Is it worth it? Need your guys input.

[mattmez]

I have been thinkin lately that I want to import exotic fish and be a dealer. I am having some pros and cons. The pros are is I get to get, care for, and see some very cool fish. Next I could make some decent money on the side. The con is I could totally lose money and be screwed. So wondering if I should import some exotics and predatory fish from peru. Would anyone be interested or what are your thoughts?

 

[Yuki Rihwa]

It's your decision, you're already knew the risk. We can't tell you it's worth to do or it isn't worth to do. So basisly, If you love it then just do it.

 

[fatboy8]

If you have the money, time, and the customer demand to import fish from Peru I would say go for it

 

[mattmez]

I mean would anyone be interested in buying?

 

[Oddball]

There's no greater risk than dealing with live animals. Before getting into it, calculate your costs down to the ridiculous.After figuring your start up: tanks, filtration, back up systems, foods, meds, biz/tax licenses, utilities,insulating, shipping materials (including O2 tank exchanges), shipping accounts (ground and air), waste disposal, insurance, inventory control, vet fees, advertising, tax tools, security services (usually required by biz insurance), etc. You'll need to know, and control, your regular operating expenses like foods, tank maintenance materials, disease control, daily order research (shipping quotes, bulk pricing, etc.), purging, packing, and package pick up or air cargo delivery, daily email and website screening/followup, etc.
Once you've finished calculating your annual expenses, ...DOUBLE IT. It may sound nuts but, it's a necessity to account for those unexpected expenses such as:
Shipment losses (DOAs and mis-routed shipments)
Customer loss complaints (whether real or being scammed these will take a lot of your time and $ to weather)
Disease/vet/med cost additions (example: I had a bout of septecemia run through my systems. Even though I recognized and treated immediately, I still lost $4K of livestock in one week. Plus the loss of potential business when customers looked elsewhere to get their needs/wants fulfilled).
Website maintenance/security/upgrades
Pest Control/Mold control
And a host of other expenses both nickel-and-dime and major expenses that WILL creep up and bite your business in the butt at one time or another.

There are a few like me that stayed the course from either the pleasures of this hobby or self-abuse. But, there are hundreds for every one still in the biz that folded from poor-planning, dis-illusionment, or desperation.

Be honest with yourself when calculating real expenses, business plans, objectives, and projected returns before diving in to reduce any losses and disappointments that will, inevitably, crop up in any business venture.

 

[Oddball]

I hate to say it but, you're going to find 1,000 people who will post they're interested in whatever product you're offering. In the end, you'll be lucky to receive any interest once it comes time to solicit payment from those interested.

IMO, asking if anyone may be interested in Peruvian imports is too broad to gain any business feel for the venture. You must list all the species being offered to gain any real insight as to what potential customers are looking for. Your intent when listing Peru fish may be completely different to what the potential customers reading this broad term have in mind.

Once you build a bit from your investment, and build a relationship with your supplier(s), you can ask customers for lists of species they'd like to see offered. This will take more of your time so, focus on customer requests of those with established good reps in the market. Then, time permitting, you can field other requests. Be sure to follow through on requests to your supplier(s) or you'll wind up with the short answer on your future inquiries.

 

[Yuki Rihwa]

+1 Very well said, Oddball.

 

[mattmez]

Wow thank you very much your advise really helps.

 

[Oddball]

Forgot a major business tidbit. If you do start up an import business you must incorporate it. DO NOT run the business from your home. If any litigation is brought against your business, and it's part of your personal holdings, those personal holdings (such as your home and personal accounts) may be used to satisfy any judgement against your business.

When I first started out, I ran my business from my home. I was lucky in that I never had to an issue. When I was charged with possession of illegal species, the fines alone would have demanded auctioning my holdings to satisfy the court fines. At that time, I had already incorporated my business and ran it from an adjoining address to my home address. My personal holdings were never placed in contention by the court. If I had not incorporated, my home and its contents would have been at risk of being declared as business assets to be auctioned off.

 

[Wailua Boy]

Wow, great point Oddball....If you are wanting to get in the business, don't do it for the enjoyment of being around fish, within a couple years it will just seem like another job. My advice, if you really love something, don't do it for a living.