I want to open my own B&M but im not sure where to start. Any advice?

forgop · 03-28-2011, 12:58 AM

Quote:

Originally Posted by Trent0341

Interesting read... Especially this part...
The very bare minimum, he estimated, that anyone would need to open a small shop would be $500,000. Gitts said anyone wanting to open a smoke shop should have at least $2 million to spend. Just the equipment to keep the humidors running can cost up to $20,000, said Gitts.

I wish you luck but hope you have a lot of capital to invest as that article was written almost a decade ago. Not a venture to enter in lightly these days. I hope you find success.

Big difference between $2M in NYC vs. many other lower cost cities.

dannyboy · 03-28-2011, 03:14 AM

To the OP, where in Hawaii are you located? We have kicked this idea around in our circle as it is a dream of all of ours to own a smoke shop and lounge. Biggest barriers that we can see: smoking laws, you can get away with a lounge but the restrictions are tight and require some very expensive air filtration systems; Hawaii tobacco tax, its throug the roof and makes pricing cigars reasonably difficult and could cut into profit margin; and lastly, locations that will cater to the desired clientelle are very expensive. If you have the capital to get it going, I think it could do well. Our guess is that you would want at least a million going in, this seems to match up with the previously posted article. Also, if it is a lounge, the liquor liscence is a pretty penny as well. Good luck, hope it works out and I can come support your shop

emopunker2004 · 03-28-2011, 11:37 AM

Quote:

Originally Posted by forgop

Big difference between $2M in NYC vs. many other lower cost cities.

true but hawaii is by no means a cheap place

Trent0341 · 03-29-2011, 11:10 AM

Quote:

Originally Posted by forgop

Big difference between $2M in NYC vs. many other lower cost cities.

Very true, but like emopunker said, Hawaii is not the cheapest place in the world. Now it would probably make a difference on which island/city he was looking at but I'd think anything on Oahu would be just as much if not more than NYC. Either way I wish him the best of luck!

03-28-2011, 03:14 AM	#2
dannyboy Still Watching My Back Join Date: Oct 2008 First Name: Daniel Location: Maui, HI Posts: 202 Trading: (31)	Re: I want to open my own B&M but im not sure where to start. Any advi To the OP, where in Hawaii are you located? We have kicked this idea around in our circle as it is a dream of all of ours to own a smoke shop and lounge. Biggest barriers that we can see: smoking laws, you can get away with a lounge but the restrictions are tight and require some very expensive air filtration systems; Hawaii tobacco tax, its throug the roof and makes pricing cigars reasonably difficult and could cut into profit margin; and lastly, locations that will cater to the desired clientelle are very expensive. If you have the capital to get it going, I think it could do well. Our guess is that you would want at least a million going in, this seems to match up with the previously posted article. Also, if it is a lounge, the liquor liscence is a pretty penny as well. Good luck, hope it works out and I can come support your shop