Good idea or Bad idea???

This is a discussion on Good idea or Bad idea??? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; OK I retired a few years back, and a local hardware store due to competition from Menard's, and Lows was slowly under. So I approached ...

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Thread: Good idea or Bad idea???

  1. #1
    VIP Member Array Sheldon J's Avatar
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    Question Good idea or Bad idea???

    OK I retired a few years back, and a local hardware store due to competition from Menard's, and Lows was slowly under. So I approached him and said, "If you ever want to sell I have a ideal of something I would Like to put here".

    Fast forward to today, I go in to buy some fuel line for the weed wacker, on the way out he asked if I knew of anyone that might be interested in leasing his store, either in part or whole.... I asked if he had thought of just selling the place outright, N he responded in the affirmative, but due to the market, and low values, not too seriously....

    Now my conundrum, My original plan was this would be a great place for a sporting goods / gun store. Easy access to the highway, 2 1/2 acres, building is about 15 years old, 7,000 square feet, paved lot, room to expand, less than 1 mile from home, next closest is in town, is a very small shop out of the way, next closest gun store is over 30 miles... I figured reloading supplies, used N new guns, fishing gear (there are two lakes very close by), and all the accessories I can pack in a place that big...

    Cavieat... being a realist funding would be harder, business slower due to just about everything, as a start up is could be one real rocky ride, do I really want to invest that much time and effort and money into something that will never make me rich but just give me stress and pay the bills at this stage in life, is and will it be worth it....

    Opinions and thoughts from those that have BTDT, and all else please!!!
    "The sword dose not cause the murder, and the maker of the sword dose not bear sin" Rabbi Solomon ben Isaac 11th century

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  3. #2
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    I can tell you from experience your looking at a very hard road. When I retired from the military I bought a archery/muzzle loading supplies store. I ended up selling it after 2 years. While I didn't lose money, I just made enough to pay rent/utilities and maintain stock. I was a 1 person shop, opening at 9 AM until 7 PM Monday through Saturday. During the slow part of the year my day started at the shop about 7AM, and ended about 9 PM. During the busy time of the year (starting about a month before bow season, til end of season) I was there from6 AM until at least midnight. On my day off (Sunday) I was usually there at least 6 hours. As much as I enjoyed what I was doing, after 2 years I decided it wasn't worth killing myself over, just to make enough to pay the bills.

  4. #3
    VIP Member Array Sheldon J's Avatar
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    I hear what you are saying, I have a friend that lives in the Prescott AZ area, that use to own and run a gun shop here...
    When I bounced this question off them they wanted if I was on drugs...
    Lots of work, small return...
    But on the other side there is a hole here and a good gun store with a good gun smith just does not exist within 30 miles anymore...
    DIY is the rule of thumb here and that often results is messed up (shoe box) guns....
    "The sword dose not cause the murder, and the maker of the sword dose not bear sin" Rabbi Solomon ben Isaac 11th century

  5. #4
    VIP Member Array rottkeeper's Avatar
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    Depends on a few things, will the people of the area support this endeavor? Meaning are there a lot of sportsman and shooters in the area? Secondly how bad are the area people affected by the financial spin we are in right now? Do you think you would get enough business to afford having a good smith in your shop? Can you afford to break even for a few years? As you know the startup cost is going to be quite high so it will take you a while before you start to turn any profit.
    For as the lightning comes from the east and flashes to the west, so also will the coming of the son of man be. Mathew 24:27

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  6. #5
    Member Array BlackJack's Avatar
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    If it were me, I would start with gunsmithing services then expand as business warranted. That way you do not have a big overhead for stocked items and you will, almost automatically, pick up used guns in that kind of a business. While waiting to see how the business grows itself you can always do special orders.

    This way if things go well you will make it without overextending yourself (I have seen too many small businesses go under because the overextended themselves). If it does not go well, you are not out much, other than the property itself which can be put to other uses or sold.

    Good luck.

  7. #6
    VIP Member Array aus71383's Avatar
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    Maybe get an FFL and do transfers. Build a little hut on you property and get a Class 2 or Class 3 license from the BATFE and just have fun with it. But I sure wouldn't start a business at this point in time - especially if I was retired already.

    Just my two cents!

    Austin

  8. #7
    Distinguished Member Array SonofASniper's Avatar
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    Stay retired. If I had a buyer for my business right now I would sell in a heartbeat and take some time to evaluate my new found freedom.

    Trust me. Stay retired.
    I will support gun control when you can guarantee all guns are removed from this planet. That includes military and law enforcement. When you can accomplish that, then I will be the last person to lay down my gun. Then I will carry the weapon that replaces the gun.

  9. #8
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    Exclamation Consider consider consider!

    From personal experience:

    Small businesses are wonderfully brutal lifestyles. The likelihood of success small, the hours long, the problems come with regularity and various degrees of complexity. Even if you survive the start-up phase, the operating hours are long, and it's difficult to ever again have freedom from a demanding mistress. Assuming you survive those, to exit the business and maximize any return on your investment, you have to find a qualified buyer with cash, because most banks will not finance a small business for a new buyer.

    Quote Originally Posted by Sheldon J View Post
    ........pay the bills at this stage in life....

    Opinions and thoughts from those that have BTDT, and all else please!!!
    Most small business pour all of their capital back into the business during start-up (a year to three or more) building the business, so the likelihood of paying your bills is very low initially......


    My wife successfully did all of the above, but the exit strategy has been really tough! The buyer has stiffed her after running the business down for five years, and is crying "poor me, poor me........" Give me a break!


    If you love it, it can be fun, but that can often be overwhelmed by the above business exegenicies.

    If you do, good luck!

    If you don't, enjoy the retirement!

    Either way, have fun!

  10. #9
    Distinguished Member Array coffeecup's Avatar
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    STAY RETIRED!!!!!!!!!

    Considering the way the economy is heading and the unfriendly tax policies for small business now days------FORGET IT!!!!!!!!!! Hang on your money it is going to be a wild ride for the next couple of years.

  11. #10
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    Quote Originally Posted by coffeecup View Post
    STAY RETIRED!!!!!!!!!

    Considering the way the economy is heading and the unfriendly tax policies for small business now days------FORGET IT!!!!!!!!!! Hang on your money it is going to be a wild ride for the next couple of years.


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  12. #11
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    Would a pawn shop be a better investment instead of retail gun & sporting goods?
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  13. #12
    Distinguished Member Array tcox4freedom's Avatar
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    I actually have my dealer app setting on my side table.

    I'm semi retired and disabled. But hey; a mans gotta do something.

  14. #13
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    I would probably not invest my money (if I had any left) in a small business in today's economy. I echo those above that say stay retired....
    Bumper
    Coimhéad fearg fhear na foighde; Beware the anger of a patient man.

  15. #14
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    Reloading

    Quote Originally Posted by Sheldon J View Post
    Now my conundrum, My original plan was this would be a great place for a sporting goods / gun store. Easy access to the highway, 2 1/2 acres, building is about 15 years old, 7,000 square feet, paved lot, room to expand, less than 1 mile from home, next closest is in town, is a very small shop out of the way, next closest gun store is over 30 miles... I figured reloading supplies, used N new guns, fishing gear (there are two lakes very close by), and all the accessories I can pack in a place that big...
    I am not sure I would want to try and start a business right now either but if you did and you did carry reloading supplies I would be up there shopping, Good luck in whatever you decide.
    Eric

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