Opening A Fishing Store

[Boett43]

I just started my first  year of college and I decided to try and pursuit my dream of owning my own fisihng store and i just wanted to get people opinons that have done it themselves and if people think i could eventually make a good living with the store..Any thoughts Will be Read Thanks Big B

[Raul]

Reason why Mom n Pops tackle store are an endangered species that should better be placed as CITES I appendix is because they just can 't compete with the big guys, they can 't compete in capital to make investments in merchandise, they can 't compete in price with the big guys because their purchases just can 't reach the really good discounts in volume and quantity which could make them offer a more competitive price to the consumers, they can 't offer the quantity of products the big guys can, the ammount of cash you need to invest is monstrous.

I owned a tackle store not really to make a living out of it, my sources of income are others, I did it for my passion of anything fishing related; I invested 10,000 dollars in merchandise and only purchas 2 of this one, two of that one, one of this, one of that and so on, 10,000 bones is some money anyway you look at it, after 3 years of operation I had to close, why ? BPS is just a click away and BPS has a whole lot more stuff that I could offer, not to mention that it 's impossible to compete with their sales even though I carried their brand.

[5bass]

Location, location, location...... picking the absolute best location should be one of the bigger priorities. There are many factors to consider when choosing your location. Traffic, competition, lakes or rivers close by?, demand etc....

I wish you luck and I hope you get rich!    

[Randall]

I agree with the fact that you have to have the perfect location. I looked at purchasing a tackle shop about five years ago and decided that where I live (Atlanta area) there was no way I could turn a profit. You have to have little or no competition in the area of the store and a high volume of fishermen coming through to make anything. Theres very little profit per item on fishing equipment.  

[Boett43]

Thanks everyone im in MD and theres only one BPS i know of and the city i live in there is only one tackle shop soo now its just me getting some more knowledge on opening a buisness i cant stop comming up with ideas haha i know its a long shot but its a dream i willing to chase for awhile THanks Keep the thoughts Comming

[cart7t]

The couple of small operations that are making it in my area have as much or more hunting equipment than they do fishing.  Fishing sales are alright for around 6 month's, the other 6 months the hunters take over.

[Boett43]

yeah an all around outdoor store seems the way to go just another thing to think over...

[YankeesWin]

Location, location, location...... picking the absolute best location should be one of the bigger priorities. There are many factors to consider when choosing your location. Traffic, competition, lakes or rivers close by?, demand etc....

AMEN!!!! LOCATION The location must be PRIME! or you will eventually loose to the "big box" Outside of that you will need to develope a devoted clientel. This takes time, and money, when "overhead" is considered.

The point is... If you can establish a clientel that will come to you for service and knowledge, combined with product at a "fair" price, they will be back, and that is what it takes to make it in small business. Service, Knowledge, and a "Fair" price.

But if you have all that, and you don't have LOCATION... You're bustin' your butt for fun, and not money. (just my two cents)

[Guest avid]

Don't even consider this untill you have worked a bait & tackle shop for at least 2 years.

It is so easy to look from the outside and only see the attraction.

Bait stores have terrible hours, they smell, you have guys hanging out, others trying to bleed you for knowledge without spending a dime etc.

You can't fish the big torunies because you have to keep the store open for the guys who took the take off from the office or body shop to fish.

and so on and so on and so

did I mention the smell?    

[Boett43]

Dont take this the wrong way Mr. Avid but i love every aspect that you just metioned i love talking to the old timers and listeing to their stories and telling people about my fishing experience and i dont fish tournies soo thats not big deal i just love every aspect of fishing i cant get enough of it . Its on my mind all the time.. :)Big B

[volpster31]

i think location is definately key....but if you could get a following of regulars you might do o.k...

i live in n.j & there is a store in a terrible location ,but they have a good stock of items & if you place your bass pro order thru them,you get a 10% discount & free shipping.i dont know how they make money with that ,but theyre still in buisness.

[LakeAnnaBasser]

Yes the LOCATION is huge. where in maryland are you thinking about opening this tackle shop.

[Boett43]

i wonder too how they would make $$ that way any regualtors on here know how they would make money that way...

[Boett43]

Well i currently am in frederick if you know anything about that area its about an hour from BPS and there is a small tackle shop downtown what are your thoughts on this area if you know about it

[RWHusker.]

If your not connected to a lake with guides your all but screwed.  Fishermen for the most part are cheap, our local tackleshop, which by the way sponsered the weekly report just went under after the opening of a BPS and Cabela's.  As Avid and Raul said this may satisfy a passion but hard to build a 401k.  Go make your fortune and fish for fun.

