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Posted on 9/8/15 at 10:52 pm to stout
quote:
Retail is tough due to competing with big stores and even tougher when you don't have a niche. Don't do it.
This. Unless you can beat them at their own game. My wife has a pharmacy and she puts it own Walmart and Walgreen's asses. Better prices, much faster service, more personal. Not to mention location. She's in the parking lot of the busiest office around and 20 minutes from the next closest pharmacy. If you can sell goods cheaper or as cheap and give better service, have at it. We kept her overhead low. No big fancy building. Inventory can be a beast. Inventory and cash flow kills most small businesses even when they are doing well. She's had to borrow enormous sums of money from me at times because her volume increased rapidly and payments from insurers lag far behind her payments due to her wholesalers. You have to constantly shop around.
In your area of interest, offer some services not given elsewhere. Gun cleaning and repairs. Scope mounts and bore sighting. By being smaller, you are more flexible to your customers needs. Start small and build up. Keep your inventory as small as possible with as few lines as possible. Get input from friends that are "experts" in different areas. Deer, duck, fishing etc. They can help you pick an upscale line or two to carry and a good reliable economy line up. Be able to answer questions. It's possible to make it, but tough. Also helps if there is no competition around.
My suggestion is find an area of need and fill it. Whether it's an outdoor store, lawncare service etc. If you can do it better, you can be quite successful. Then you have to maintain it!!! Keep your loyal customers while maintaining the same prices and service they are used to while adding new ones. Good luck!!
Posted on 9/8/15 at 11:15 pm to AU24
Storefront retail is dying due to online sales, so you have to offer something above and beyond a computer based company.. customer service. I buy all of my less expensive things from cabelas or amazon because i don't have time to run to the store, because i'm always running my business (get it). But i buy larger items local so i know i can wring your neck if you don't stand behind the sale.
If you're doing it to be your on boss, take off when you feel like it, i like sports so let me work in em, and/or make more money, then stop now. Working for yourself is the most thankless career you can imagine and be ready to never take a paycheck or day off.
Now, if you want to be totally accountable to your customer and really provide a service and/or need to somebody no matter the cost then you need to jump in now. The reward in small business is the return customer and referred customer. Just my experience and opinion, good luck!
If you're doing it to be your on boss, take off when you feel like it, i like sports so let me work in em, and/or make more money, then stop now. Working for yourself is the most thankless career you can imagine and be ready to never take a paycheck or day off.
Now, if you want to be totally accountable to your customer and really provide a service and/or need to somebody no matter the cost then you need to jump in now. The reward in small business is the return customer and referred customer. Just my experience and opinion, good luck!
Posted on 9/9/15 at 2:12 am to AU24
Go buy a business, seriously.
I would focus on signs and trophys if you got hook ups?
I would focus on signs and trophys if you got hook ups?
Posted on 9/9/15 at 4:48 am to AU24
quote:
Small Sporting good store
You're gonna get run quick if you don't have experience with inventory, logistics, bridge financing, marketing, accounting, sales tax, tax shelters, real estate etc.
Do your due diligence and find a need that no one else can fill, and no big box conglomerate can out price you and out advertise and promote you. Hopefully there's a niche in your area, and you can find a good affordable location. Don't rely on seasonal purchasing to make your nut. Retail is a repeat, repeat, repeat, repeat business. You have to generate genuine interest and treat customer service and product quality like they're water and oxygen.
Never compete on having the lowest prices, you'll never build customer loyalty. You'll only get picked to pieces by the buzzard consumers.
Good luck, do your homework.
Posted on 9/9/15 at 7:07 am to CtotheVrzrbck
If I could start my own business and you gave my 1,000 options, opening a small sporting goods store wouldn't be in there
Unless it's 1987 I wouldn't do it. You can't compete with the big boxes and amazon. Foot traffic is slowing
Do your research. I deal with independent business owners as part of my job. I pitch them on offering my product. 70% of them are out of business within 18 months. What's funny is when we have our initial get to know you meeting, every single one of them is going to reinvent the wheel with a crazy new idea
Unless it's 1987 I wouldn't do it. You can't compete with the big boxes and amazon. Foot traffic is slowing
Do your research. I deal with independent business owners as part of my job. I pitch them on offering my product. 70% of them are out of business within 18 months. What's funny is when we have our initial get to know you meeting, every single one of them is going to reinvent the wheel with a crazy new idea
Posted on 9/9/15 at 11:45 am to dallastiger55
Ive seen multi-million dollar companies go under because of inventory.
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