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Anybody ever owned a retail shop?

3,774 Views | 19 Replies | Last: 5 yr ago by rolli111
OlArmy12
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Tecolote
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OlArmy12 said:

I'm interested in owning a retail store on the coast focused on fishing apparel, perhaps starting my own line of clothing. I was previously interested in franchising but don't quite have the net worth to purchase into a successful brand. Anyone have advice or tips on start up costs and on how to proceed? I understand could be very risky, especially location and finding your customer base. I'd be interested in selling online as well in conjunction with physical location.

Thanks in advance!
Ever worked in a retail shop? Seriously. You handled waiting on customers, transactions, ordering, stocking shelves, pricing, done the books, collected/sent in sales taxes, etc. if not, take a job for at least a year doing it before you try it as an owner.
Cyp0111
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I think you're confusing a vacation and a job.I agree with the above poster, work a retail job. Understand what offseason is like on the coast and determine if you have the capital to survive as you start up.
Burdizzo
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Run.

Run away.

As fast as you can.
TXAGFAN
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I have a family member who bought a fairly respected retail franchise. It is a nightmare and I wouldn't wish it on my worst enemy. I told him not to do it when our older aunts/uncles were even buying his product on amazon, but he just knew this was going to be a good investment. Spoiler, it wasn't.

Should have bought a few rental houses instead and been way further ahead. Retail is an awful business. The wages don't attract a high enough quality of people, the hours are bad, etc.
Emotional Support Cobra
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You have to choose what you really want to do. Here is what it sounds like you want to do: go live the beachy shop life and work there.

In reality, what you will be doing is helping other people live the beachy life while you work.

For the first 2+ years you will be taking work home with you and working all the time and panicking if you're not there.

Nobody does your job as good as you so you have to be on call if you're not there and can't put your phone down.

Each of the things you listed is a full time job so pick one or two (ie, store and website or store and clothing line). Hire someone to add products and maintain your website.

If you DO want to do this, invest immediately in a bookkeeper and a good online POS-inventory-reporting synched system like Lightspeed. You will save money in the end if you farm out the non-creative aspects of your business and don't get behind on your accounting.

If you take out a business loan, double your first year expenses plus your salary and float them in your loan amount.

Read Profit First and Just Listen (both are available on Amazon)

Invest in a physical or online retail success program like WhizBang! The price includes literally every piece of procedure and documenting you will need to create an operations manual and training plus sales training modules and online support.

Invest in Open To Buy or a similar inventory and array planning program. It is expensive but will help you.

Last but not least, DON'T DO IT!!!!!!!!!!!!!!!!!
gvine07
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If you're going to do it start an online Shopify online store first, also go to festivals/fishing expos/etc to get your feet wet.

Then find an awesome building in an awesome location that's cheap. Then bust your bum and pray it'll be successful and that you won't go crazy(er?).


But figure out why you really want to do it. If you want better fishing gear, more vacations, etc. there may be better avenues to get you there.
diablo loco
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So I said I like fishing and cool apparel so why not open a retail storefront?
aggiepaintrain
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Competing with Amazon, Cabelas, Academy, and Bass Proshop sounds like a good idea.
ATM9000
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I own equity in a regional apparel/fishing gear company. All I'll say is maybe the 2x expenses is good to fund general retail shop working capital... but to start a viable apparel company including an online store... you need a hell of a lot more than that.

The company runner had a full time job and basically busted ass going to every show and competition in the region we are in for about 10 years and finally got to a point with the brand where it could be a full time job... and that's after partnering with big retailers vs just opening a pro shop.
Emotional Support Cobra
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Yes, the 2x expenses was just for the retail store not developing your brand. That would be infinity!
ac04
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i have worked closely with ~20 fortune 500 retailers, either directly employed in their corporate office or in a consulting capacity. even with the resources of a large corporation, its very difficult to get right and most are really bad at it. and its getting harder every day. and that's just from a profitability perspective, i'm not even taking into account all the BS you have to deal with working in an actual retail location. its a crappy job. i would consider another idea.
MBUSA
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You are buying a really difficult 24/7 job. If you are just looking to be at the beach and work, then it might be for you. You will not get rich by any stretch. I have a lot of experience starting with 1 and growing to 800.
Lawhall97
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OP, I'm interested in something similar but taking a different approach. It would be great to talk and see if you want to partner. I'm starting with a digital experience first. I've created an online community for people interested in hunting and fishing with very little investment. My plan is to grow it and then go from digital to physical. Branded apparel, cool books, merchandise recommendations, other things... Check it out, from your phone download Mighty Networks then search Wall Hangers

I just stood it up and have spent zero time marketing. I have a full time day job, just need some help.

send me an email at wallhangersinfo@gmail.com

I've spent 20 years in technology services with the last few working with large marketing companies. I worked almost 8 years in retail.
Husky Boy Jr.
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I say go for it OP. What's the worst that could happen?

(Just providing a little positivity in this thread)
MBUSA
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I will add to the positivity of the thread. Go for it! A year from now you will know a whole lot more than today. Valuable information that may transit over to other areas. Do get a modicum of experience working for someone else. Always have a goal.
Richierich2323
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My dad started selling seashells on the side of the road the year I was born. He wanted to make a little extra money to take care of the family as he worked for the state.

Turned $500 dollars and two tables on the side of the road into three blocks of land. He has been selling seashells down by the seashore for almost 40 years.

He didn't get rich but he could leave when he needed to and is well known in our community for giving back and being a character (you either hate him or love him).

Sometimes, you just gotta give your dreams a chance...you never know what might happen.









TennAg
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Richierich2323 said:

Sometimes, you just gotta give your dreams a chance...you never know what might happen.



That's an awesome story and you're exactly right. All big businesses start as little businesses. I think the key is starting super small and not getting over your skis leverage-wise.

Similar story, an uncle of mine was hanging out with a buddy for awhile in california then hawaii. The guy was doing something pretty new though and spray painting and selling tshirts. Eventually, that guy's beachside venture became a company called "crazy shirts" with dozens of locations. I think my uncle still gets free shirts to this day.
Tumble Weed
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I owned a small retail shop 2005 - 2011. Worst mistake I ever made. Retail employees suck. I was used to dealing with white collar employees.

Fortunately I was able to sell it!


OlArmy12
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rolli111
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,
we also want to try our hand at trading.
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