GO BIG RED

[YankeesWin]

Dont take this the wrong way Mr. Avid but i love every aspect that you just metioned i love talking to the old timers and listeing to their stories and telling people about my fishing experience and i dont fish tournies soo thats not big deal i just love every aspect of fishing i cant get enough of it . Its on my mind all the time.. Big B

Big B,

Please understand the depth of knowledge from which Avid speaks.

Consider working 50-70 hour weeks running your own shop. Busting your chops, wishing you could get on the water while you listen to those same "old timers" whine cause you don't have the same bait they used to use in '52.

Jumping into your own business takes much, much more than money or "want" !! A little experience goes a long way, and working your way into the business is the best way to start.

Many, Many people have had DREAMS of their own shop. "Wouldn't it be nice" It's never as sweet as it might seem, and you shold smell some of the crap that goes along with it before you pick the flowers.

[tyrius.]

I just started my first  year of college and I decided to try and pursuit my dream of owning my own fisihng store and i just wanted to get people opinons that have done it themselves and if people think i could eventually make a good living with the store..Any thoughts Will be Read Thanks Big B

The biggest problem is that your "Eat-Fish-Sleep-Fish-Repeat" quote will turn into Work-Sleep-Work.  Owning a small business take a ridiculous amount of time and can rapidly sap the enjoyment from one's hobby.  

[LakeAnnaBasser]

If you do open one you would have to open real close to the potomac river. Id say the best place would be near mattawoman creek abecause they have a really heavily used boat ramp. But your more upper potomac.

[Guest avid]

Dont take this the wrong way Mr. Avid but i love every aspect that you just metioned i love talking to the old timers and listeing to their stories and telling people about my fishing experience and i dont fish tournies soo thats not big deal i just love every aspect of fishing i cant get enough of it . Its on my mind all the time.. :)Big B

I don't take it the wrong way at all.    But you make my point.

You are talking as someone who loves the sport of fishing.

Why spoil that by forcing yourself to rely on it for a living?

You see it as a way of being close to something you love.

There is logic to that.  But trust me on this one.

After a while it becomes a job like anything else.

(time to make the donuts)    

[jwo1124]

I only have a couple things to chime in about. First, I always talk to the lady who runs the local Bait and Tackle, and the poor women never gets a chance to fish. It seems like when everyone else is out fishing, she has to be there to run the store. Now you can always hire help, yadda yadda, but that's more money, trust issues...etc. Second of all, when was the last time you went to the local Bait and Tackle for anything other than a box of crawlers, some shiners, or a last minute Item you needed for a day of fishing? I never buy any of my gear or tackle from the bait and tackle shops. I know it sounds bad, you should support local business. But bait and tackle shops are over priced, they don't carry a wide variety of tackle, they don't have sites on the web you can browse. Most of the gear is back behind counters, you can't really rummage through it like other stores where there are walls and walls of lures and stuff.(that's one of the reasons I like going to the big stores in the first place. ) Once in awhile I stop in, buy some shiner for some bait slinging and make small talk. See what the biggest catch lately is, etc. But I don;t see how you can make a real good living with it. Then again this is up in Northern Mass in a pretty urbanized city. I figure in a more rural setting a B&T may do better. I dunno, it's a lot of thinking. Owning your own business no matter what it is, is a lot of stress, pressure, $ and risk. Are you ready for all of that?

I would guess that back in the day, 30 years ago when most fishing was done with minnows or worms, Bait and tackle stores were a booming business. But now, it's all about the newest lure, rod, reel. And that's the stuff you get from outdoor retailers like BPS or cabelas. Or go to Dick's sporting goods for. You'll still need a place to go and get bait from, since the retailers don;t reguarly sell shiners, frozen bait, leeches, crawfish, etc. So I don;t think they'll even not be around as long as fishing is here(or until big business finds a way to capitalize and profit from such items)

But in the end, it's your own decision. Anyway, you jsut started college. Concentrate on getting: drunk, laid, and passing grades(no one says you need to get straight A's) And make sure you make time to fish. I'm sure after a few years of college under your belt you'll have a better idea of the big picture when it comes to operating and owning a business. But like KVD says: never stop dreaming.

