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Guys today i’m going to talk about the reality versus the expectation of opening opening a magic store or a anime store. Or a pokemon store. Or a lego or a blu ray dvd store or a store.
The reality is it’s very difficult. And i have a great amount of a newfound respect for card shop owners. I can tell you having spoken to many of them i’m all mean.
There was one i spoke to all the time in oklahoma city. Who at one point one to sell off his inventory to me including his hot dog machine and funny guy he was like i’m on the next you haul down. I still you know would love to meet up with him if possible.
But owning a store isn’t a good business. Decision owning a store as what you guys think is a local game store so not the rudy model. Not the sports and more model.
The model of hey providing a physical location for magic players to meet and play the game. Even yugioh players or pokemon players. There’s a lot of hidden cost that i didn’t that even when i opened the store i didn’t account for at all which includes stolen merchandise damaged merchandise damage to your property and many times there’s missing inventory and who knows whoa who took the inventory.
But nonetheless there are losses that a store takes you that you can’t predict. There’s also a big cash flow issue as you guys know as soon as a new set drops or rotation happens a lot of your inventory. Just becomes dead.
So your solution is either to move inventory as fast as you can and just flip. It for a small margin or to hope that inventory one day goes up in price maybe like ultimate masters modern masters 2017. But that’s not going to be all your inventory and sometimes you just give you really bad inventory like our devastation and what can you do you you have to get rid of it so going on about the magic store in particular.
So i want to focus on that i do have an anime and pokemon and even a lego store now which is fascinating. But it does sell the magic store. I found that you cannot carry magic standard singles.
There’s just too much of variance in the challenger decks. Right that’s a very big danger because people are buying these standard magic singles. Because they want to make these challenger decks or the challenger decks are based off some of the most popular decks ie.
The most popular cards that you’re going to sell now when you sell standard cards. The big danger is you buy at 50 and then suddenly something happens to the deck or there’s a new deck. And that cards not in the new deck.
And you have lost a lot of value and no one buys it and then rotation happens and then your chance your window of opportunity is much shorter than it used to be this is not only due to rotation rotation has always been a consistent factor. But when you don’t have 150 people come in your store. All the time needing this needing that even a few years ago.
It was more common for people to buy card single cards from their local game store than it is today today you can buy off amazon and have it shipped to you before f’ing. Them you could buy wednesday and it would be there for you for friday afternoon and shipping has gotten a lot better the barrier of entry for you know a online vendor is essentially nothing right so there’s nothing preventing someone from selling online and that’s good for the customer. But it’s bad for a physical retail location the other big danger i found was not a big danger in standard cards is if you sell standard cards.
You’re expected to hold tournaments right you’re expected to do after them you expected to do game. Day you’re expected to do pre release. It’s not like somebody’s coming so it’s a chicken or egg duh.
If people don’t come to your place to buy singles it could be because you don’t have events. If you host events. Then you can buy more standard singles which again is a dangerous pop.
It’s dangerous in my opinion. Because you have challenger dex and challenger dex are just how can i put this like for a customer understand this it’s great for the customer. It’s absolutely fantastic for the customer.
But man it’s just difficult to carry cards. I mean are you gonna carry chandra and hazrat when you know they’re in the challenger deck and anyone can go to walmart now. I think if the challenger decks were just in local game soros a you would have you know these local game stores inflating the crap out of these cards.
But how are these decks. But you would at least have more control over it. But anybody can go to walmart anyone can go to target anyone can go to wherever.
These. Challenger decks are being sold at and then buy them the same with the specialty sets ultimate masters unstable. We actually get a lot of unstable in and these third party merchants.
It comes in a little case. It’s fascinating. When you have a store because the offers you get what you can carry.
And what sells isn’t what you think would sell initially and when we opened the store in 2017. I assume like everyone else that we would just be selling booster boxes. And that would be a primary.
Number one seller. That was not the case. A booster box.
You pay eighty to amazon has it 90 95. With free shipping. You pay six to eight dollars for shipping.
So you’re already at ninety dollars cost and then now you have to pay amazon ebay paypal fees you are something like that and you’re basically making a few dollars but if you calculate your time your employees time you’re not gonna make any money from boxes. There is this very bottom of the barrel right. There’s a let’s get to the lowest price possible for a booster box mentality.
Many stores have and customers rightfully. So we’ll buy did cheapest box online because boxes are about the same that’s why we carry blister packs blister packs are very unique i’ve aligned myself with walmart target walgreens cvs is and gamestop’s because they are their models are different they sell magic as a add on item so people are much less worried about the exact margins. When it is a super casual player who goes to the game stop they’re buying the new pokemon game.
