How to Create a Thriving Novelties Shop!
A Thriving Novelties Shop can be a world of bliss or a world of hurt. Novelties shop sell items that are fun to look at but not necessarily helpful. They're also known for selling cheap products that aren't well made. You have to change this mindset, and starting a business, let alone a Novelties store, can be rough. Customer ask me multiple times. "How did I create my store?" So today, I will share this knowledge with you through steps that helped me through the planning and process stages.
Know Your Business Plan.
A business plan will help you determine whether or not starting a novelty store is right for you. You'll need to consider your money and other costs associated with running a novelty store. When beginning a novelty store, you must understand the business structures that could help. Dragon Novelties, An Anime shop built in CT, was fathomed from the same idea. However, a plan needed to be created in order lay the foundation. Please start with the idea that is sound in your head and put it down on paper. Following these steps:
1. Is this achievable with time and patients?
2. Do I need permits or Licenses? If I do, how much will they cost?
3. Do I have any friends and family who would support this idea?
4. Can I scale this idea with little money, or will I need partners?
5. Can this idea be Bootstrapped?
Create a Business Plan.
If you're considering starting a novelty store, you should first write down everything you know about the Industry. This includes the market size, competition, and the type of products you'd like to sell. Once you've determined these things, you can begin creating a business plan. I suggest going to the SBA (Small Business Administration) for assistance. They have free tools to help start your business plan. Starting a Business plan is the foundational root of any business adventure. Season Entraprnures use that to create SWOT for Marketing or when opening up a new place.
Determine Your Location.
You'll also need to determine where you will open your store. Consider location based on how much foot traffic there is in your area. Also, consider whether you prefer to operate a brick-and-mortar or online store. You may hear people say, "location, location, location," which is very accurate. Most businesses do not even make it out of the park due to having terrible locations. When picking the right area, you should look at the following:
1. Is my layout designed for plaza, mall, or hybrid?
2. Is this a high-traffic area?
3. Is this on the main street where traffic flows?
4. Will I need to make marketing promotions plans based on location?
Research Potential Customers.
Once you've decided on a location, you'll need to research potential customers. This includes determining who your ideal customer is and where they live. This is called demographics (sometimes Psychographics would be required depending on the products or services you provide). Creating your Buyer Profile is very important in where and how you want to approach your customers. The products you're selling are based on Cosmetics - your profile would look more towards women in a specific age group making a particular amount of money a year. Dragon Novelties' buyer profile targeted collectors with a passion and love for Anime and Manga. Family members who love anime can bring in their loved ones. The age ranges were about 18 - 55 (just recently changed) who support an average income of about 35,000 - 55,000
Choose a Name for Your Novelty Store.
You should choose a name for your novelty store that will help you stand out from other stores. For example, if you're planning to sell toys, consider naming your store "Toy World." Or, if you plan to sell candy, you might call your store "Candy World." Being creative to your brand is essential but not too far from what you stand for. It is imperative because if not, your customers might miss the message and steer away from your brand just because it sounds stand-offish.
Choose the correct vendors in your Industry.
I cannot stress this enough! Picking your products may be the key to winning, but having those products be subpar and uneventful will eventually lead you to spend more money and not make good sale returns. Vendors and Suppliers may be challenging to find - however, always remember. If the big companies can buy it, so can you. Research is critical in this section. Navigate the jungles of Google to find what you are searching for. We partnered with countless vendors after trying to find out who sells Manga - that was a tricky part. Always vet your vendors and make sure their vetting process is rigorous. It is a mutual partnership, not a one-sided event.