Overall, video store industry is in a strong decline. Online downloads and purchases from big companies are taking a toll. However, as some companies in the industry diversify their service offerings, they have some chance to grow.
Video Store Business
Competing and staying alive in this industry may be an incredible challenge. Revenue in this industry is expected to decline significantly in the near future. Consider placing your video store business for sale now, while you can.
If you are the type unafraid to jump into this type of situation, read the following to learn how to run this type of store.
You may be able to carve a name for yourself by marketing to a specific niche. Perhaps you could try independent films, family films, or the most popular titles.
Whatever you do, be sure to pick a great physical location. Strip malls, large shopping malls, next to movie theaters, and near grocery stores are some of the best.
Make sure the front of your store is attractive and the interior is clean and presentable. Load your location up with as many shelves and selections as you can.
Determine how many movies you can actually purchase. Find wholesalers and publishers who will give you the best deals.
You will need special software loaded on a computer to make sales. Consider using ECR software. Setup television sets playing DVDs throughout the day so people can sample your top selections.
Contact press departments of movie studios - they will often send you free promotional posters.
Determine how much your prices will be. How long will customers be able to keep the videos? What fees will be charged for items overdue?
Be sure to have snacks near the front desk. The prices may be higher than the grocery store, but impulse buyers will not be able to help themselves.
A large key to success will be your ability to monitor renting trends. If a certain item is hot, make sure you have enough of it in stock to meet demand.
Be sure to have a box available for anonymous customer feedback. Don't verbally ask for feedback because few people will tell you the truth.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .