens would probably be a good seller as would high-end paper goods for kids (Hello Kitty type stuff).

    Anyway, since this is a suburb of LA, I'm sure the rent will be a big nut to crack for any business. Once you start subtracting the rent out of your profits, well, you know how it is.... To make any money you really have to have a SUPER HOT business idea, not just an ordinary business idea. You have to have something where people will line up out in front because what you are selling is *that* hot. Office supplies won't cut it, even if they are cute and include Hello Kitty items. :rolleyes:

    I've got another business idea and I'm fixing to hit the road to discover what hasn't been discovered yet... Maybe I'll find something that would make a great B&M store? One can only hope! :)
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page