Stacia and I have been doing well enough with the Idaho Falls store that we decided we were going to open a second store. So after a lot of discussion, we settled on Bountiful Utah as our next location. Why? You might ask? We looked at Pocatello, Mossoula, Twin Falls and a few other locations and the combination of little competition and having lots of family around was appealing.
So we started working on the business plan and after a few months had a finished document to present to the bank.
After a discussion with the HobbyTown VP of finance, he told us that there was no way that the bank would lend us the money to start a second store, especially in this economy. He said that most banks were requiring at least thirty percent down before the bank would even entertain the idea.