starting a local fish store

I am not sure about fish stores, but i do know a little about business. In our business there is a lot of stress. our business is a local bar, called Semento's. Im sure a fish store is not as stressful, but I'm sure the income is not as great either. Almost all the fish stores I look up near chicago have closed down. Im not sure around your area. I think while you have the store the first few years, you should keep your oil-field job. Get trusted friends and family to work at the store, i wouldn't hire any outsiders until it becomes established and you have a good rhythm going. You just can't trust people these days. I can make a list of things, but I'm sure you already know and understand what else I would say. Follow your dreams, live life how you want it. DOnt just wait for it to come, make it happen.

 

Don't put all of your eggs in one basket. Meaning dont rely on just coral sales. Take into account that people need bulbs, food, sand, rock, test kits, skimmers, powerheads, etc, etc.

Tank setups is a good idea, but remember not everyone wants a biocube! I would sell drill bits for tank drilling, as I've never seen a lfs carry them.

 

This is the best advice in my opinion.
This would be a great bellwether of whether or not there is demand in you area to make it a worthwile venture...

 

+1

this seems like the best way to start. That way you can begin to build up a client base to ensure that you will have enough demand in your area. Also agree that coral/fish sales alone probably won't cut it. Monthly contracts for maintaining and new setups are where the money is at. Especially on the commercial side of things. A place of business will not want to take the time to properly maintain a flashy DT for their customers. That's where you come in. Sure you may come across a few rich residential folks who want to sign a contract but honestly, if they love it... they will probably become more and more independent as time goes on.

 

Coralline and ingtar hit your q"s dead on. You have established a lack of lfs in your area, good idea. Next what about demand, are there enough reefers to pay your rent and turn a profit?(why basement business is good, no extra rent).

If contemplating a store, many stores around me make most of their profits from dog and cat products. Big markup on their food, treats and toys. This will help lead to your profits in todays hard economy. You don't need to dedicate half your store, but if you keep a few quality brands as well. Many of your customers will by chance also have a cat or dog and can use driving to your fish store to grab more food for the dog as an excuse to get out to your lfs.

 

there is actually a member on here who has opened up their own fish store and tracked his progress along the way. It has been within the last year or so, but i cant remember who it is. Try doing a search and hopefully you can find it. He would probably be the BEST to help you.

It is a very tough market to get into. Our area has lost 3 or 4 big LFS in the last several years do to the economy. And the stores that are still open struggle to stay in business.

There is so much overhead just to get it started, and then the costs just to run it. Like mentioned earlier, i would start slow. As said above, tank maintanance is where stores need to focus. That is where the money is. It is not selling the tanks (very little mark up on an actual tank/stand suprisingly) but it is the maintance. From there you are able to sell other products/supplies. There is several people in our area that does maintance (with no store frotn) and sells a boat load of stuff to their clients. They go to different stores and get discounts/etc and order online and deliver for a mark up to their clients.