It's OFFICIAL! I'm going to be an LBS owner!

[Mr. Bloom]

Congrats! Now the fun begins!

I'm not qualified to tell you what to stock, however, my experience in business compels me to say the following:

• Stock what you can SELL. Slow moving inventory is cash tied up in something you can't pay rent with...I like lph's comment of "don't stock the earth"...as Eden said "be willing to order it".
• Decide who your customer is and cater well to their needs. I like the posted ideas of "team endearment"
• Unless you have plenty of cash, don't go to town with sponsorships unless you're sure you'll get a return on the contributions. Give discounts when you know you'll make it up on volume. (If you have plenty of cash, forget all the advice...just do what you want!)
• Build, preserve, and protect an email list. It's a cheap way for targeted marketing. You'll want a database of customers - addresses, preferences, etc. I think there are some LBS specific software packages out there...information on your customers add umph to marketing.
• Communicate with your customers, let them know the status of their orders, remembering that service and experience are your 'value propositions' that differentiate you from the mass retailer.
• Have a "two minute drill" that is part of your sales pitch explaining why someone should buy from you. Based on what you've said, whether they say it or not, a lot of your prospects will be with folks who don't differeniate product quality...just price. Whether they express it or not, they'll be thinking they can get a better price somewhere else...and you have to sell them on why they get more for your price. It's intuitive to you...but you have to convince them.
• Remember that the www allows you to have a customer base that is anywhere. It's a way to leverage more volume through your existing overhead.

I wish you the best! It sounds exciting!

PS: Before she hits me up...No Silver , you can't have an LBS!