Jeff Staple  

Sneaker shop: Reed Space in NYC, NY 

Jeff says: "I don't want to be a Debbie Downer but I would highly advise someone to NOT open a sneaker store. Starting any business these days is difficult; but a sneaker store is especially difficult. You can carry one of two things: Big major brands: You might be the coolest store in town, but inevitably, these big brands need to make their maximum profit margins so it only makes sense for them to sell to their own flagships. It's almost impossible for your shop to retain any exclusive product for any extended time. Independent brands: I love the new independent footwear brands. And you'll be able to carry them. But they don't warrant the same demand as the bigger brands with their powerful marketing dollars...so your profits from them will be smaller—very likely, too small to carry the overhead of your rent, inventory and staff."