If you were to start an LFS....

[enchanted]

This kind of question has been running through my mind a lot lately due to the fact that sometime during the next year I will be inheriting $50,000.00 or more.

I've been debating on putting that into starting an LFS w/ online sales. I truly enjoy fish and all the learning I have been doing. And by the time I inherit this I would definitely know if this is something I want to do for sure.

So, my questions are what would you buy, what would you offer, what would you stock?

These are the kind of things I would like to know so I could get a better idea of whether I want to do this and maybe between all of us we can give other people considering this an idea of what is involved.

 

[rick999]

there's a bloke round the corner from me has opend a shop up been there for just over a year and we've been using him for 6 months his wife tole him to get rid of his tanks so he did into a shop for the first year he just about broke even, mainly a tropical fish shop with some cold water and lots of food for various pets few dog leads and the like. he's very good with discus keeps a big tank with about 8 in for show and breeds em

 

[sylvia]

Well... most people I've talked to say you don't realy get much profit off an LFS. If you want to do it however, you may want to set up just a few interesting species tanks and then start off with selling equipment and dry goods. You won't make much off fish in the beginning realy, most LFSs make a profit off things like tanks, filters, heaters, air pumps, gravel vacuums, fish food and various accessories. The fish tanks are what will attract customers. Quality fish and good advice will get those loyal customers you need with small LFS to keep you up and running. The equipment should bring in money. Eventualy, if all goes well, you can expand and stock more fish and equipment and start to earn a little more and hire someone to help you out That's basicaly what I've been told by people who have tried (and both failed or succeeded) in running a FS.

What I assume you'll need first is a place for the shop. You are better off buying than renting a small building. Then get some tanks and fish set up Then order all the stuff you're going to sell in... Then open your doors and pray lol

Yeah... anyway, if you do decide to do this, do keep us updated - this was always one of my dreams but I'm not inheriting that kind of money any time soon (even if I was I'd spend it on a gigantic tank in place of my living room and... ahem... lots of large fish to feed my guests to...).

Hmm... yes... good luck!

 

[Matty]

I dont think that $50 000 is enough to start a competitive LFS, but if you were to get a loan, go for it.

Just remember, in everyone's past experience, quality is better than quantity and honest, helpful and knowledgeable employees/owners will keep people coming back.

Good luck though and will you be giving TFFv members special discounts?

 

[enchanted]

$50,000.00 is enough if it is spent properly. Actually, $50,000.00 may be more than enough.

The reason I say this is if I decide to do this it will not be my first business. Nor will it only be goods sold, but services also.

I've started businesses with nothing in my pocket and built them to success prior to selling them.

But, back to what I was saying. I want peoples opinions on what "you would do" not what you think I should do.

Personally I was thinking of renting because you can get in a nice building here for about $12/sq. ft per year. Installing 6 125 Gallon show tanks and then a variety of 30 gallon stock tanks.

Then have various hardware in store and provide aquascaping, tank setup, tank design, tank maintenance, etc....

 

[Matty]

Im not saying that $50000 is impossible, but most good LFS usually have a huge show tank to show off what they can do...like a shark tank or something..then you have to think about employees, mass lighting, a huge filteration system and the stuff like salaries, insurance and stuff

Waht im trying to say if that an LFS is not the easiest business to build from the ground up, but I have faith that you can do it. I fyou've done it before, go for it.

 

[enchanted]

Everybody is missing the point. Forget the money aspect and I will not go into why to forget it.

Just, What would you do if you were to start an LFS? That is what I would like to know, please.

 

[The FISH made me do it!]

Well I for one, would like to see Discus, and Rams. And properly kept goldies....

 

[maestro]

Id like to see more services advertised to help the fishkeeper out

i.e water testing and ro water well advertised, too many shops do testing if you ask but its never advertised very well.

Good value quality plants, one shop near me holds top quality plants that are affordable, most others charge silly amounts

To be honest i dont like shops with too many show tanks, waste space for stocking tanks.

Maybe have a planted community showtank, one discus and one oddball

 

[purple_drazi]

What would you do if you were to start an LFS?

ok, if I was going to start up a fs...
I'd start with research, research some more, and then do some more research.

I'd find out everything there is to know about running a business - accounting, stock management, staff management, building purchase or rental agreements, anything I could think of and I'd use that info to draw up a solid Business Plan. I'd do some reconnaissance and find out what the competition is doing/not doing right. Get contacts in the business. Talk to suppliers. Talk to potential customers about what they want in a store.
and then I'd be prepared to start slow, lose money for the first while, and remember I'm in it for the long haul.

is that what you were asking?

 

[sylvia]

I'd get one realy big tank... I already told you that lol Actualy, if I were realy serious about it, I'd do what people who have had success with this sort of thing have done before me and start with something small and very much local and breed my own fish at home and not hire any staff but do the work myself and with my family. I'd get lots of dry goods to sell and just some nice fish and go from there. The key, of course, is customer service and good advertising

 

[cat.fish]

i agree with maestro but if the shop is big enough then you should do as many sho tanks as you want. also if i were to start a shop i would not stock any tank above 55 gallons. i would order them if they wanted it at no extra cost.


HTH
joe

 

[jordan barnhart]

I think most people here aren't getting the picture. He said what would you do? Not what should he do.

I would definately find a decent building and renting or buying is up to you. I work in the web-design business and were renting a facility. It stores our main business computers and offices.

I would get something like the displays at a Petco or a Wal-Mart.

Figure out what to do about a central filtration unit.

I would have an indoor coldwater pond. Ponds I figure would make an LFS a great deal of money. Run a pond service for installations, work, and accessories/parts and other items.

I would also set up an on-line shop (especially since I could with my work skills)

I would then invest in many tanks larger show tanks that fish could be sold from. Oscar tanks and large tanks for bigger fish or species tanks and what not.

I would also have an in-store price list of things much like a card catalog for a library. This way you could look up prices of items without having to hunt down the item in store.

I would have a very organized but wide, open, and spacious aisle system with like products on the shelves and what not.

I would also have a betta-wall. I say this b/c I hate how petco and other chainstores keep bettas. I would keep females in divided tanks, and males in 1 gallon containers.
1 gallon is sufficient as it is only temporary and the fish aren't as cramped as they would be in a coffee cup. I know you all agree with that.

I would have a plant care section in the store with a coulple mini-aisles or boothes. Sections for substrates, ferts, lighting equiptment, and a fully planted display tank. I would have popular products on display next to the tanks and all information about these in a booklet that customers could read through and learn about plant care. Also would be good to keep a copy of a couple fish magazines and books to learn from and read on. You cannot re-search enough I say so I just thought this would be a neat Idea. I would also have fish compatability charts and stuff on displays and requiremnets. That is obvious though.

I would only hire suitable workers that would be willing to learn and have some knowledge of the hobby.

I can keep going but I am getting a million ideas in my head now .

I'll post more later.

Oh and I would have a catchy name and slogan.

 

[The FISH made me do it!]

I also like the affordable plant idea....
I also like to see salt-water...I love watching the saltwater display at my LFS

 

[Matty]

a great selection of popular fish, but rare ones as well.

a really stunning centerpiece, like a reef tank with sharks or octopus or an amazon river biodome...be creative

...and my dream, a huge tank with a 50" arowana

I dunno, you would really have to cater to the people in the area as well. if there is a local aquarium society(and if you are a member) poll the members and see what they want in a new LFS.