Owning your own shop?
#22
RE: Owning your own shop?
My local shop says that he needs to generate 10,000 in monthly sales in order to clear overhead.[] He has way too much stock that he doesn't move very often. I really wonder how he is going to survive through this recession.
You must have a Range and you almost have to have leagues to draw people into the shop so that they buy items. If you are going to sell Guns then you have to go through the hassle of obtaining a FFL. Then you have to worry about getting robbed during and after hours. The local guns shops where I live have all of their employees carry while they are working.
If you are going to deal in both guns and Archery then you need to be an "expert" in both areas and you will most certainly need help to handle the flow of traffic when you get it.
Best advise is do lots of research before you commit to anything.
You must have a Range and you almost have to have leagues to draw people into the shop so that they buy items. If you are going to sell Guns then you have to go through the hassle of obtaining a FFL. Then you have to worry about getting robbed during and after hours. The local guns shops where I live have all of their employees carry while they are working.
If you are going to deal in both guns and Archery then you need to be an "expert" in both areas and you will most certainly need help to handle the flow of traffic when you get it.
Best advise is do lots of research before you commit to anything.
#23
RE: Owning your own shop?
I would recommend taking Cost Accounting, Financial Accounting, and Business Tax classes while at school. That should be sufficient for you to learn the money management side of things - understanding financial statements, cash flows, costing systems, cost allocation. Everything else has been said. Work in the archery business to gain a customer base who respects you and save save save your money. You'll incur a large amount of overhead cost just to open the doors initially - building (rent or buy), building renovation, fixtures/furnishings, equipment, utilities, inventory, not to mention any legal or zoning fees depending on insurance requirements and city codes.
*another class idea, if your school has it, try taking a business geographics course
*another class idea, if your school has it, try taking a business geographics course
#24
RE: Owning your own shop?
One thing you may want to look into is online sales potential.
It is great to go to a shop and talk to an expert, but often you know what you want and just want to order it.
Browsing through American archery suppliers web sites they do not seem geared towards internet sales the way the major suppliers here in New Zealand are.
Here are a couple of good ones from New Zealand to check out.
http://www.nzap.co.nz/
http://www.archery.co.nz/shop/
It is great to go to a shop and talk to an expert, but often you know what you want and just want to order it.
Browsing through American archery suppliers web sites they do not seem geared towards internet sales the way the major suppliers here in New Zealand are.
Here are a couple of good ones from New Zealand to check out.
http://www.nzap.co.nz/
http://www.archery.co.nz/shop/
#25
RE: Owning your own shop?
Most guys I know in this area that run a Proshop also have another job. If your market is good you might be able to make a living running a shop, but believe me in today's economyit won't make you rich.
Dan
Dan
#26
RE: Owning your own shop?
yep, 10,000.00 in sales per month to clear overhead seems about right.
I don't sell firearms but I carry 24/7
I put in 60-80 hours per week
Not sure where I would find the time to have another job?
I'm an "all or nothing" kind of guy.
If I can't make it in the archery business doing it full time then the archery business isn't for me.
I don't sell firearms but I carry 24/7
I put in 60-80 hours per week
Not sure where I would find the time to have another job?
I'm an "all or nothing" kind of guy.
If I can't make it in the archery business doing it full time then the archery business isn't for me.
#27
RE: Owning your own shop?
Location/ amount of hunting/bow shooting in your area? I know my local shop, which I drive about 45mins to get to maybe 35mins, has been around forever, same owner, seems like the guy barely makes a buck to stay a float, course. And this is chicagoland....with 8million people around you think there'd be a few hunters....course big city, less rural/hunting perhaps too. Either way seeing him, doesn't seem like much of a market, perhaps where you live etc.....could be. Might bea fun job/hobby, just not sure how successful it could be....though I sure it could be.....I've seen some guy advertise his shop, out west, I think he'll make you arrows ship them out in like 3 days or something. Kinda do whatever you want/need done.
#28
RE: Owning your own shop?
