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How difficult is it to make a decent living running your own fish store? Always been at the back of my mind but never really did anything about it.
Fish Store.
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I hear ya, guess thats out. Thanks- Messages
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It is do-able, but not an easy buck. Most LFS will be sold or go out of business in the first 6months to a year. The store front brings customers in, maintenance make money. As far as just owning an LFS and not doing maintenance... Good luck!
Customers are a pain, and you certainly won't be dealing with people who have a clue. Most LFS's customers are just a step above petsmart level. They aren't looking for fancy high end super sexy corals, they want cheap cheap cheap cheap cheap(yeah five times was nessesary).
You won't be dealing with *just* reef club people, you'll be dealing with the lady with 7 kids running around and wanting a "Nemo" for their betta bowl.
If you are patient, this is a fine profession. If you are not patient, stick to what ever you are doing now.
Customers are a pain, and you certainly won't be dealing with people who have a clue. Most LFS's customers are just a step above petsmart level. They aren't looking for fancy high end super sexy corals, they want cheap cheap cheap cheap cheap(yeah five times was nessesary).
You won't be dealing with *just* reef club people, you'll be dealing with the lady with 7 kids running around and wanting a "Nemo" for their betta bowl.
If you are patient, this is a fine profession. If you are not patient, stick to what ever you are doing now.
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Easy. As long as you can provide superior goods and/or services better then the competition. Then again that's true with any industry though.
Do your homework, market analysis, and find the right location and you will give yourself a chance. You have to go where the money is and provide service that is a step ahead of your competition. It is not rocket science, really just like any other business opportunity. Any business, in any market condition, can thrive but it takes a skilled businessman to make it happen.
I'd respectfully disagree on most of what's mentioned here, but agree that location is key!
Sometimes, or many times, you can do everything right and still not succeed.
i just want to know where all these great fish stores were when i was getting back in the hobby back in 2000. i couldn't find as much as a damsel in the entire metro area!
What is it that you disagree with and why? Simply disagreeing is fine but backing it with substantive reasoning is even better.
Why do businesses like Pure Reef, Marine Designs and Sea seem to thrive even though they compete for the same market while other shops in the same market have failed? It is because they have a good business plan and the skill to execute upon it.
I can say with a high degree of confidence that asking for, and taking, important business advice from an internet forum is not the proper way to succeed.
I can say with certainty that one of those mentioned stores saw a significant increase in revenue during 2011, in down economic conditions. If they can do it so can anyone else with the proper planning and execution of the plan.
I simply do not accept the thinking that it cannot be done, no matter what we are talking about.
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My closest LFS is struggling, they haven't made money on fish in 3 yrs.
Thanks for the Halide BTW.
Thanks for the Halide BTW.
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Let's simplify this... If you have money to build a bad a$$ fish store, you will probably succeed. If you don't have money, you better be really nice and have great prices.
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I once actually considered this as well. But like any business, you treat people right and they will come back. I once went to a store which had purple tangs on sale for $50. When I got there, they only had one left. Now, I had been here before and thought they were a trusted sales person and I asked the person to bag the fish before actually looking at it. I purchased other items and ended spending about $230. When I got home, the purple tang had lateral line disease. I never went back to the store.
It's not an easy business. I'm coming up on 10 years in a few months. 11 in the trade.
Work for someone else FIRST. I did. I've given this advice to tons of people who asked... nobody has taken it, and some have lost their shirts on their own venture by skipping this step, and have come and gone.
The person venturing into this has to have an incredibly strong business background, not just a passion for the hobby. You have to know a LOT about husbandry on the small scale, but also on a large scale. You have to be able to do it all - don't count on being able to hire somebody to accomplish what you're not so strong in. Nobody will look after a business like its owner. Nobody. Once in a while an employee comes along that will treat your business like it was their own - but you mustn't count on that - if you do, count your blessings.
My old boss (whose store lasted just over 2 years) told me I'd never make it. 10 years later I think I can tell him, "PFFFT!"
The economy these last 4 years or so has been a challenge, to say the least. I've seen a lot of stores come and go, and some that were around before me, are gone now. That's pretty daunting.
I wouldn't do anything without funding - adequate funding (MORE than adequate funding) and a solid business plan.
Jenn
Work for someone else FIRST. I did. I've given this advice to tons of people who asked... nobody has taken it, and some have lost their shirts on their own venture by skipping this step, and have come and gone.
The person venturing into this has to have an incredibly strong business background, not just a passion for the hobby. You have to know a LOT about husbandry on the small scale, but also on a large scale. You have to be able to do it all - don't count on being able to hire somebody to accomplish what you're not so strong in. Nobody will look after a business like its owner. Nobody. Once in a while an employee comes along that will treat your business like it was their own - but you mustn't count on that - if you do, count your blessings.
My old boss (whose store lasted just over 2 years) told me I'd never make it. 10 years later I think I can tell him, "PFFFT!"
The economy these last 4 years or so has been a challenge, to say the least. I've seen a lot of stores come and go, and some that were around before me, are gone now. That's pretty daunting.
I wouldn't do anything without funding - adequate funding (MORE than adequate funding) and a solid business plan.
Jenn
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WOW guys thanks for all the feedback, have thought about this for years. But still think I will keep it on the shelf, one of these days I will probably do what Jenn says and work for someone else first.
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Lol how often do you see Jamie at the store? I wouldn't say that they are a team... I'd say rit found an investor.
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