Oh hey here’s some magic cards. My friend told me about this game. Let me buy it so at that point they’re not saying.
Let me get the cheapest price. I can alright so. When you’re so enfranchise that somebody would spend 100 to buy a box your main goal for the majority of people is to find the cheapest box you can and then repeat this it is unlikely that you will pay more than you have to if you’re that type of person if you’re in franchise player.
And you’re gonna continue to buy boxes for a long time. But if you’re a casual player. And you just buy a few packs to open and you like the artwork and you can eat the four dollars you’re happy with the four dollars and if you can get it cheaper and you oh i saw him walmart.
It was four dollars and in this store. It’s three dollars and fifty cents let me just are free for ten let me just get. Ten here.
So it makes sense. We also it’s free for ten after tax. So our margins are not exactly amazing.
It’s about 225 a pack that of magic or pokemon. It used to be two. But now i went up to 225 what can you do it is what it is and if we sell it for three dollars and 33 cents.
And we have tax on it let’s say free dollars. It’s what we sell it for we make 75 cents. Which you might think is not a lot you might pay go that’s not a lot of money.
But the 75 cents out of a 225 as a percentage is what is that 75 so it’s divided by 25 three out of five yeah. It’s a very heavy percentage right seventy five percent profit on 225 isn’t is that like 40 percent let’s see it’s nine it’s three out of nine one out of its 33 profit. Okay there we go it’s thirty three percent profit and that’s not bad that’s the margins are not terrible.
But they also aligned me with us with walmart which i like i like to be aligned with walmart rather than a local game store. Because i know hasbro will support walmart now more than ever that toys r us has gone the other thing that i recognized was things that like you believe our good investment vehicles allah alpha investments like commander decks and old booster boxes and you can’t sit on them. Like it doesn’t make sense.
Okay. You have a whole case of new phyrexia that you bought x you can sell it why but you’re gonna sit on them and eat up your cash flow. I can tell you no that’s a terrible concept you need to buy product and move it as fast as you can you can’t just sit on product forever.
I know in the past. When you look at alpha investments and all his awesome boxes. And her saga.
Like you see. And you know. And even open boosters right a lot of what he had was he i guess he owned a store back in the day and then that was leftover inventory that didn’t sell which was fortunate for him.
But today we live in the hour of devastation thing where if you don’t sell it when it’s in standard. You have basically very little hope you know i can tell you dragon maze. What else do we have dragon maze.
It was terrible. I think jack dragon maze was the first set that was from expected value from every single financial standpoint. You couldn’t move drag amaze in every store had so much of it it didn’t make sense like it was kind of like a waste dragon maze was the first set i looked at and i said oh my goodness even for 20 a fat pack.
This might not be worth buying and that was the first time. I saw a fat pack on for 20. So i was really excited about that i do i personally like dragon maze.
But it’s whatever most people don’t because expected values too low. So part of open owning a store is not what you like and not what you are being told on youtube to invest in it’s what you can move and that will depend on different areas. We’re going fully e commerce.
I’m still a very big proponent. So the other magic products we carry we obviously carry did blister packs. We have unstable ravnica allegiant’s and then the other one the yellow.
One the other new ravnica and then we have some a for revolt. We have some domon area. We have some our and rivals of exelon.
We have all the standard sets and we have the previous standard set where they make the mystery boxes right from walmart that’s actually our same distributor is the same people who make those mystery boxes. But they also sell blister packs. It’s the same people so what you think would be good like a commander deck or something like that isn’t good.
Because your margins are not high enough or and the singles for standard is just too dangerous. Now you might ask what about singles from modern and et eights that’s dependent on your location. So i know that rudy gets a lot of really great collections in but i don’t think that’s based on local.
I think that’s based on being know rudy and he has such a huge subscriber base that he’s able to get these good deals when many stores cannot because they don’t have that many subscribers like my channel. But the average deal you’re trying to at least get to 50 margins. Because you do have the inventory.
You do have the catalog a lot of times. The singles that i buy they tend to be all from one era and if they’re from like rifles that’s no good and there are recent stuff. That’s no good the older.
The better new phyrexia is very good and people have new phyrexia. But are you gonna find someone with a beta collection. No you’re not gonna find anyone with a beta collection.
That’s just not going to happen where i live. I think a once in a lifetime opportunity really but also you’re not gonna find people of conspiracy. You’re just gonna find a lot of rotated standard stuff that people don’t understand is very very cheap now because they were so used they paid so much money for them initially so opening a store.
The reality of it is you should be very very nice to your store owners they’re not living this lavish lifestyle. They’re not making noodles and noodles of money. It is a very grind a very passionate hobby that people have if i didn’t have a full time job.
