NEW GUN STORE ADVICE..

[THard6]

I'm not really sure where this belongs, figured i'm on break.. it will go in the break room!

well I have access to the PERFECT location to open a gun store/ shop, whatever you want to call it. It's been a dream of mine and i've always tried to find the right place to make it happen.
well the building I am looking at is not all that huge, but I believe it will work (with some minor modifications)
I just wanted to post this here looking for advice.
First off.. I'm only 22, not an FFL. and just browsing the idea.
(you're probably already saying, "typical kid")

-what do you think it would cost to start a shop up?
-what do you think are critical things needed to begin/ who to talk to?
-Is it the thing to do at this time, or wait out the possible "ban"?

I don't mind if you're harsh or tell me i'm just plain dreaming. i'm looking for real thoughts..
Thanks in advance!

 

[TopDog]

Just my thoughts. If you are serious about this try to get a part time job at a gun shop and work it for a while.

You will soon find out if you are suited for it and you should be able to ask enough questions to get you started.

 

[IndyDave1776]

For the cost, I would start with the obvious cost of inventory. Since you will likely have everything from entry-level .22s up to some nice stuff, figure how many guns you need to adequately fill the space allotted for them and multiply by, say, $500. Remember, if the rack looks too sparse it will negatively impact the appearance of the shop, but you don't want to earn the reputation for being the HighPoint king in order to bulk it out. You are better with a smaller rifle rack and handgun case that looks well filled that a larger one that looks like you can't afford to fill it. Accessories can range from an adequate selection of ammunition, holsters, and cleaning supplies. Scopes and magazines are necessary but need not come in huge numbers. You have to make a decision here about whether you can sell $100 scopes or $1000 scopes. My advice would be to err on the side of conservative planning, particularly not buying single high-dollar pieces you may not be able to move. If someone really wants you to sell him a scope that costs more than he paid for his pickup truck, you can likely get it in a few days. Buildout will depend largely on what you want to do and how much skill you bring to the table. Not all that huge covers a lot of territory. If you can't drum up the capital up front to fill the space, a good idea would be to have seating. People who congregate may not but a new gun every day, but will pick up odds and ends regularly, and it is a cheap way to keep your space from looking empty. Vending machines will run you a few thousand depending on what you buy and whether you go new or used, but the stuff sells and requires no attention on your part other than stocking them once in a while.

Assuming that buildout will be minimal, I would recommend minimum $50K plus a few months worth of rent and utility money, whatever that may be for this particular building, for a low budget shop, but I say this with the caveat that while I considered it in some depth myself, it has been quite a few years and things change. You will also have to have enough cash on hand to maintain your personal expenses since you are going to be running your shop and almost certainly will not be able to keep a second job in addition to being opened enough hours for your shop to be viable.

There are a lot of questions that require any of us to make assumptions, but hopefully this at least helps you to ask yourself some of the right questions.

Good luck and best wishes.

 

[IndianaSlim]

$50k?? That's not even a drop in the bucket! Lets use your price of $500 per gun which I believe is a couple hundred too low but we will use it.

200 guns = $100k

You haven't bought ammo, holsters or any other accessories. You haven't renovated the building to meet your needs. You haven't paid rent. You don't have insurance. I honestly don't think $250k is going to touch what you need to get going. Plus you're trying to do it in the midst of the wildest gun craze in history. You won't get inventory, ammo, accessories or anything gun related anytime in the foreseeable future. I'm not trying to rain on your parade, just realistic.

 

[Indy_Guy_77]

Also - the "south side" of Indy really is "saturated" with gun shops.

Wanamaker Guns
Beech Grove
Indy Trading Post
Law Enforcement Firearms
Elmore's
Gander Mountain
Honey Creek Tackle
The Outdoorsman
Bradis
Indy Tactical Supply
Atterbury Pro Shop
Not too far to Plainfield Shooting Supply
Not too far to Ft. Liberty in Avon
Not too far from 500 Guns in Speedway
Not too far to Pop Guns
Not too far to West Side Pawn & Loan

.
.
.

Unless you're hypothetically thinking of hanging a shingle in, say, Franklin... I'd personally stay away from the greater south side of Indy / Greenwood.

It's a ROUGH row to hoe anyhow - let alone when you've got to compete against SEVERAL others...not just a few.

Also keep in mind that in today's market - you won't be able to get firearm inventory very easily.

One sure fire way to make a little money selling firearms is to start with a lot of money.

(Why yes, I AM a pessimist by nature...)

 

[SOCOM242]

As much as I'd love to say "Go for it!", these are difficult times, especially for gun shops. It would be difficult to get inventory, there are lots of shops in that area, and you would need quite a bit of start-up capital.

You may want to revisit this dream in 12 months and see how the environment has changed (or is the same).

 

[findingZzero]

How about a balloon store. We need more balloons. And confetti. We need more confetti. Yeah, that's it...

 

[Chr15topher]

This is a dream of mine as well. There are a lot of codes you have to meet with your building. Like everyone else said, this is a bad time to open a shop. I'd wait until/if the storm settles.

