lfs owners, help me open one

[Rob Top]

What is step 1?
Did you get a loan or have the start up cash?
What is the amount of start up money you had?
How long did you live on bread and water before turning a buck?

I have been dreaming of opening one for some time, and have just gotten completely sick of the curent lfs. With only a few chain stores in the area I have to assume that there is a market. Based on how many people I see at them, who get frustrated by the lack of service, but keep coming back as there are no other choices in the area.

Any thing you can give me would be great!

 

[Anonymous]

(You won't hear from any owner near Rockford, IL, for sure )

 

[Rob Top]

I know, I'm not looking to hear from one near Rockford. I am hoping that any lfs owner could give me some advise on which direction to start. It wouldn't make sence if a local owner gave me advise as I would be direct comp.

 

[Anonymous]

I recommend you work at one for a few years. Scoop dead fish, clean filters, serve customers. And when you set up your tanks, do it right the first time, don't skimp to save money.. Badly designed systems will give you nightmares for years to come.

You have not mentioned your business skills...or previous experience. An LFS is like any other business, if you have no business savvy, you will not survive. It's a VERY tough thing to do, run a decent LFS. The livestock dies, and most fish stores do NOT turn profits from the livestock, they rely on dry goods to make up for that. There are some who do, you need to be lucky enough to find a decent team of employees, ones that can keep your fish alive. But you won't know that until the first year has passed, unfortunately. Trust me, it's no easy task, to keep even the easiest fish alive, in retail. Fish come in stressed, need to be treated, and you always have a percentage of die-off. To make money, dry goods need to be purchased for the least amount of money possible, bulk is best. Ordering stock for one store will be pricey, you simply cannot order enough stock from your suppliers to give your customers good prices. So, the chain stores will always have better deals that you will.
If you are interested in opening an LFS, I recommend you buy into a franchise, at least you will be able to compete with them at their level.

Mom and Pop stores are a dying breed, unfortunately. Forgive my cynicism.

 

[da colts1]

i work at a all marine shop here in chesterfield va. the owner is my best friend. i have worked for him for as long as he has been in business(18 years as of feb 14) he started in this business in va beach working for dr pet center, and he worked his way up from the very bottom,scooping dead fish, cleaning tanks etc. he worked his way up to mgr and then regional mgr. but he never lost sight of what he wanted to do, open his own store. well 18 years ago he opened a full line pet store here in chesterfield va, we had birds, freshwater,rats mice snakes, hamsters....you get the picture. he had a small saltwater section and thats what he wanted to do. well, the rent was outragious where we were at, so we decided to move, basically across the street,at that time we decided to go all fish as it was mostly what we were selling anyway. joe has always gone for the unusual, hence his hiring of myself, and we were getting some very unusual fish and such. here is a plug for steve robinson and cortez marines. before we found him, we were getting some very bad fish from a supplier that will remain nameless. i saw an ad for cortez handcaught marines, and read a few articles written by steve robinson, we decided to give him a try,thats basically where our shop turned around, steve was getting stuff that nobody was getting except us.i mentioned to joe that we might as well go all salt as we were selling mostly salt anyway, and thats where our hearts were. well we moved 1 more time to an office park and thats where are to this day. i guess you could call us a mom and pop store as it is only him and his wife and me, and we go all out for our customers. sometimes not getting home until 3 or 3;30 in the morning after setting up a customers new tank. but it is something we both love. it's nice to get paid for doing something we love. but it wasn't easy, and at times it still isn't easy even 18 years later.

 

[Anonymous]

You first need to find a good location that is looking for a renter. Do you have a spot in mind?

You are going to need collateral for a loan...most likely a house or some other piece of real estate that you own. You are going to have to convince the bank of your business plan, which would include working the numbers on how you are going to succeed. (I wonder if a home equity loan would have the same result without the hassle.)

Good luck with this, but understand that it's an uphill, difficult climb to success.

 

[Anonymous]

The easiest way to make a small fortune in pet retailing is to start out with a very large one.

 

[Rob Top]

Not looking to get rich, just maintain my current life style. With out giving numbers I would say I fall comfortably into middle class, maybe a bit towards the top side of it. If that isn't possible with a lfs, then so be it. I just feel as though there is an untapped market here. Lots of growth and crapy lfs. I am pretty buisness savay, degree, 13+ yrs in retail, bla, bla, bla. Keeping fish for 8+yrs, bla bla bla. I did make a pretty healthy buck a couple years ago breeding and selling on line. I guess I want someone to either shoot me down, or tell me how they started thier lfs

 

[Anonymous]

Don't want to shoot you down. What we want is for more hobby loving people to own decent LFS's. Places that do not employ dumbass employees, that sell healthy stock, that exchange fish, that can give out useful info when help is needed, you know, all the good stuff.
We all want more of these. More power to ya Iff you are business savvy, then you are ahead of the game already. But you should still work in a retail store for a few monthes, just for the experience.
It will help you greatly.
Good luck

 

[Rikko]

Perhaps an avenue you didn't consider:
Would the owner of the lousy LFS be interested in selling? If the store is in good shape you'd be on track with an existing customer base, fixtures, and probably some staff. Once you own it you can bend it however you please.

