Im starting an AQuarium/Fish store....

  • We are currently upgrading MFK. thanks! -neo
If you already have a storefront in mind, then you are jumping into this way too quickly. I saw a lecture by Steven Pro about this & he couldn't stress enough that you MUST work at an aquarium store a minimum of 2-3 years, before even considering opening your own. He also said, as the others here have stressed, take some business courses! Even in a large fish community like Chicago, I have seen many long-standing aquarium stores closing in the past year. You aren't going to make any $$$ selling fish or even supplies. The only way for a store like that to make a profit is by doing maintenance. If you aren't willing to get into the service end of the business, you are doomed for failure. A retail model almost is unable to work with out a very, very significant maintenance business to support it. All you have to do is go on Reef Central & search for store closings, to find out why.

Here is a thread going on right now about a store that was very sucessfull for many years & was sold to someone who just didn't know what she was doing:
http://reefcentral.com/forums/showthread.php?s=&threadid=1464512

There is also much info on aquarium businesses at WetWebMedia. Starting any business right now, in this economy is very tough--pretty much suicide, without the proper planning. Just like anything else, research, research, reasearch!!!
 
Ok everyone seems to have great advice sounds like a nice start for you kid and nothing wrong with being entrepenerual. Anyways I hope this going to get off for you.

Although not an LFS we are business owners and I got a couple tips. Learn good accounting will save you lots of time. Understand the customer is not always right and a certain number of people in your store you don't want as customers anyways. Always get paper work for purchases (purchase orders) and for sales this is important someone is going to claim you didn't pay for something or you double charged and they are going to be wrong if you record every conversations date and time on all pertinent info you will be ok. Most importantly almost all businesses take some time to get going. Overnight successes are rare and usually lies. Expect to lose money for a while maybe a couple years write that into your budget. If you make money great but expect the company to lose money. Pay yourself less for the first little while you want to establish a business not a bank account. When you have success plan for a rainy day save some capital for recessions when people are less likely to purchase luxuries like pets. If it goes down hill know you'll get a second chance don't be scared to walk away from a finicial dead weight. And finally advertise here cause we'll all want fish from your store.

Best of luck
 
ah i forgot one of the best aces in the hole you will have against the large chain type pet stores

when your customers come in and want to sell you fish offer them a trade of sorts there are even some fish they will want to surrender not that im saying take all surrenders but myself when i find that a fish is surrendered my lfs will call me and give me dibbs and im all over that i got this fish as a surrender

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some of the best fish i have ever gotten have come from other fish keepers not pet stores

i have a set up arrangement with a store here that when i get into breeding they want my stock and will trade me stuff for it and i assure you they will get good stock from me
 
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