Thinking of starting my own store

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Fat Homer said:
I think each store has its own bread and butter items they use to pay the bills... Over here i know quite a few store owners, some sell mainly small common fish as their money makers, some sell pre-setup aquascapes with stock as their bread winner...

So i would say its really doing research to see what your area would have high demand for and cater to them and add something special on the side...


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I think it's either or as well. A place over where I live said they buy blue tangs at a wholesale price of about $10 and resell for about $55, and they sell about 30 a month so there is big profit in livestock but it's all really depends.


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There's (generally) big mark-up in livestock (~3X wholesale) but not big profit when you take into account the costs associated with it: labor to clean tanks, catch fish and tend the store...heat and electricity to keep them happy, etc.

Matt

ckcdrummer said:
I think it's either or as well. A place over where I live said they buy blue tangs at a wholesale price of about $10 and resell for about $55, and they sell about 30 a month so there is big profit in livestock but it's all really depends.


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dogofwar said:
There's (generally) big mark-up in livestock (~3X wholesale) but not big profit when you take into account the costs associated with it: labor to clean tanks, catch fish and tend the store...heat and electricity to keep them happy, etc.

Matt
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Matt said somthin thats really important to keepin mind. Your electric bill is always going to be very high, youll need a dehumidifier in the fish room, and youll need a way to filter/heat/ do water changes on your tanks


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Then you have to factor into the cost of Mortality rate inside the store and if you offer a guarantee to your customers, disease and treatment of fish, Feeding them. Sometimes you can make an order and sit on them for some time. This can take the cost of that $10 fish and make it go up greatly. As well as the above things others have mentions (water changes, electricity and other expenses.)

Ive got 2 different friends that own LFS. One of them would sell it and get out if he could cause he is getting his ass handed to him financially. The other who is fine still tells me about the fact. If you dont already have lots of money. This is not a business to jump into. It takes alot of set up and up front dollars to get EVERYTHING you need. Dont do it half way or partial it will only cost you a bunch later. He also states business education is a big plus. Love of the hobby and the fish and seeing a vision that you think your going to knock it out of the park and make a killing or big money is nothing more then a pipe dream. You have to plan, Long term spend some many months to get things in order and figured out and look at the numbers. Do the research from other LFS. Even if there isnt much for LFS in your are, that can in itself be a sign its not a good idea as it may not have enough to even support one or any others.

Not trying to rain on your idea, but its well advised to spend much much more time invested into it to figure out if its a feasible idea. If the surrounding area supports it, if the $$$ up front invested will be able to be dealt with and the return time on that investment. Id be willing to bet a investment of that nature doesnt turn around for more then a year.

In my profession of automotive repair. I know Many guys that feel what they do they are top notch at, and they are. BUT many of them dream of or try to open their own shops only to find out they made a much better Auto tech then a business owner and dont last long or get themselves way in over their head and hate it.

I definitely give props to anyone that can pull it off and it doesnt kill them or put them in financial despair. Just know it takes so so very much. Do it right. Spend several months compiling data. About the area. How many customers you might have, what support is there. What the cost factor of everything. That means every little penny. Rent, Utilities, food, livestock, losses, advertising, and so on. Build a full business plan. Then after that see if you still think its a solid idea. Not just in your "want and desire" but in your pocketbook and lifestyle.
 
well i have decided to take it slow im selling out of my house for now if things go well then i will me moving to a store front maybe in a few years or so. as it stands if anyone needs anything or is looking for something in the area let me know ill see if i can track it down.
 
poppalina said:
If you were able to ship that would be a plus.
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This. Sell from home on aquabid, Craigslist, here....do it online to keep your overhead low and see how it goes.

If you do well that way, then look at a possible store.




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