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After dealing with the "pros" in my area for so long and having to correct their messes on mine and others bows, i have decided to open a small archery shop in my area. I have applied for all of the needed licenses and have a starting location that will give me the ability to "keep my day-job" I would appreciate any tips and/or opinions on this new venture of mine.

I don't plan on getting rich, i just would like to be able to give customers what they want at a fair price and do it right the first time.
 

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nutcase said:
After dealing with the "pros" in my area for so long and having to correct their messes on mine and others bows, i have decided to open a small archery shop in my area. I have applied for all of the needed licenses and have a starting location that will give me the ability to "keep my day-job" I would appreciate any tips and/or opinions on this new venture of mine.

I don't plan on getting rich, i just would like to be able to give customers what they want at a fair price and do it right the first time.
Put together a business plan...

calculate operating expenses...

project your gross revenue...

calculate your net margin...

don't forget taxes, licenses and insurance...

payroll tax...

business licensing fees...

who is going to do your bookkeeping...

who is going to calculate payroll...

calculate your gross revenue required so you can cover operating expenses and pay yourself a salary...

calculate your gross revenue growth rate...

what is your marketing plan...

estimate your gross revenue during the "busy" season versus the rest of the year...

how long can you survive with zero revenue and only growing operating expenses...

how much $$ are you willing to lose until you call it quits (exit plan)...

how long can you survive until you start bringing in gross revenue that matches your operating expenses (breaking even but not making any money either)...

what is your minimum net margin that you are willing to accept in order to keep this side venture going (define the target net margin = stay in business)

do you have adequate capitalization?

have you considered an SBA loan?

brick & mortar presence?

internet presence?

one or both?

services only?

retail and services?

if retail, then do you have your resale license?

sole proprietorship?
limited liability company?
S-corporation?
 

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nuts&bolts said:
Put together a business plan...

calculate operating expenses...

project your gross revenue...

calculate your net margin...

don't forget taxes, licenses and insurance...

payroll tax...

business licensing fees...

who is going to do your bookkeeping...

who is going to calculate payroll...

calculate your gross revenue required so you can cover operating expenses and pay yourself a salary...

calculate your gross revenue growth rate...

what is your marketing plan...

estimate your gross revenue during the "busy" season versus the rest of the year...

how long can you survive with zero revenue and only growing operating expenses...

how much $$ are you willing to lose until you call it quits (exit plan)...

how long can you survive until you start bringing in gross revenue that matches your operating expenses (breaking even but not making any money either)...

what is your minimum net margin that you are willing to accept in order to keep this side venture going (define the target net margin = stay in business)

do you have adequate capitalization?

have you considered an SBA loan?

brick & mortar presence?

internet presence?

one or both?

services only?

retail and services?

if retail, then do you have your resale license?

sole proprietorship?
limited liability company?
S-corporation?

And if you can answer all these questions, there's still an 80% chance you'll be out of business with in 5 years.

That being said...go for it. It's the essence of the American Dream. I have a three plan to do the same thing...with a little spin :wink:

Good luck

B in NC
 

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Doc; you forgot one other thing be prepaired to give up hunting because you won't have the time during the archery season you will be working on everybody's equipment and won't have time for yourself
 

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Originally Posted by nuts&bolts
Put together a business plan...

calculate operating expenses...

project your gross revenue...

calculate your net margin...

don't forget taxes, licenses and insurance...

payroll tax...

business licensing fees...

who is going to do your bookkeeping...

who is going to calculate payroll...

calculate your gross revenue required so you can cover operating expenses and pay yourself a salary...

calculate your gross revenue growth rate...

what is your marketing plan...

estimate your gross revenue during the "busy" season versus the rest of the year...

how long can you survive with zero revenue and only growing operating expenses...

how much $$ are you willing to lose until you call it quits (exit plan)...

how long can you survive until you start bringing in gross revenue that matches your operating expenses (breaking even but not making any money either)...

what is your minimum net margin that you are willing to accept in order to keep this side venture going (define the target net margin = stay in business)

do you have adequate capitalization?

have you considered an SBA loan?

brick & mortar presence?

internet presence?

one or both?

services only?

retail and services?

if retail, then do you have your resale license?

sole proprietorship?
limited liability company?
S-corporation?
AMEN!

You might find that pro shop you were going to isn't quite so bad if you work in thier shoes for a while. Not defending them, but there's quite a bit more to it than most people think. Good Luck
 

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Listen to all the above advice and 1 more item I can throw in. You are fixing to turn a very enjoyable hobby and sport into a possible part to full time job. Just be careful about getting burned out on the sport of archery and bowhunting. Sometimes you can have too much of a good thing. I had a shop for 9 years (full time) and experienced burn out to the extent that I almost gave up the sport. Other than that good luck and I hope you do well.
 

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Go for it and I sincerely hope you succeed; in fact I am sure you will

Cheers
Peter
:thumbs_up
 

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Pick a good location. I was in Nashville over the weekend visiting family and went to to local pro shop I'd bought my bow from to get some supplies. It was gone. While I don't know the details or the owners personally, it was located in a rough neighborhood where very few people were likely to even think about archery. I never saw many people there when I was in and out on a more regular basis. It just wasn't a good place, despite having good selection and first class service; it was hard to get into and out of, and you had to know it was there in the first place. Not much advertising either.
 
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