Thanks for the info guys and thanks for the class suggetions Austin. I may need to take those seeing that I knownext to nothingabout money and cash flow and stuff.I will def. have a range because whats an archery shop without a range and I will prob. have a league or leagues to bring in more coustomers. The thing about this is that there is a shop close but it doesnt have a range and the owner isnt much of a buisness man like hedosent advertiseor promote anythingand I dont really see how he meets his overhead and his prices are really high even for a small shop.
I dont know just a big dream I have and I may have to wait and save my money but I still want to do it even if I have to get a dead end job before.
Thanks again guys.
I dont know just a big dream I have and I may have to wait and save my money but I still want to do it even if I have to get a dead end job before.
Thanks again guys.
#29
RE: Owning your own shop?
I certainly don't want to discourage any young person from pursuing their dreams, but I will make the following comments that I hope you will at least kick around for a while.
First, and this comes from my local shop owner. He is not a hunter but was very much into target archery and lived and breathed it before opening a shop. Now, after spending 6 days at his shop, the last thing he wants to do with his free time is anything to do with archery.
Here is his quotable quote "If you want to ruin a good hobby, turn it into a business".
Second, while there will always be a few that make "good" money operating a shop, there will be a higher majority that are just getting by, if at all.
While this can be argued about any business, I think it is even more true for a "hobby" related business as there are usually more people trying to make a living doing it (supply) than there is a demand.
My profession is agriculture. I see the same thing all the time with people trying to make a living doing something with horses because that is their passion. I give them the same advice. Find a better way to make a comfortable living so that you can ENJOY your hobby.
I know I am rambling but I see too many people fall in this trap. I am sure you have always heard to find out what you are passionate about and pursue it. This is not necessarily good advice. Certainly, you have to enjoy your job in order to be succesful and satisfied, but that is not the same as being the MOST enjoyable activity you participate in. Find a way to make a good living so that you can enjoy these activities.
Myfour biggest passions are hunting, photography, snow skiing and bicycles. There are people that make their living pursuing these. But I feel confident that I make A LOT more money doing something elsethat I also enjoy than probably 90-95% of the people in hobby related jobs and because of this situation, it allows me to pursue them at a higher level.
Again, don't let me or anyone else discourage you from pursuig your dreams,just make sure you don't go into it blindly.
The advice about working in someone else's shop for a year or longer is IMO, a must even if it means moving in order to accomplish, but again this is just my opinion.
First, and this comes from my local shop owner. He is not a hunter but was very much into target archery and lived and breathed it before opening a shop. Now, after spending 6 days at his shop, the last thing he wants to do with his free time is anything to do with archery.
Here is his quotable quote "If you want to ruin a good hobby, turn it into a business".
Second, while there will always be a few that make "good" money operating a shop, there will be a higher majority that are just getting by, if at all.
While this can be argued about any business, I think it is even more true for a "hobby" related business as there are usually more people trying to make a living doing it (supply) than there is a demand.
My profession is agriculture. I see the same thing all the time with people trying to make a living doing something with horses because that is their passion. I give them the same advice. Find a better way to make a comfortable living so that you can ENJOY your hobby.
I know I am rambling but I see too many people fall in this trap. I am sure you have always heard to find out what you are passionate about and pursue it. This is not necessarily good advice. Certainly, you have to enjoy your job in order to be succesful and satisfied, but that is not the same as being the MOST enjoyable activity you participate in. Find a way to make a good living so that you can enjoy these activities.
Myfour biggest passions are hunting, photography, snow skiing and bicycles. There are people that make their living pursuing these. But I feel confident that I make A LOT more money doing something elsethat I also enjoy than probably 90-95% of the people in hobby related jobs and because of this situation, it allows me to pursue them at a higher level.
Again, don't let me or anyone else discourage you from pursuig your dreams,just make sure you don't go into it blindly.
The advice about working in someone else's shop for a year or longer is IMO, a must even if it means moving in order to accomplish, but again this is just my opinion.