Opening A retail Business??? Business owners come on in!!

[Sieg]

Originally Posted by Rick D

Yuuuup already looking into that and the short answer is yes there is but how you go about it is key.

Non-profit grant that pays the key employee six figures? That's pretty popular in Eugene, especially if you have an aid enabling business. Everyone should be entitled to reasonable personal transportation.

[GregWeld]

Originally Posted by Sieg

For the earthy nap-haired crowd in Eugene which is huge

NO....... Say it ain't so!


OMG... Eugene is the spawning ground for Birkenstocks - hairy legged woman - and tie-dye...

[Sieg]

Originally Posted by GregWeld

NO....... Say it ain't so!


OMG... Eugene is the spawning ground for Birkenstocks - hairy legged woman - and tie-dye...

Birkenstocks are make a statement dress shoes for the rich in this town, like U of O profs, city officials and staff for starters.

On topic - Rick can you handle (enjoy) the culture of the core bike customer in your area?

[Rick D]

Originally Posted by Sieg

On topic - Rick can you handle (enjoy) the culture of the core bike customer in your area?

Well that is a loaded question We have it all (well maybe not the long hair earthy types ) but we have the hard core in big groups all the way down to the matching his and hers for young and old! We even have the REALLY hard core that run what we call the Barrington run which is a road run though a very high end part of N/W burbs of Chicago. Minimum 5 acres to build your house, and we are talking some VERY big houses.

Ok so the short answer to your question is yes I think I can, as I have to do that now in my current job roll. I deal with body shops that are anywhere from a 2 man shop up too a million a month in sales. And let me tell you that is some very different thinking going on there

[Vegas69]

I love the "Not in this Economy" and "In this Economy" talk. The bloods in the water, opportunities are abundant. You just have to find the opportunities and capatilize on them. That means doing the research and making smart decisions based on facts instead of passion.

[Rybar]

Rick I would do alot more research if I were you. I've seen too many people open a business because they love it or it is a hobby and have failed. Retail is alot of hours, working evenings and weekends because you need to be open with the majority of other people are off work. So don't forget to factor in the loss of your free time especially in the initial start up possibly even the first 5 years or so like John510 said.

[Rick D]

Well did some more research and the guy that owns the building is a little off his rocker, at least from my stand point. He what's a triple net lease ok that's normal, I don't like it from a renters point of view but ok. Then he tells me he wants a letter of guarantee from my bank stating I have the full 5 years of rent in the bank at the time of signing the lease So I told him if I had that kind of money just sitting in my bank I wouldn't be looking to rent his place, then he says well it can deminsh over the life of the lease as to reflect what's left. Also wants a personal guarantee on the lease will not just let me use my corporation for the lease? Is this guy nuts or have I been away from renting a building that long? Any way was way to big to start out with anyway. Still doing more research on the business side of the bike shop but not looking like the greatest of margins in this business. Will see!

[96z28ss]

I know there isn't a shortage of bicycles here in Portland, Oregon. I just did the Providence Bridge Pedal here it was 35 miles of weaving through the city to cross all 10 bridges. There were 18,000 participants and thats not counting the kids. You need to look at opening a bike shop here. The city caters to them, Bike lanes everywhere.

[Rick D]

Went and did some more research today with my kids, 16 miles on our bikes today . Well let me tell you I found a few yes few more bike shop along the bike path today that I didn't know where there

I went in to two of them, nice places clean very friendly and seemed to know their stuff about bikes. Neither owner was in, or at least wouldn't admit thery were the owner if they were. One was low end and used bikes, the other had some middle to higher end stuff and a few tradins.

The one thing I did see was that neither stocked much of anything in the way of parts (small stuff yes) but no wheels, hubs, cranks,! Mostly just tires and tubes and a few seats and a couple of bars. My daughter needs a taller set of bars but they didn't have a 3" rise in black in stock.

So the research continues. But I am starting to rethink this idea? I have another idea for the industry I know very well. Anyone know anything about setting up to be a franchiser (the one doing the franchising)

[John510]

He is not nuts at all. You will have to pay triple net, you will need a personal guarantee, and the reason he is asking to make sure you have 5 years is to check your net worth. Normally they don't ask for 5 years of rent in the bank but they WILL want a minimum net worth to make sure that you can afford the place to begin with. It is not like renting a house. If your credit is bad or you have a very small net worth then it is also common for them to make you have multiple personal guarantors on the lease. The triple net can and may have a 3% increase each year.

Were both of those bike stores super busy? Busy enough to justify a third bike store? Maybe they don't stock stuff because it doesn't sell. Bikes are not something people buy everyday.

I can tell you how to franchise a store but you will need a successful store first. People aren't going to buy a franchise unless they can make money from it. Once you get a store you will need an attorney to do the Franchise Disclosure docs for you. This is NOT cheap. 30-50K in attorney fees (you were asking at the beginning where to get money for inventory, where would you get the attorney money?)