Forums: Discussions for entrepreneurs and small business.

Hi folks. This is my first post here.

I own a hobby business going into 4 year anniversary in Oct. We are the fastest growing in our trade in Toronto. We have mastered the merchandising, marketing, retailing and created a community of  customers. We ranked high on related search. We have POS, inventory system, we are very efficient small team !!
Our flagship is http:/www.boytoys.ca

Because of our success, we have now also ventured into a new spinoff business model called Little Scientist (http://www.littlescientist.net) and as an entrepreneur and committed founder/owner. I am now debating to either sell the retail store to help grow the new business model and scale big or to go for external funding (angel investors, VC, smart money)

Does anyone have similar interests and access to smart money/capital ?

Our flagship BOYTOYS have always been asked by customers ? Are you guys part of a franchise ? customers always thought our innovative retail concept were brilliant. We can scale it big too, only need more capital to grow ?

We have also a good piece of news that WALMART is joining us across the street in a piece of land that was vacant for a long time. Our location is considered one of the best in the area. Our Store will only benefit from the increase in traffic flow. Our store carry products that Walmart does not carry.

Should I start franchising BOYTOYS or should I just start seeking  investors in Little Scientist Only or should i  do both ?

I even have Middle East ppl asking whether i wish to franchise BOYTOYS ...

Any ideas or suggestions is welcome.


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Daniel Chun Founder BoyToys Today`s Hobby Makes Future Engineers http://www.boytoys.ca Little Scienitst Programming Our Youths` Future http://www.littlescientist.net

Ultimately your business direction (sell, franchise, grow) is largely a matter of personal choice. However, you might want to make an informed decision by examining each option in more detail. Identifying the resources required (people, time, capital) and comparing that with the potential return - might make your choice more apparent.

Robert Johnson

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

Robert
Thanks for the input. I know it still ultimately a decision. Because my side of the story is complicated by 1) a "Brick and Mortar" store, 2) An all new scalable "educational business model" 3) Scale both 4) Sell one and Scale the other...
so the more opinions/case study experience from other ppl will be great inputs fr me...

Tks



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Daniel Chun Founder BoyToys Today`s Hobby Makes Future Engineers http://www.boytoys.ca Little Scienitst Programming Our Youths` Future http://www.littlescientist.net

Daniel,

The concept looks great and would seem to have potential for franchising - at the right moment. Successful franchising does take resources - to prepare, to "sell" the franchises and to support them.

Robert Johnson  

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

I would first contact the franchising agents.  They may find a way for you to and your new idea to your retail store and grow it from within until you can separate the two.  I have had good feedback from McGrow & Co. franchisers.  Susie Colletti is great in the followup.  They are located in Boston.  I don`t have the number at my fingertips at this moment.

EmmyTay

Check out this Setting up a franchise - Q & A from a StartupNation radio show. It`ll help point you in the right direction on your franchise decision.

Thanks for the suggestions.

I have decided to SELL the "brick and mortar" and committ 100% to Little Scientist which is very scalable business (worldwide) will be a great hit in HIGH GDP metropolis...

All i need now is to prepare BOYTOYS to be sold in next 12-18 months and also going ahead full steam in getting VC on board of our game at LittleScientist

This will keep me busy for a long time...


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Daniel Chun Founder BoyToys Today`s Hobby Makes Future Engineers http://www.boytoys.ca Little Scienitst Programming Our Youths` Future http://www.littlescientist.net

Daniel,

STOP- if it`s not to late !!! You sound like you are all over the place. You are pumped and ready to rule the world it`s the ultimate feeling in business.You

can do it all,but selling the Cash Cow or franchising at this stage can destroy

you..

 

Daniel,

I am familiar with boystoys as I am a former paintball enthusiast from the chicago area.  You have a great concept and it seem that you are making a lot of money.  I started to read in to the littlescientist business and I am not exactly sure what it is that you do with that.  I believe that if you are passionate about little scientist you should at least get it started and going but you can grow it slowly as every business mentor in my life has emphasized.  I have connections with different types of capital and I could assist you at getting growth capital for badboystoys or capital for littlescientist if you would like.  I have started and managed a retail clothing chain and I believe that you could tone down your involvement in badboystoys if you truely wanted to and it would still generate profits, and I also believe due to the rapid growth of paintball and the constant popularity of the other extreme sports you cater to will provide a ripe market for franchising the idea and you will probably not get the full value for all of that potencial in an abrupt sale now.

Greg Caplan

I think you should keep Boytoys until you are confident that LS is working for you. second, will walmart sell products that compete with what you sell?


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The Small Business Loan and Business Loans expert.