Starting A Comic Store - 3 Quick Tips

If you look around the internet or in magazines like Wizard, you will find advice on starting and running a successful comic store.  There will articles on ordering, product selection, customer service and advertising.  These are all important but I feel there are a few tips that can go a long way to helping you become successful and if you are not successful, protecting yourself and your assets.   Trust me from personal experience and knowing enough other comic store owners, these are three of the most important things you can do.  So here they are and if you are smart, you will make sure they are at the top of your list.

Tip #1 - Get incorporated - While it is more costly than a sole proprietorship or a partnership and it makes taxes more challenging, it is well worth it.  What it does is makes your company its own entity.  This way if you bankrupt the company, you are not personally liable for its debts.  Also if your company gets sued, they cannot go after you personally.  This will give you peace of mind and allow you build your business without worrying if a failed business will wipe you out.

Tip #2 - Get A Good Accountant - You may have no problems doing your personal taxes, but when it comes to a business, get a professional.  That way they can show you exactly what is and is not tax deductible.  They will also provide you with a hard copy of each month's records.  If you ever get audited or if there is ever an error in your taxes, this can be worth its weight in gold.  Remember that if the government makes an error, it is up to you to prove it and having your monthly reports from a professional will go a long way to proving what you do or don't owe.

Tip #3 - Get Insurance - I cannot tell you how many stores I knew that did not have any insurance at all.  If you are tight on money, you can go without insurance to cover you in case of a theft, fire or other problems.  I do not recommend it, but it is up to you.  But do not go a day without liability insurance.  One person falls and gets hurt or one baby chokes on an action figure and you can be sued and lose everything.  Insurance will protect you from such things.  If you don't think this kind of stuff happens, just read about all the frivolous lawsuits.  It can and it will happen. 

There are my three quick tips that I feel are very important to a successful comic store or any business for that matter.  I hope these help you and give you a chance to succeed.  I have known numerous people who were drastically affected by not doing these and wish they had.

       

 

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Tom Zjaba 1997 - 2015      

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