starting a local fish store

thinking of starting a lfs. tell me what you guys think any experiences or information would be appreciated

 

bump

 

You personally I are thinking of starting up a fish store?

Myself I would consider what your competition would be like in your area.

Will you be able to sustain the store financially until word of mouth gets out.

Maybe consider working at a LFS for some experience.

Mod Inwall (Curt) and Mel have experience in managing fish stores so perhaps hit them up for first hand experience.

Sounds like a dream job, unfortunately in todays economy it's tough to hang on.

 

we only have 2 competitors in 100 miles of us and one is petco... and not a good one lol . i currently work in the oilfield so i could support the store for a while as long as the bank helps out with the start up. and out only actual lfs only sells stuff that goes quick and doesn't really carry any kind of products. just fish and whatever corals he decides to order which usually are way overpriced. hell i could buy at retail and sell them and make a profit cheaper than he sells his for

 

See what local reef clubs you have around the area and get an idea of local interest.

Gauge if your area is more interested in corals vs fish.

An alternative to see if you really want to go that route might be breeding and raising Clown fish and a large frag tank. Seem like you would get a good idea of whether the local population can support that type of business.

What ever you decide go with your dream and what you love.

 

I've read alot from people with this dream. I would suggest sell as a hobbiest first. Take a basement room, set up an 8ft trough style frag tank, and build a relationship with reefers in the area. Host frag trades, have get-togethers with speakers, and sell out of your basement. Then put together a business plan and see what it would take for maintenance of a store front to see how profitable it could be.

Most successful saltwater LFS make thier largest income and profit from tank setups and maintaining tanks for people.

 

Or you can run some frag tanks in your house and sell them on craigslist and ebay till your name gets out there then if you are successful at that then you can upgrade to a retail store. This will be more a gradual change and I think will make it easier.

 

thought about incorporating that into the business as well. the breading and frag tank thing. plus i use to frame houses so i thought about doing custom installs

 

There is decent money in that most places and near the oil fields, there is a good supply of disposable income. I would look into it, and start setting money aside.

The best lesson I ever learned was from my grandmother who told me always pay cash. Being in debt is a tough way to build a business but there are alot of ways to skin a cat as they say.

 

Where are you located?