Needing some advice

[tecnowraith]

Hi all I am about to start my own online bussiness in which i will be selling video games, movies and possibly hobby merchandise (like supplies for games, hint..hint). My goal is to be the online Media Play for fandom.

I am needing some advice to starting and what I need. For those of you who have theri own business I would like some help.

thanks

 

[ssampier]

First thing, you need money. Lots of it. Good?

Second you need a business plan. This is written document of the "blueprint" of your business, it should include financial statements, business model, and ownership to name a few.

To get the ball rolling, think who are your customers? What kind of people are they? How much money do they have? Why should they stop at Tecnowraith instead of PirateCat Emporium ?

Edit: Didn't Media Play close their stores?

 

[trancejeremy]

What would you offer potential video game or movie buyers that places like Amazon.com or Gamestop doesn't? As a small store you probably can't beat Amazon.com's prices, nor could you ship games quicker than Gamestop (usually you'll get it the day after release, if not earlier).

That's one of the businesses where I think you'd have more custsomes with a brick & mortar shop than online (since there is so much competition).

 

[Bloodstone Press]

Here are some questions to ask yourself while you work on a business plan

What exactly are you planning?

Who are your competitors?

What are your market advantages? What makes your store better than others?

What sort of threats or challenges exist in the market place?

How/where will you advretise?

How much start-up money will you need?

How will you handle warehousing of tangible goods (if any)?

How will you handle payment processing?

 

[Bloodstone Press]

Double post

 

[ssampier]

What would you offer potential video game or movie buyers that places like Amazon.com or Gamestop doesn't? As a small store you probably can't beat Amazon.com's prices, nor could you ship games quicker than Gamestop (usually you'll get it the day after release, if not earlier).

That's one of the businesses where I think you'd have more custsomes with a brick & mortar shop than online (since there is so much competition).

Aren't Brick-and-mortars pretty competitive, too, since your competing against Wal-Mart and Best Buy?

My advice in that spectrum is to do what my business professor advised, "You don't compete with Wal-Mart. Offer something they do not provide."

 

[ssampier]

...
Who are your competitors?

What are your market advantages? What makes your store better than others?

What sort of threats or challenges exist in the market place?

...

Fantastic. I may add a little bit more. I think a SWOT analysis would help:

http://en.wikipedia.org/wiki/SWOT_Analysis

 

[trancejeremy]

Aren't Brick-and-mortars pretty competitive, too, since your competing against Wal-Mart and Best Buy?

My advice in that spectrum is to do what my business professor advised, "You don't compete with Wal-Mart. Offer something they do not provide."

Yeah, that was kinda my point. I don't think you could out-do someone online. But with a physical store, you can compete with online stores.

You probably can't compete with Walmart on prices. But generally speaking, in most Walmarts, their game section is about 2 small cases. Supercenters might have a great big pile of budget titles, but you have to hire a sherpa guide to sort through them.

Best Buy is okay, but they've pretty much moved all games except Xbox 360 ones back into the back section of the store.

And, most big electronics stores are staffed by people who don't know much about games. And stores like EB or Gamestop are staffed by people who think they know about games, but don't. (Sorta like FLGS owners, actually).

So one way to outdo them is to have a good variety of games, including older (and used games) and be knowledgeable about them.

Plus location is important. I have to drive 30 miles to get to a Best Buy/EB Games. If there were a store closer that didn't suck, I would buy games there.

 

[ssampier]

I am surprised that you have to travel so far to get good games. I--not being a game player--assumed the department stores could easily meet your needs.

As for the EB or Gamestop, I haven't been to either. I liked Babbage's and Software Etc in the day. I just found they are the same thing as GameStop now. Huh.

 

[trancejeremy]

Well, I live on the outskirts of the St. Louis area. (It's actually not that far from St. Louis proper, but the suburbs here mostly sprawled west, to get away from Illinois, not to the south where I live). Basically there's a couple small grocery stores, then about 15 miles away there is a really dumpy Wal-mart, and about 25 miles there is an even dumpier K-mart. That's sort of the start of "civilization" and a little further to the Best Buy. Which is new, but pretty lousy.