I couldn’t support my store even as constituted with just being ecommerce because employees are expensive insurance is expensive that started thing you have to tap problem you have to increase your property insurance and your employee injury insurance. There’s all types of insurance that come with the property. But some places when you rent it out you actually have to look for it yourself.
And you can’t rent they won’t lease it to you unless you have it so i like it i’m enjoying myself a lot more now that it is more relaxed. It is like if you accept that you’re not going to make money and you accept that this is just a hobby you treat it differently. I always tell you that about mtg finance right so.
It’s like i’m telling myself. I needed to tell myself. This is that this is a hobby and just like any other hobby like opening a magic store is a hobby and like any other hobby.
I’m not expecting to make lots of money from it right like golf or deep sea fishing. Which is a new hobby of mine or shooting you know animals like shooting and wild hunting. I forgot what the term for shooting animals was it’s called hunts called hunting whenever you have a tag that tag cost money if you’re on private land.
Sometimes you know and the way that works is the number of points in the bucks antler determines. How much money you pay ida friend. So you used to work at a start up with me.
And see went hunting for you know in africa. And what happens is there’s it’s very expensive because they keep it when after you shoot the animal. They keep the animal in like a salt house or something and then a year later.
I guess because of viruses and disease then they ship it off to you so you don’t get it instantaneously. I was talking to her about it. And yeah.
That was a c was a shot a bunch of things as i go cheese. But no one expects to go hunting for like elk and make a profit right like it’s like oh hopefully i make a profit. No no the tag itself is gonna cost more in certain places.
And then just transportation. The delivery that you know all that stuff is my dad went to go salmon fishing in canada wherever that is it might be in the us. But it was on he took a cruise up there and he went salmon fishing and you could actually like pick the salmon out of the water because they’re like so slow moving in certain areas of the river and then to get that salmon back to his home.
It costs. What like eight times as much as he was just bought the salmon from a local grocery store because they dry ice and they shipped it right so i mean that stuff is expensive well yeah. I what you guys to know we’re doing well i feel very positive about where the company is heading where this magic store is heading.
I’m confident in the individual. I worked out that problem that problem has been solved and yeah. If you’re interested in vlogs.
We will be making vlogs about this particular company. The mtg lion company. Which is part of the girl s llc.
Which is a second company right. I actually separated into two my cpa suggested to do so because he thought that this company would go belly up and drag the other company down so he’s like oh we need to keep them separate entities. But yeah whatever it seems like it’s okay it’s not bleeding as badly as it was a month ago which i was very concerned because your your rate.
The rate of the blood coming out is very concerning so even if you’re like oh. I’m gonna bleed a little bit okay and then suddenly like and you’re okay with that but then suddenly you’re gushing blood everywhere. It’s like okay.
I’m not okay with this so you have to stem the bleeding. I think i’ve solved it we have a desk for the and jess and norman. And the rest of the team is actually going to be in the same floor.
So the top level of my off my my home is basically an office. It’s just like one giant open space office and we have a conference table and all that good stuff and we have board games they can play if they want i don’t know if anyone’s actually played these board games. We just bought them from so the good part okay the best part about owning a magic store or game.
Store is you get stuff really cheaply. Like if you’re just a giant nerd. And you have a bunch of money this makes sense.
And you’re not let’s say you’re a giant nerd. And you you’re not concerned about money because you have another job and you’re okay with taking a loss this makes absolutely perfect sense 100 because and you build up a collection. Very fast cuz.
What you’re doing is you’re buying people’s lifetime collections for let’s say 50. And you know it’s a good deal it’s a good deal for them because they don’t have to worry about shipping and inventory and cataloging and things and selling it and then fees. But it’s really good one of the things that i enjoy buying the most is acts people’s edh tax.
It would be amazing. If i just had a hundred eighty eight stacks fully built and ready to play a moment’s notice. Right but the 88 stacks no 3200.
A deck. Yeah. How are you gonna get a hundred.
Oh sorry like it’s not great oh these are what i’m talking about these legos things man. I don’t know why but as soon as we started carrying legos or all rest of the inventory move to so. If you’re interested in actual people blogs.
Including myself. Including intern. Kuhn including norman and jess.
We all agree to it we all agreed that we would do whatever it took to make this you know poplar and i think one of the things that we can do is car shop life and i think you would find the characters quite interesting. Because it’s just hilarious at least to me and we’ve been a family forever. Now so we have family fights.
Which you guys might enjoy and we’ll livestream some of this stuff. We’ve been looking into that a lot hi guys. .
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