There’s nothing more “rad” than a 1980s collectible store, other than starting one yourself. If you’ve decided to embark on this enjoyable ride back in time by starting a collectible store dedicated to everything 80s, you are in an enviable position. Collectibles from the 1970s and 1980s are hot and collectors are scooping up every recognizable item available, so it’s the right time to start your 1980s collectible store. In the following article, we’ll offer the structure and strategy to optimize your launch and build on your extensive planning, investment and discussions to assist you in starting a 1980s collectible store.
The first step of a focused business is to create a business plan. The business plan will look at the launch and first year of the business; then, calculate and conceptualize the succeeding years through to the fifth year of business. We’ll outline the steps following, but use this free business plan template for additional advice and guidance.
Step 1: Understand Your Business Concept and Goals
Individuals who start a business always have an idea in mind, a concept that internally suggests the idea will be a winning one. This is the foundation for your business concept when starting a 1980s collectible store. The goals that you have for the launch and following years can follow that idea in your plan, by outlining the expectations you have for growth, services, resources, and expertise. This does not need to include a substantial, detailed plan; however, the look ahead will assist in framing the business if a lender or investor is needed for startup funding.
Step 2: Research the Market
The scope of interest in 1980s collectibles is massive, as evidenced by the surge or collectible conventions with a 1980s focus. In order to effectively market to this audience, you’ll want to analyze the individuals who choose 1980s collectibles. What will make them choose your items? Are they older and nostalgic or younger and looking for fun icons of the past? What is the socioeconomic group to which they belong? And, where are they searching for 1980s collectibles? These questions will form a demographic image of your customer, allowing you to focus marketing strategies squarely on the potential customer you want to visit your store.
Step 3: Analyze your Competition
Because the collectibles industry is a global one, analyzing the competition may present some difficulties; however, apply your research to the region of the U.S. where your business will be located. This will offer a small scope of the competitive market. Look at pricing models, special offers, discounts offered, and other areas where differentiation between your competitors and your business may assist in helping you overcome them. Strategize the best ways to compete across the board. Pay careful attention prior to and during any collectible event or convention where competitors gather to sell wares.
Step 4: Develop the Business Plan
Now that you’ve established a clear idea of your concept, goals, target audience and competitors, this is a good time to start writing the segments of your business plan. Start by creating an executive summary that briefly contains the key information of each section of the plan, as this is the document most investors and lenders will review before funding. Include a company overview in operations, a description of the products sources and sold, and financial projections through the fifth year of business. When each segment of the business plan is complete, form them into one document. This may reach 75 to 100 pages; this is completely within norms and considered ideal.
Step 5: Hire and Train Store Personnel
You’ll want to look for potential team members who have experience with retail sales and carry a warm, welcoming customer service attitude. Train team members thoroughly and offer a specific overview of the 1980s collectibles for sale in the store. Also, conduct training to demonstrate how team members can effectively source and sell certain items customers want and will pay for, irrespective of the cost or time for delivery. Hire a sales manager and other personnel as needed to confirm the smooth operation of the business overall.
Whether you’re launching a 1980s store filled with PacMan games, Trivial Pursuit or Cabbage Patch Dolls, after completing your business plan, you’ll be prepared to support the business for both long-term growth and success.
