Planing to open a fish store

[ReefTalk]

Hi guys , I want open up a fish store , probably in Greenville SC, because there's only one in the whole area. Which means less competition . I want to be successful. But how do I do that, without losing in the long run? What does it take to open one up?

 

[steve&mari]

Money to burn lol. Seriously I know someone who is successful with a lfs but years of work and investment before any real profit. Just initial commercial property is expensive then the remodeling of space into a functional lfs is huge. Best of luck with following a dream hard work makes em happen.

 

[ReeferBob]

You'll need loans. Unless you have a solid business plan and at least 20% of your own money, you won't get a loan or it will be a loanshark rate loan. Incorporate for sure to shield yourself from personal liability. Probably need a good $250k just to get started.

 

[Elegance Coral]

Go to work for a LFS first.
If you've never worked in the industry, prepare to burn at least $100,000 while you make mistakes and learn what works and what doesn't. In other words, don't try this without some experience in the industry.

 

[ReefTalk]

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Go to work for a LFS first.
If you've never worked in the industry, prepare to burn at least $100,000 while you make mistakes and learn what works and what doesn't. In other words, don't try this without some experience in the industry.

c

Go to work for a LFS first.
If you've never worked in the industry, prepare to burn at least $100,000 while you make mistakes and learn what works and what doesn't. In other words, don't try this without some experience in the industry.

urently work at one , been there 6 months

 

[ReefTalk]

What do you think if I started it at home, and sold livestock online?

 

[Dextereef]

If you have not run a business before I would check into SCORE and see if there is a rep in your area that can help you develop a business plan. They will help you, at no cost, find out what it is going to take monetarily and time-wise to run the business. Like it has been previously stated it may be a couple years before you turn a profit. Lot's of cash needed for the startup and not many banks will lend unless you have at least two years in business and if I remember correctly ( I worked for US Bank Business banking for 8 years) pet stores are considered high risk industries so rates are higher and approval chances are low. Might have to start small (out of your house/garage/etc...) and build up capital to open a brick and mortar shop. I'm happy to help answer any questions you may have. Anything is possible with hard work. If you decide to move forward give it all you have and be disciplined with your plan.

 

[Dextereef]

What do you think if I started it at home, and sold livestock online?

A good place to start. Many hosting sites (volusion, shopify, etc...) have free trials and templates to help you get off the ground. For credit card processing I would check into Elavon, some of the sites mentioned provide processing thru 3rd party, authorize.net is a good gateway service too.

 

[ReeferBob]

A friend of mine runs a Coral business out of a basement at his parent's house. He buys salt by the pallet load. Does very well. Online only grows and frags most of his own Coral. He is starting to get a very good reputation and told me he loses very little to shipping losses but in the rare event he does, he eats it and sends out a new one. He has like 1000-1500 gallons worth of those flat acrylic Coral tanks like the stores have.

 

[steve&mari]

Starting outta the home is how lots get started out. Also maintenance workload can help keep you a float if you can build a customer base before the store. My buddy does both and maintenance side makes more profitable income than the store front did in beginning. He's gotten to the point he supplies local zoo with their aquatic and reptile needed supplies.
You'll need good contacts and vendors because you need healthy animals coming in at a fair wholesale price.
If you are doing breeding you're going to need extra room for that or coral farming. A qt system to handle the numbers coming in. Systems that are dedicated to fish separate from the corals systems ect. You'll need to control the spread of parasites ect from system to system. You don't want to loose everything from a bad batch of fish or corals.
I admire your drive to do it at such a young age but that also can work against you in financial business world. You don't want to be looked at as a kid with a pipe dream who's blowing smoke. You need the plan laid out as stated already. Anything is possible just go slowly and keep researching and working for your dreams.

 

[Evan West]

What do you think if I started it at home, and sold livestock online?

Might be a decent way to get some money built up. Another big thing is look, sounds petty but a clean sharp modern store with well informed employees and lots of high quality stock is more likely to get attention than a store that might have the same knowledge and staff quality but looks run down. Location is also a big thing, being way out of the way till not suit you well, you want to be in town someplace.

 

[tautog83]

first you need to decide what you want to grow ...honestly its probably more profitable to get one nice raceway tank in your basement , set it up right and grow out corals . too much hasssle with fish and having to hire people and all that . pick one thing , specialize it and do it well . whether its picking out a bunch of zoos from wholesalers and cherry picking some "named " variants to grow out or buying 40 wild sps colonies ., regardless some failure will happen . finding a good wholesaler that will sell to you being so small will be the tough thing but when you look at the sheet and say wow these prices , there is potential for success

 

[ReefTalk]

I just got an account at Vibrant Corals and Fish. I'm saving up to place an order of $500 then I will try to sell the corals. If I see them selling then I will get a business license.

 

[4FordFamily]

I agree, not a very profitable business anymore. You'll need a specific and unique value proposition. Good luck should you take the plunge!

 

[themcnertney]

Here is a good read...

http://www.saltwatersmarts.com/award-winning-coral-aquaculture-business-plan-4941/

 

[smh254]

All the LFS around me close down if that's all they do. There are three LFS in my area that have been around for years. One of them does maintenance on aquariums, One of them builds aquariums and the other install koi ponds. So I would think you would need something on the side to keep it running. Online sales could help a lot.