Fun & Games: How to Open a Toy Store
Business Overview:
If you love bringing smiles to kids’ faces and you’re a child at heart yourself, you should learn how to open a toy store where the grins are guaranteed. As the owner of your very own toy store, you can decide what types of toys to carry. Instead of the mainstream commercial fare, you may decide to stock only specialty or educational toys. You can also decide who your customers will be. Do you want to sell toys only for babies or will you stock educational toys for all ages? As you can see, opening a toy store is a business idea that can go in many different directions. This is why it’s vital to have a solid toy store business plan in place. Your business plan will help you answer these questions and many others so you don’t waste time and resources going in too many different directions. When you research how to start a toy store, you will need to consider how you will market your new store. Taking out ads in local family magazines is a good place to start. You could have a big grand opening sale with fun events and promotions that you advertise with direct mail. Discount coupons and word of mouth will also help get new business in the door. But perhaps the most important thing you can have at your store is great customer service. Shopping for toys at a large chain store can be aggravating and unpleasant. Giving your community an enjoyable alternative can be the key to success in the toy store business.
A Day in the Life of a Toy Store Business Owner:
You will start your day making sure all your displays are in order and your staff is there and ready to open the doors. You will spend the majority of your day talking to customers and helping them find just what they need. You will also talk to your distributors to check on orders and delivery dates. You will meet with your staff at the end of the day to discuss any issues that arose during their shifts and to prepare for the next day. Finally, you will record the day’s earnings and take a look at your bottom line to ensure it is healthy.
About Your Customers:
Your customers will be toy lovers, both young and old, looking for the perfect toy for themselves or as a gift for someone else.
What You Need to Start:
- Business plan
- Marketing plan
- Storefront
- Toys
- Display cases and shelves
- Staff
- Computer with finance software
The Good:
- If you love toys and being around kids, this business is fun and easy.
- Helping kids find toys they love is very rewarding.
- Happy customers will return time after time to purchase toys from your store.
- If you know where to get toys wholesale, you can make a good profit.
- Once your store is up and running, your staff can handle the day-to-day operations and you can take time away when you need to.
The Bad:
- The investment is steep; you will need to have financing set up and be prepared to wait a while to turn a profit.
- Toy shopping can be seasonal so your profits will be inconsistent depending on the time of year.
Resources:
- American Specialty Toy Retailing Association
- Toy Industry Association
- Bureau of Labor Statistics Article on Toy Store Jobs
- Wikipedia on Toy Stores
About The Author
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