Managing Games, Inventory, and Values
Part of knowing how to run a game store is knowing how to manage your video game inventory. You may need to do some market research to find out which games are the most popular, how much inventory you should have on hand, what prices to charge based on your competitor's pricing, and learning how to choose good vendors that can supply you with needed games quickly.
To be successful, you will need to keep the most popular video game titles in stock at all times. Learn how too much inventory can make or break your business, especially if you have inventory that doesn't sell. After the game loses its initial value and becomes less popular, you may need to sell the remaining stock of the game for less than the original value. Plus, when initial demand for a video game decreases, this can lead to a reduction in overall profit. Work with your vendors and suppliers to ensure your gaming inventory is always at the appropriate levels.
Don't be discouraged by Big Box stores like Walmart that have a higher customer base due to pricing. You can still make your gaming store popular by adding incentives such as buy two, get one at half price, hold drawings for a free game, and by offering gaming demonstrations at your store. Keep an edge on your competition by knowing all the trends in the video gaming industry.
Use the vendor selection process when popular games such as Halo or Sims release a new title. A dependable vendor is one that will have the games in your store as soon as they are advertised to the public.
Lastly, find out how to pre-order games and try and obtain them before their public release date. Die hard gamers will flood into your store to buy a highly anticipated game. Often, the first day a game is released will be the most profitable day of the month for you.