Starting A Talkle Store

[Lund Explorer]

Hello everyone in fishing land.  I have been reasearching for 2 years now on everything on getting a store started.  I have been wanting to start a fishing takle store in my town for a long time because the nearest place to buy a good assortment of takle and get what you need is bass pro a hour and a half away.  I wanna start this for the people of my town to be able to stay near home and be able to get what they need with ease.  Also have a place for local fisherman to come and talk with others,  throw parties and other events that involve fishing to get the younger generation to learn and get the respect for fish.  We have a small lake and we have a big river about 15 min away from our town.  Our town is not a big place and buisness's don't last long usually but they might not last long because of other reasons i don't know.  I am very good with people i worked in a grocery store for 3 years and i did everything and its alot of work owning your own business wich i have never done and im only 22.  I wants some opinions and advice before i go all the way with this big decision.  Thanks (yes i have misspelled alot of things in this forum but thats because im doing this on a phone and its hard to go back and correct)

 

As soon as you can sit down at a desk-top or lap-top computer, pull up the attached link.

 

http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/how-write-business-plan

 

With the help of a good lawyer and an accountant you should have an answer within six months or so.

[Sam]

Great you want to start your own business.

 

There is a lot of research needed before you invest your funds or get a bank loan. Here are some of the expenses you need to consider and estimate:

1.  Insurance, including Workers' Compensation and Special Causes of Loss personal property insurance.

2.  Taxes. Payroll taxes are a pain and you need a CPA to handle both your personal taxes and the business taxes to make sure you follow all IRS regulations.

3.  People. Finding good, honest workers is a problem, especially if you want them to open the store at 5AM or cover for you when you go to ICAST, other conferences, get married, have kids, go on vacation, etc.

4.  Inventory. You will need a good inventory system to take an automatic inventory and so you can see how much product walks out of the door. You need to find the vendors and company reps to contact to purchase your inventory.

5.  People in the business now.  If you will PM me I will ask the guy who owns Tackle Express in Richmond if he would speak with you about his experience with his tackle store. Craig is a great guy and so far he is still in business for over 20-years.

6.  It is who you know; not what you know.  Experience. I would like see you work at a tackle shop and learn the ins and outs and who the vendors are, etc. However, with no local tackle shop for you to work you are going to have to go it alone.

 

PM me if you want me to ask Craig if he will speak with you so we can set up the phone call.

 

Good luck.

[Deleted account]

Wow thanks for all the inputs.  Don't sound to good and thank yall so much for the advice maybe i will just save up until i retire and start a business then.  Ive already taken some buisness classes and they helped alot with my idea of opening a business. I will never give up wanting to do this but the way it sounds i need to wait.  I kinda had the idea that it wasnt a good idea, that is in the aspect of making a liveing it would be just really fun and a good adventure. Thanks everyone awesome advice

 

I think you should go into business for yourself, or seriously consider it now or in the near future if its something that interests you, just not in retail fishing in a small town. Good luck with whatever you decide.