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PostRenaissance · July 1st, 2008

Hi Everyone!

I need advice on something, wanted to get some opinions. We started off silk screening our own designs and taking small custom orders here and there. Then we opened a physical store last year. Things have been going good considering that we just started and how the economy is. But the overhead is still an overhead. When we opened we sold our own designs as well as carry other companies designs.

Lately we have been faced with the question of closing the store and just focusing on our designs and brand. Since opening, we have more designs and those are selling more than the other companies we carry. We have also done good on ebay since we opened an ebay store (2 months ago). we averaging 5 -7 shirts a week on ebay.

we currently have someone working on our website, so its not up yet.

So we are trying to decide if we should keep the store (which is sucking money from us becuase we are still not breaking even on the rent) or just focusing on our brand and designs and just having a website and set up at events (which is also where we make our most money)

We know that a business takes time to actually get out of the hole, but so far if it wasent for the rent, the online sales and event sales would be considered profit.

The only reason i want to hang on to the store is becuase its a great location with cheap rent and we are able to host events there, which we do. But we could probably just find another place to host our events.

Im rambling, if anyone has any thoughts. Im trying to decide if its worth having the physical store.

Thankz all,
Kristina

237am · July 1st, 2008

if the store is costing you more...then close up shop or find a better location.....

or have better events...... not sure how big your place is...but try to get into having dj's nights and play chill music.... or different genres of music............... think outside of the box and around the corner

kbdmarketing · July 1st, 2008

Dump the store and the overhead. The economy is not going to improve soon and you'd best be lean and mean to weather the slow times. Just my $0.02 worth.

PostRenaissance · July 1st, 2008

Thankz, we try to do events not found here. Our most popular event is our Vinyl Exchange/Art Show. My husband collects vinyl records and we have dealers come out and sell and that attracts alot of people. Then we bbq while a DJ plays some good music.
We have had the luck that our events always have a good turn out, even when it rains, and thats where we make our most money from. Slowly with every event,more and more new people come out. Thats whatz keeping me to not wanting to let go of the place. and the location for the price cannot be beat, so im also scared of losing that.

Decisions, decisions

237am · July 1st, 2008

talk to a catering business and see if they want to work with you on a monthly event..... maybe a art show......

i would also suggest getting some "breakdancers" and have then do a "battle" at your place..... yes, i am a breakdancer and actually have helped organize events since the 90's.... so.. this would help boost your "street credit" an get the name out.......

when i started my line last year, i sponser pratically every michigan event that deals with breakdancing and even a few techno shows.......

etc etc etc

b

237am · July 1st, 2008

and since you have a vinyle collection....any sort of old breaks/james brown/etc would really help

get a dj to spin and make it happen

funkymunky · July 2nd, 2008

My retail store put me in hospital! It's true.
So I recently made the decision to close it and take my kit home, now i'm wondering what to do now i'm here

(see my thread in this section)

We have a growing problem here in the U.K where local governments are promoting 'Out of town shopping'. I think it happened in the States years ago and you call them Malls.
There is not a hope in hell that an independant retail opperation which is starting out could afford rents in these malls! But the people like sheep follow each other to these places at the weekends.
The impact on a lot of U.K towns has been devastating! You do get a flow of traffic through the week but it is the wrong sort of traffic for our business,mainly elderly folk and mums.

Take your business home and live longer, worry less and focus on making money!

Phil

FJV11 · July 2nd, 2008

If you're doing all of your printing in the store I say keep it. Focus some energy on getting new customers with more custom work, there's bigger bucks in a few hundered shirts at $4 each than 1 shirt at $20. Network with a few embroidery and DTG people and try to get some cross over business going. The first year is always the hardest with a new business but once you have an established location and a reputation for doing good work you'll get the walk in business. The economy is a little rough but it's no excuse to just pack in, I know a bunch of people making good money right now. Just think, if you can get it done now imagine how easy it will be when things are better.

Dphflipper · July 3rd, 2008

Agreed, think outside of the box. Without knowing your entire financial picture obviously take my
advice with a 'grain of salt.'

Look for ways to tie yourself and business into your community - there is another thread I just read
offering people a plan for marketing yourself with Fund Raising opportunities locally. This is one way
to tie into the community.

Many business owners are hesitant to try this one... controversy. Don't be blatantly starting any, just
use existing controversy for your advantage. I know, I know, this sounds bad huh? But if you can offer
reasonable solutions to controversy, incorporate into a product line, then who knows...

Don't be afraid to talk with other business owners, start a mastermind group with like-minded business
people and watch what happens. Build relationships in your community. Make a difference.

Help others to stay in business and you will succeed!

Grizzly · July 3rd, 2008

MArketing...marketing...marketing!! MArketing plans can settle your woes! Do you belong to a local chamber....do you network within your business community.....do you seek business from your business community such as company apparel....or offer their own line of company apparel for retail.
Clubs....organizations...sports........

See my post on a great local marketing plan in offline marketing sales......

We have a great FUND RAISING PROGRAM....designed for schools, non-profits that can really boost your sales and YES....generate nice profits! See my post!

Since your already situated in a retail store/location.....and you say your rent isnt that bad.....get agressive on your marketing!! I mean this with all due respect....but far to often people go into business thinking they have a wonderful product, ( and they may), and they go about their business as if people will just FLOCK to them.....that isnt how it works!
You have to GO OUT TO YOUR POTENTIAL CUSTOMERS......

first target your customer....are they young, older, .....who is your customer?
Then go after them with a marketing plan.....

These are bad times....but that alone shouldnt cause you to close shop......this a great industry to be in business in because there are so many ways you can market your business....if your willing?

Good luck to you.....I hope you dont close!