 

[Anonymous]

You are going to need a lot of start up capital. You are going to have to be able to stock the store and have reserve cash for at least a year while you build the business. You are not going to be able to take any money out for a while.

Here's a suggestion, why not start an aquarium maintenance business instead. Lower start up costs, no need for retail space, and less overall worries. You can always morph that into a brick and mortar site later.

Also, the SBA has a program called Quick Loans where you can get a loan of up to $250,00 fairly easily. The bank itself can approve it. They are going to want you to make a substanial financial commitment yourself.

 

[Rob Top]

Thanks for the input so far. I have a pretty big dream here. I'll keep everyone posted. Spit ball guess it will be a couple years, wife thinks I should have at least 1 yrs salary saved before I quite, makes sence, but who knows. I am pretty freindly with a couple lfs who have given some advice too. I am going to see about working for one of them. My main job and family keep me pretty busy so I will see if they would be willing help in exchange for info, since I have such limited avaliblity.
Couple questions, anyone every hear of Aquarium Adventures? It is Petlands fish only franchise. Also on the aquarium maintaince side, Fishes2Riches, guy has a business plan and "everything you need to ..." wants a couple hundred for his info. Anyone ever get it?

 

[Anonymous]

>...wife thinks I should have at least 1 yrs salary saved before I quite, makes sence, but who knows.

There is no rule of thumb when it come to setting up your own business, but IME, you may want to also consider the operating expense of the business in addition to your living expense. That is, you may want to have enough reserve to operate the business for 6 to 12 *without* a single customer, in addition to your own expense like mortage, food, etc.

It is not easy, and I wish you good luck.

 

[waymack97]

open a store here in burlington ia. there is nothing good here either but there is high demand. we all drive to the quad city for decent quality.
i here ya brother me and my wife had checked into it to. just cost tooo much. good luck.
_________________
Bone Disorders Forum

 

[MelanieF]

Just another interesting tidbit on this... the LFS I go to which has healthy corals and fish has employees that are going to college for marine biology at the same time they work there... not sure if it's considered any type of internship or not but it's extremely encouraging that the employees know what they're talking about. I can ask this one kid just about any question and if he doesn't actually know the answer there and then, he finds out by the next time I come in.

Not sure how internships work or if you even have any colleges near you that offer marine biology courses to students but it may be worth looking into.

 

[Anonymous]

Start with a business plan. If you work out the plan, you will know all the numbers, where you'll need to start, etc. Learn how to draw one up. A fish business is just like any other when it comes to loans, locations, etc. A proper business plan will discuss in detail every aspect of your particular business. And to get a loan, you will have to explain it anyway.
~wings~

 

[spsmike]

i work at a all marine shop here in chesterfield va. the owner is my best friend. i have worked for him for as long as he has been in business(18 years as of feb 14) he started in this business in va beach working for dr pet center, and he worked his way up from the very bottom,scooping dead fish, cleaning tanks etc. he worked his way up to mgr and then regional mgr. but he never lost sight of what he wanted to do, open his own store. well 18 years ago he opened a full line pet store here in chesterfield va, we had birds, freshwater,rats mice snakes, hamsters....you get the picture. he had a small saltwater section and thats what he wanted to do. well, the rent was outragious where we were at, so we decided to move, basically across the street,at that time we decided to go all fish as it was mostly what we were selling anyway. joe has always gone for the unusual, hence his hiring of myself, and we were getting some very unusual fish and such. here is a plug for steve robinson and cortez marines. before we found him, we were getting some very bad fish from a supplier that will remain nameless. i saw an ad for cortez handcaught marines, and read a few articles written by steve robinson, we decided to give him a try,thats basically where our shop turned around, steve was getting stuff that nobody was getting except us.i mentioned to joe that we might as well go all salt as we were selling mostly salt anyway, and thats where our hearts were. well we moved 1 more time to an office park and thats where are to this day. i guess you could call us a mom and pop store as it is only him and his wife and me, and we go all out for our customers. sometimes not getting home until 3 or 3;30 in the morning after setting up a customers new tank. but it is something we both love. it's nice to get paid for doing something we love. but it wasn't easy, and at times it still isn't easy even 18 years later.

I live in Richmond and have heard alot about your store, but mostly that your over priced on your livestock.Like for example a green carpet anemone for $100.00+!

 

[Anonymous]

Came and visit me, mike. You will be absolutely pleased.

 

[spsmike]

Came and visit me, mike. You will be absolutely pleased.

I called the number in the sig and they laughed at me when I asked for reef box.I dont think your employees are very friendly..... :lol: :lol:

 

[Unarce]

Rob Top,

A couple things I'd like to add. One is, location, location, location :wink: . Two, you'll want to have supplemental income coming in regularly for at least the first 2-3 years.

You could also try picking the brain of the owner that opened http://www.aquatic-gallery.com in Milpitas, California. His store has been remarkably successful after only 2 years. He's a friendly guy, and I'm sure would be willing to give you some pointers.

Good luck!