 

[Booya]

Unless you can buy inventory in the tens of thousands of dollars right now don't try it. I've had to shut my business down recently due to the panic buying. I have 3 distributors and they're either selling all the inventory to the big companies or allocating everything to those that can buy out inventory... I'm a small business, can't afford to spend 20-30k at a time just so they'll release "allocated" products.

Everyone thinks these LGS are gouging, but the simple fact is, inventory is getting very hard to come by and if you want to keep the lights on, you need X amount of dollars coming in. I'd say wait. Soon enough the supply will be higher then demand, prices will drop, inventory will come available, then go for it. People think now's the time to get in, but unless you're producing your product, or you have unlimited Capitol, now is the worst time.

 

[Booya]

Not to mention (as stated above), you have no idea if you can get an FFL in that location. How is it zoned? Can you get it rezoned? Will the owner even allow it? Getting an FFL isn't really hard, but its not really easy either, or fast.

 

[Classic]

Starting and maintaining any kind of retail business is way harder than it looks. Check out a Business 101 textbook and work up a business plan for yourself. Look realistically at ALL of your startup, first, second and third year expenses and what you can realistically expect as income for those years. More than half of all retail startups die within the first five years. If you do the right planning and have some really good luck you might be among the survivors.

 

[twfshelton]

don't get depressed from your dreams being shattered. How about you do something like my idea, I will probably never pull the trigger on it. An accessory shop for guns, I know Bradis II is supposed to be one, but their inventory on accesories is not all that great. I'm talking all ranges of holsters, belts, slings.......so many of us order stuff online and are disappointed when it shows up. I would gladly shop somewhere I could actually try something out before buying it. Have hard to get items on hand, whether it be Milt Sparks or Raven or SOE gear or whoever is hot at the time, most of us would spend $10 more to not wait. For example, I would like to try a SOE cobra belt before I throw down $70 on one. Just a thought.

 

[Vaquero11]

I think it would be a great idea, in these uncertain times, to work in a gun store and learn the business from the ground up. Then when things calm down you will have developed a base of skills and knowledge to build on. You will need to develop sales skills, negotiating skills, customer service skills, inventory management, even human resources and management skills, and many more things I can't think of right now. I hope you are able to fulfill your dream. There is nothing better than loving your job. Good Luck!

 

[fallenangel1]

With the scarcity of stock these days.. What do some of you experienced folks think about selling things on consignment for a 10-25%+/- profit? It could be a low/no cost way to gain inventory and you could end up with a wide variety or models to display.

 

[Oldbird13]

Open Gun Store now?

So far so very good advice. If I were you I might start trying to acquire, at the right price, used guns in all sorts of styles/types/etc. and selling them on Gunbroker, GunsAmerica, Armslist and various other forums to see what kind of money and experience you can gain. With quality firearms, being used is not such a terrible thing and you can grow/learn at whatever pace you can handle. I have purchased a number of firearms from online and/or auctions online that can be re-sold at a profit. It should provide you with invaluable experience. You still have a very long time to start and move towards realizing your dream. I am almost 60 and wish I would have developed an interest in firearms much earlier in life. Good luck!

 

[pjcalla]

So far so very good advice. If I were you I might start trying to acquire, at the right price, used guns in all sorts of styles/types/etc. and selling them on Gunbroker, GunsAmerica, Armslist and various other forums to see what kind of money and experience you can gain. With quality firearms, being used is not such a terrible thing and you can grow/learn at whatever pace you can handle. I have purchased a number of firearms from online and/or auctions online that can be re-sold at a profit. It should provide you with invaluable experience. You still have a very long time to start and move towards realizing your dream. I am almost 60 and wish I would have developed an interest in firearms much earlier in life. Good luck!

Be careful doing that. The ATF doesn't like that...

 

[Scutter01]

Starting and maintaining any kind of retail business is way harder than it looks. Check out a Business 101 textbook and work up a business plan for yourself. Look realistically at ALL of your startup, first, second and third year expenses and what you can realistically expect as income for those years. More than half of all retail startups die within the first five years. If you do the right planning and have some really good luck you might be among the survivors.

THIS THIS THIS THIS THIS!!!!

Only you can write your business plan because we don't know what your expenses are like. And you HAVE TO have a business plan. If you don't have a business plan, then you don't have a plan for your business.

 

[THard6]

LOTS of good advice taken from everyone on here. some spoke of location, and YES I am wanting to put the shop in franklin, indiana. it's a small building, with a darn good location. But I don't know if I will be the one doing it. I have someone else interesrted in my idea and just taking over the building that we are currently in.
we are moving our current business and I wanted to keep the building we are currently in and prevent someone that I don't like getting their hands on it.
If someone has any other questions or wants to go in depth feel free to PM me. thank you again!

 

[Indy_Guy_77]

I've long felt that Franklin needs a gun shop!!

 

[THard6]

I've long felt that Franklin needs a gun shop!!

well if you run into anyone that would like to take the chance or tackle this. you let me know. I will give you the address to the building, and let you come check it out!
I think a GOOD shop could pull folks from greenwood away from the outdoorsman, and elmores, as well as people from whiteland, edinburgh and everywhere around.
just have to gain the respect and reputation. the location has been in the family for a VERY long time and is known by many.