Might buy Aquarium Enthusiasts

[trevorich]

This is exactly why i posted this here, thx for the tips/info all! I've also been doing some research on the nuts n bolts of owning a LFS online....

[denzkyasia]

quality flowerhorn and arowana ...

[fish4fun]

As for stock... I suggest keeping and selling items and live stock that sell quickly and give a good turn over and resonable prices.

There is no sense in stocking a store full of exotic and expensive items that dont sell or stay in stock for longer periods of time.

In order to sustain a long running business, you need to sell stock and move inventory.

I like using Gold Aquariums as an example.

Dennis use to be a hobbist just like most of us, breeding and selling him own stock. he was able to maintain excellent quality and reasonable prices with little overhead.

He use to have a similar philosphy with his store in the early years till they became established.

I recommed only bring in exotic fish and inventory on a pre-order/pre-paid basis. the care, attention and feeding required for sure animals kills the bottom line.

The key to running a successful aquatic store (in my opinion) is outstanding quality of goods and services, reasonable prices and frugal operating and marketing that give you the most bang for your buck.

Watch your overhead and keep clean healthy, Disease free tanks.

Also, be knowedgeable about what you are selling and I use the rule that if I personally would not buy something of that quality and price for myself, then why would others.

If the deal you structure makes good business sense, then it may just work out.

I have learned a lot about this business in my short time working for a business on the wholesale side of things.

PM me if you have any questions.

[Kayen]

Definitely cater to the planted tank community, aside from Nature's noone else really serves us super well.

Dry goods for planted tank in Edmonton are heavily overpriced at Big Als.

Edited July 7, 2009 by Kayen

[geleen]

I would be very careful before purchasing that store..

Tough gig for sure... it is very seasonal and its a competitive market / rare fish are not what famillys want when they start up an aquarium / Just go to Pets smart and simular stores and you will see what their bread and butter is.....

Best of Luck with whatever you decide...

I second this......very strongly

J

[NomiDemekin]

Sounds like a big venture, I'm afraid I have no experience in such matters so I cannot offer much in the way of advice.

However, I would not mind seeing a store offer some higher quality goldfish, which are all but non-existent in any local shop. To get quality goldfish, people like myself would have to purchase them from online auctions such as goldfishconnection or goldfishnet, which is a pain in the keister and very expensive (shipping all the way from the states).

[Parachromis1]

You have to remember the market crashed too.....I'd stock basic stuff, mostly saltwater as well. I work at Aquarium Illusions and we have BIG spenders come in there all the time for good saltwater stuff, and you can't beat our stock....Imo you need stuff that sells very quickly and a few more expensive items for people with deeep pockets to come in and pick up a couple pricy things.

I also wouldn't stock "the best" aquarium supplies, that's what Marine Aquaria is around for. There aren't that many people willing to buy expensive equipment when you can get it ordered online for a lot cheaper, including shipping.

[czar]

I second the goldfish thing.. Although I doubt it's economically viable. There's just not enough goldfish enthusiasts in Edmonton/Alberta.

(Although we typically spend more for our fish than others )

[snaggle]

The best thing that you can do for the exotics and gold fish is sorce a good supplier with good prices and do custom orders. Most suppliers will have the bread and butter fish so the minimum will not be hard to reach.

[Ishkabod]

Just a little insight into another new store. They seem to be doing really well so far and one thing i really like about them is they have a few tanks set up with a few of each of the most interesting fish. Something else you could do is have cookie cutter tanks Setup with fish included and offer in home maintenance services or reccomend somewhere that does for the big spenders. I'd suggest NOT going with Only the best of everything BUT NLS really needs to be shown off and explained so people stop buying the seemingly cheaper... (pardon my language) Crap. That along with Seachem Stability and Prime. They are two things you should be able to easily get away with stocking exclusively if you have the staff to support it. Custom orders are another great idea for the rare fish and that is what i'd rely on for that. Local breeders might be able to supply you with a few fish that aren't common so those would be a nice addition. If you can get some really pretty looking slightly more expensive but very compatible species then go for it. Other than that Do your research, Listen to the others on the list so far. The other thing you need to think about is if the rent is too high you might want to speak to the property management about a rental reduction but be sure to get comparisons to other nearby comparable locations and if there are other vacant stores on the site then you have even more leverage. Check out HOW the store it set up and see if anything needs repairs or rearrangement Like how the tanks are set up (sump system can cause disease to spread) How far away is the water changing area and is it easily workable. The idea about the tank and stand buy back or the like is GREAT. Be sure to have a contract written out. I'd suggest something like they do in Consignment stores where a portion goes to the owner and some to the store. Maybe have a small catalogue or binder with picture printouts with tank details and cost. If sold in the store a small fee could be negotiated so you don't take up valuable retail space. Okay those are my new ideas and thoughts. I'm glad you are doing some research. Good luck. (good employees are more than likely going to be your #1 worry)

Good luck

L

[NomiDemekin]

I second the goldfish thing.. Although I doubt it's economically viable. There's just not enough goldfish enthusiasts in Edmonton/Alberta.

(Although we typically spend more for our fish than others )

It could work well, if you stock a handful of high quality goldies (and koi) along with pet quality goldies and koi. Us koi and goldfish keepers are crazy, that's true. Why, I'm one of them starving art students, but I still didn't blink at paying 20-40 for a goldfish (I do drool over the 100+ goldies, but that's a dream still out of my grasp).

[Felix]

As an Accountant I have to ask you to ask yourself some simple questions.

What is my my turnover likely to be? Past performance is no guarantee its a recession out there.

What are my costs. Fixed (ie what do you have to pay each month whether you open or not)

Variable (ie what does it cost you to open )

What is my profit margin, most people on here have talked about trades / cheap deals because they are your mates ( you'll be bankrupt inside a month !) your margin pays your costs.

How much do I want to pay myself / how much do I have to pay my self (you need to eat, somewhere to live,( mortgage) need a car/van/truck, vacation )

Most new business fail in the first year most because of cash flow issues even profitable businesses.

I have been involved in winding up a business where at the end we gave the owner a cheque with five 0's on it. it was a profitable business but his creditors got nervous and wanted their cash and it destroyed his business.

Lots of small businessman are divorced " you spend more time at that #@$%^& shop than you do with me and the kids!!"

I don't know you or your wife or even if you are married but you both need to be going in to this with your eyes open that it will be very stressful and may cost your marriage.

If I have upset you with this comment I apologies but you must think through the pitfalls. it competitive and don't be surprised if your competitors welcome you with discounts and bargain sales the week you open. they will want you closed as quickly as possible. the pie is the same size regardless of how many mouths it has to feed. for you to have a piece they have to have a smaller piece they won't like this.

Best of luck with your decision

and remember there's a reason why its previous owners didn't succeed.

Felix

[Ishkabod]

Good advice. What i recommended was supposed to give you a nice profit margin but provide a service to your customers both the buyers and sellers that isn't presently available. Be sure you find out what caused the business to close in the first place. Look for it and if you can't find it don't buy until you do. That could be the time commitment factor or many other factors. Personally i constantly get Aquarium Enthusiasts and Illusions sooo mixed up that i forgot for a time that there was actually two such stores not the only one i have managed to find and visit (Illusions) It might be best to find a better location than the south sideish area for a New Store as the north side is severely lacking and we have 3 Cities with quick and easy access. (Sherwood Park, Fort Saskatchewan, St. Albert) You won't need a Prime Retail space as Word of mouth is very succesful and from what i have seen The west end and south side have higher costs for retailers.

Good Luck

L

P.S. if i had the money I'd open my own store nearby in a heartbeat.