How to start a fish store?
- Thread starter Benfica
- Start date
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Here are some number i wrote down. Most likely about estimates.
Wages- 2full time people working 40 hours a week at 12.00
40x12=480x4 weeks=1920x2 = 2840.00
Wages- 2 Part Time
20 hours a week at 8.00.
8x20=160x4=640x2=1280
Bills- about 2000 dolars a month for water/ power etc
Rent-3000sqf at 8 dollar per sqf= 3000x8=24000
Food for fish 20.00 dollars a day 20x30= 600
Other: 60dollars a day x 31= 1860
2840
1280
24000
2000
600
1860
------
32580dollars a month in expenses
Meaning 32580/31=1050dollars in profit per day to meet those expenses
To conclude you need to make 1050dollars profit per day to meet one months expenses.
Do these numbers seem right?
Some ways to cut costs are less people working = less wages, try to not spend so much on bills, lower food costs only feed certain ammount per day etc. Buy the building instead of always paying rent etc.
So anyone think these sound about right thanks.
Wages- 2full time people working 40 hours a week at 12.00
40x12=480x4 weeks=1920x2 = 2840.00
Wages- 2 Part Time
20 hours a week at 8.00.
8x20=160x4=640x2=1280
Bills- about 2000 dolars a month for water/ power etc
Rent-3000sqf at 8 dollar per sqf= 3000x8=24000
Food for fish 20.00 dollars a day 20x30= 600
Other: 60dollars a day x 31= 1860
2840
1280
24000
2000
600
1860
------
32580dollars a month in expenses
Meaning 32580/31=1050dollars in profit per day to meet those expenses
To conclude you need to make 1050dollars profit per day to meet one months expenses.
Do these numbers seem right?
Some ways to cut costs are less people working = less wages, try to not spend so much on bills, lower food costs only feed certain ammount per day etc. Buy the building instead of always paying rent etc.
So anyone think these sound about right thanks.
Benfica;2732110; said:Here are some number i wrote down. Most likely about estimates.
Wages- 2full time people working 40 hours a week at 12.00
40x12=480x4 weeks=1920x2 = 2840.00
Wages- 2 Part Time
20 hours a week at 8.00.
8x20=160x4=640x2=1280
Bills- about 2000 dolars a month for water/ power etc
Rent-3000sqf at 8 dollar per sqf= 3000x8=24000
Food for fish 20.00 dollars a day 20x30= 600
Other: 60dollars a day x 31= 1860
2840
1280
24000
2000
600
1860
------
32580dollars a month in expenses
Meaning 32580/31=1050dollars in profit per day to meet those expenses
To conclude you need to make 1050dollars profit per day to meet one months expenses.
Do these numbers seem right?
Some ways to cut costs are less people working = less wages, try to not spend so much on bills, lower food costs only feed certain ammount per day etc. Buy the building instead of always paying rent etc.
So anyone think these sound about right thanks.
my LFS has only two employees besides the owner who is almost always there. and those employees seem part time. then again the store isnt huge, but they manage to have frontose, a good selections of bichirs, a couple of gars and good saltwater in stock. It works for them so maybe you dont need as many employees.
$1,050 per day would be revenue. I think that would be pretty hard, for a LFS, to raise that much everyday. That is why a lot of LFS owners do all of the work in their shop or pay employees minimum wages. You also need to take into consideration the price of your stock. Of your livestock, some of the fish will die. That rent seems very high, but I don't know anything about where you live/where you are setting up shop.
puffcrusader696;2732276; said:my LFS has only two employees besides the owner who is almost always there. and those employees seem part time. then again the store isnt huge, but they manage to have frontose, a good selections of bichirs, a couple of gars and good saltwater in stock. It works for them so maybe you dont need as many employees.
Ya just wasnt sure. Thanks
banjocat;2732298; said:$1,050 per day would be revenue. I think that would be pretty hard, for a LFS, to raise that much everyday. That is why a lot of LFS owners do all of the work in their shop or pay employees minimum wages. You also need to take into consideration the price of your stock. Of your livestock, some of the fish will die. That rent seems very high, but I don't know anything about where you live/where you are setting up shop.
Just wasnt sure on how many workers to have.Wats the rent usually where u are? 3000sqfx8.00= 24,000?
Not sure, but I know here you can buy some business buildings(including warehouses) in the $100,000 range or less. It all depends on where you are setting up shop. Some rich neighborhoods or business districts with high traffic will probably have higher rent. I can't picture most mom and pop operations being able to afford 24,000 a month though.
I've always thought it was best to own the property if possible. If you rent you will always have to worry about raiseing enough money to cover the rent. If you stop being able to pay the rent you have nothing to show for it. If you own the property you won't have that worry once you pay off the loan. Many business owners don't have this option though. Easier to rent than to convince a bank to give you money.
I've always thought it was best to own the property if possible. If you rent you will always have to worry about raiseing enough money to cover the rent. If you stop being able to pay the rent you have nothing to show for it. If you own the property you won't have that worry once you pay off the loan. Many business owners don't have this option though. Easier to rent than to convince a bank to give you money.
Here is a link on what to expect. http://www.icx.ca/PropertyDetails.a...s=10&uts=0-0&fpud=1&Mode=0&PropertyID=7915867
For my area that rent is way too low. My current building runs $17/ sq.ft. My fish store was in a more retail area and was $20/sq.ft. The sq.ft. price is for the full year. Also, as far as stocking fish, I averaged over $1000 a week in fw and sw fish and my store was not very big, about 2500 sq.ft. And don't forget about the taxman. Even though you rent, the landlord can and probably will have you pay the property taxes.
banjocat;2733861; said:Not sure, but I know here you can buy some business buildings(including warehouses) in the $100,000 range or less. It all depends on where you are setting up shop. Some rich neighborhoods or business districts with high traffic will probably have higher rent. I can't picture most mom and pop operations being able to afford 24,000 a month though.
I've always thought it was best to own the property if possible. If you rent you will always have to worry about raiseing enough money to cover the rent. If you stop being able to pay the rent you have nothing to show for it. If you own the property you won't have that worry once you pay off the loan. Many business owners don't have this option though. Easier to rent than to convince a bank to give you money.
Uhhh i think i messed up calcs. Its for a year not a month. Because 24,000x12=288,000 thats how much a brand new houses is and a store ina populated area. Lol it makes more sense lol.