[David P]

Dont take this the wrong way Mr. Avid but i love every aspect that you just metioned i love talking to the old timers and listeing to their stories and telling people about my fishing experience and i dont fish tournies soo thats not big deal i just love every aspect of fishing i cant get enough of it . Its on my mind all the time.. :)Big B

You love every aspect of FISHING, but you won't have time to be fishing for the most part, you will be working.

I can understand how it could easily be many of our dreams to work at a fishing store. But I'd rather work 30-40 hours, and make good money.

Why not get a business degree, and open up a BPS or Cabelas franchise? I'm not sure if that's how they work, but many franchise type stores do this. Or become a manager at a BPS?

Any Mom n Pop place, grocery store, fishing store, gym, EVERYTHING is going to continue to decline until they're all gone. With places like Wal-Mart, Target, and about 20 others, it's just going to get worse.

Get rich another way, then open up a tackle store where you don't need to make money to survive, and it will just be for fun and you can keep the hours small. 5 days a week 11-6 or something.

Hope this isn't shattering your dreams, it CAN be done but just needs to be done a smarter way. It's not just Invest money and then bam you have a shop.

[roadwarrior]

If you want to be in a fishing related business, start out with one of the major players, retail or wholesale. After a couple of years you will have a much better feel for where you want to be and what you want to be doing. I can assure you though, a free standing, independent fishing shop is NOT the ticket.

I do know a couple of people that have a reasonably profitable baitshop operation. However. the "baitshop" is just a sideline, the money is driven by the "real business": quick stop, gas station, snacks, light restaurant and owned by a very well known and established guide/ guide service. On the main highway, a mile or two from the dam (lake and river), next to several cafes, marine shop and motels. Still, with the perfect location and all this going, the "baitshop" is just a component of the total mix.

Good luck!

[Sam]

Boett43,

The guys have some outstanding advice for you to consider.

Please let me add my two cents.

1.  The retail business is tough.  Long hours; working over the holidays; lots of paperwork; overhead can be a killer; taxes suck; landlords are a pain in the fanny; insurance is not expensive but if it is not written correctly you could suffer a serious financial loss; lots of stress on self and family.

2.  Do your research regarding the location.  Location, location, location. The secret to a successful business. And put into the location formula the distance from your home to your store. You will be traveling to the store in very bad weather to make sure your live stock of minnows and gold fish are OK.

3. Service.  Small tackle shops offer service and advice you cannot get at Bass Pro Shop, Cabella's or Gander Mountain.  Staff has to be friendly and knowledgable. That is why I go to the smaller tackle shops - to purchase what I need and to talk to the sales staff about what others are buying and the body of water I will be fishing. And employees are your worst nightmare.  Attracting and retaining valued employees is the greatest challenge to all businesses.

4.  Money.  You can make a lot of money in the retail business.  However, be ready to share it with your employees and the tax collectors.

5.  Banking.  You will need financial support.  Shop banks for the start up money. Be ready to put your house up as collateral.  Be ready to have your wife sign the papers, too.  Have a written business plan. You can see them on the web to get an idea of how to put one together for your bank.

Overall, I would love to start a high level tackle shop featuring only the high end fishing products.

But as I think about it I really do not want to give up my time and put myself and family under the added stress of starting a business.

But follow your heart, with some input from your brain and from others in the business, from those who have their own retail store and your family.

Always remember that owning your own business is very gratifying.  The gratification comes with some baggage.  If you are ready to accept and address this baggage then go for it.

Good luck.

[Sam]

Part 2...

I just thought of some other items to share with you.

Work in the industry or at a store that does the same thing you want to do.

Friend worked at a florist shop before he started his florist store. He now has a chain.  His wife used to sit in her car outside different florist shops and write down the names of the delivery trucks to find out where they got their flowers.  He and she are both University of Richmond graduates.

I worked for an insuance consulting firm for eight years and started my company based on what I had learned.  So far, so good.

Take business courses in college.  Speak with your professors about the retail business.  

And get to know people. You will find out that it is not what you know but who you know.

And don't be in a hurry.  You have lots of time to decide what to do and to raise the capital to do it.

But once you get married it is a whole new ball game. So plan accordingly.

Get that degree.  It is a door opener and no telling where it will lead you.

Good luck.

[uncle joe]

I agree with the fact that you have to have the perfect location. I looked at purchasing a tackle shop about five years ago and decided that where I live (Atlanta area) there was no way I could turn a profit. You have to have little or no competition in the area of the store and a high volume of fishermen coming through to make anything. Theres very little profit per item on fishing equipment.

The exception being Ted at the dugout, I don't think there is a serious fisherman in Atl. that hasn't been there.