Ohio's economy may be in the tank, Columbus has fared a lot better. We have a very diverse economy unlike a lot of the other cities in the state.
Columbus/Central Ohio is around anywhere from 700k to 1.9 million people depending on where you count. The 20 some shops I mention are pretty scattered around the area with a decent number in far out suburbs. In terms of competition in the immediate area it's more like 3-4 but with the freeways surrounding the particular neighborhood I am looking at, access is pretty difficult. I do plan to offer unique products. We really have no shop geared to the utility market, which is part of my interest in carrying Downtube and Yuba Mundo. We also have a rail trail project starting about 2-3 miles from the potential location which will tie in to a much larger state wide rail trail system, providing opportunity with tourism.
As to loans, I plan on doing very little on credit or loan. Part of the reason I am projecting at least 2 years to get this going. At this point I merely want to explore and evaluate the costs, consider the options and products to make the place unique. Property is also very cheap in the area. One building I am looking at is 14k on short sale.
I absolutely understand this is not an easy proposition in the least and needs very careful consideration.
Thanks for the thoughts.
ETA
I should add: from what I have seen being involved in the bike community here, people tend to be pretty local in their choice of LBS. Most want something pretty convenient to either work or home and tend to do most of their purchases and service work at that shop. Outside of that, they'll hit some of the other shops based on the niche those shops are filling and the products they carry. I think catering to a lower budget market is something that largely hasn't been done here. The utility and commuting market is something that isn't really touched here as well. We have 1 co-op that is doing well, another that is barely on the radar and 2 used shops (the co-op and used shops both in the campus area).