opening a LFS

[Goanna]

Unless you have funding already, good luck getting a loan from a bank without a degree. Xia, I agree that a lot of the owners in Chinatown have moderate success, but that's because they've been established for a while. Even with all their knowledge, a bank would not give them any capital, especially in this economy.

True, I wasn't thinking along those lines. I am sure the banks would be pretty strict especially at this point in time. But this is something I have heard done as a workaround to getting a loan from the bank when looking to start a small business.

The idea would be to start the business from home before you open a retail location, sell online, do tank maintenance, do something from home under the business name, and open a business credit card or two and use them to buy everything, but only amounts you can pay off completely each month. Do this to establish good credit under the business name.

Then, later on after your business has good credit, you can apply for a loan through the business instead of using your personal credit rating. This could take a while but if you do this while your planing out the rest of the business it cant hurt when you finally do go to the bank.

 

[Benfica]

Look at the thread i created tons of people have posted tons of good/useful information!

 

[Thundaa]

I do not know much about economics or anything to that extent.

but i will tell you this, Now you want to carry more rarer/unusual livestock. the problem is, not every hobbyist are looking for those kinds of fish and certainly not everyone are willing to pay the price of most exotic fish...like Tiger knife fish,ATF,Black and Lei Aros,rays,fancy hybrids,etc.. It's like asking how many people are able to afford and purchase a Honda Accord than a Ferrari? Obviously, there's a big price difference, but cheaper/common fish will sell faster than an expensive fish. the expensive fish will generally sit around longer than most. The cheap fishes are cheap for a reason..theres always a demand for them.

yes, It's nice to have a greater selection than the other LFS. that is why bigger is always better IMO. If you have a huge selection,low prices,consistent availability of goods..then you will buy out other competitions..like walmart.

For most entrepreneurs..starting a sole proprietorship business will put a dent in their wallet..that's where partnerships come in. It'll be a lot cheaper splitting it up...
keep in mind..what you need and always plan it out before hand. Like tanks,equipment,remodeling, etc and don't go cheap when doing something like this. You might as well do it right,right?


AlWAYS have a good relationship with other businesses, especially wholesalers,corporations,etc what i've learned is, if you look out for someone, some one will look out for you in return. Mind you that you get paid last after paying off everything..bills,employees,taxes,livestock,dry goods,maintenance etc...and then comes out what your business revenue.

blah blah blah..IDK if that makes any sense

good luck.

 

[Thundaa]

This is from what I;ve learned..working in a LFS.

You get to work with,dangerous animals, deal with inconsiderate people,stress, dangerous conditions..slippery floors,heavy lifting,chemicals..water + electricity = FAIL. How delightful!

but you do get to see cool fish,meet amazing people, maybe benefit from all the hardwork.

ok I'm done ranting.

 

[ShipOfFools37]

go get your degree, if you've got one, go get another one.

The economy sucks, and believe it or not, to some people, fishkeeping is expendable. (I don't get that, and I know most people on here won't, but unfortunately, we're a minority)

Not only will you have to deal with the trouble in getting loans and such, as mentioned before, business isn't going to be good. the LFS in my town tanked because of the economy, but since they were already established, the owner of the strip mall bought the store to keep it open because it would be harder to find a business to fill the vacant store than to just leave the LFS there and make minimal money, they've let go almost all of their staff.

If you go get more degrees, give the economy a few years, I think you'll be in better shape. Not only will there be more money to be spent in the hobby, but you'll have a better education which can only help you in the long run.

Think of it this way, if you were to choose between two LFS, one run by a hobbyist with no formal education, and one run by a hobbyist, with degree(s) in the field, which would you choose?

I'd put my money on the person who has the degree, if anything, it shows that (s)he values the idea of a business enough to put the time and effort into the education to become a better fishkeeper, businessperson, etc.

 

[CDickes1988]

Starting an LFS is like wanting to own your own bar. Sure, it sounds great, but seldom works out. Be prepared for alot of work, a lot of investments, and very little return for the first few years you're in business.

 

[banjocat]

For people who work for or own a LFS, what percentage of customers would you say have at least a basic understanding of fish keeping? I thought of this question while reading some of the customer horror stories on this site. I would imagin it could get really annoying

 

[aquaman5000]

While taking some business courses cant hurt, if you have common sense and the ability to do your own research and planning before you delve into anything, there's no reason someone without a college education cant open a business.

my words exzactly i mean my dad owns his own seamless gutter business and he's been open for 12 years and he has no cellege education. you just have to decide how bad you want what u want i mean I if you want it bad enough ur going to put blood sweat and tears and many many hours devoted to ur business that if you really really want things to go good and that you love what your doing.