Help a girl with a project!

[Sugarpacket]

My friend just finished her first week in business school and for her year end project (or all year I guess you could call it) she has to have a plan for her own business. I convinced her into doing a fishing store ( she wanted to do a antique store eck!) and I figured that the awesome anglers on this site wouldn't mind helping out. She has to gather statistics on all aspects of fishing in our community and in general to get her plan so if you don't mind just clicking your mouse you'll be helping her out and it would be interesting to see some of the results! If you don't want to you don't have to but only vote once it is just a class but the more realistic it is the better her mark is! Anyways thanks!

[Wild]

Considering our economic troubles both here and in the US make sure that slow periods such as off season and reduced consumer spending is factored into the business plan

[Sugarpacket]

I'll be sure to let her know lol!

[tonyb]

Best of luck to your friend. I have seen more tackle shops close than open in recent years...

 

She is competing against the giants such as Lebarons and even worse, cabelas.com...

 

Very difficult for the local shops to stay in business without offereing some kind of value-add that is unique and can draw upon a larger market then just the local anglers.

 

Tony

[Sugarpacket]

She's not actually opening it she just need to make a business plan from like stock to stats to expected sales kind of thing and I guess each part they get graded and at the end of the year they get told whether the idea would have worked or failed type thing and get graded on that as well. I'm not sure really how it works I just agreed to help with her homework lol! not sure what I got myself into...

[BillM]

It's a project people :)

[NBR]

I am afraid you have just led your friend into bankruptcy. I can't believe a new tackle shop with no customers can compete with the likes of Cabelas, BPS, Dicks, Canadian Tire ad infinitum.

 

We don't know the proposed financing in this project but trying to compete with inventory, product knowledge ad infinitum would be more than a challenge but then maybe she could score by leading the business into a small loss failure.

 

Even putting live bait into the equation is risky. Think minnows, leaches and the 2008 situation in Canada.

 

I think the decision is based on heart and not head.

[Wild]

We know it's a project Bill

However attention to details will make the difference between a C or an A+ And this is the place to get opinions! Not only from customers but business owners as well.

 

Let's first get the store named Sugarpacket Tackle

[mattmacewan]

Call it Pike Pro Shops.

[fishinggeek]

Please let us know when it's open. I'm sure all of us here at OFC will be loyal customers. I'm looking for a few things myself and would be happy to drop in for tackle.

[hammercarp]

Don't forget about carp fishing. It is not big now but it is growing rapidly.

[Canuck2fan]

I might be wrong but a few things that are going on right now economy wise could help a new fishing store. Live bait is going to be banned after 2010, if you call the ministry to get a license for selling it. They will tell you to forget about it because the 40,000 dollar start up cost for tanks can't be recouped in one year. So take that into account. However, even though I am TOTALLY against such a ban it gives fishing stores an opporunity to sell more plastics!!! I don't know about the rest of you, but I rarely use plastics yet I have a small shopping bag full of them collecting dust....

 

The other "ADVANTAGE" is that with the right location you can get top buck for those last minute items that people forget to include when ordering from Cabelas, LeBaron and BPS.

 

I hate paying the price my local guy charges for terminal tackle and I am totally disgusted by the fact that no matter what I have wanted from him in the last 2 yrs he never has it in stock..... I sometimes go back 3 or 4 times to finally get it. Why do I do that you ask. Simple, it is still cheaper than taking a 4hr round trip to BPS or 3hrs to LeBarons' from where I live. So if I need something for this weekend, and cant't justify paying next day shipping from the big boys,(which is becoming horribly expensive with exchange, shipping, handling, "DOOTY" and taxes on all the charges" when I check my gear on Tuesday he is the only game in town so he wins. I spent over 500 bucks there in the past just for that reason of covenience. So location can really help just like in any business. Now if he had the stuff in stock all the time I wanted and was just 10 to 15% cheaper the number would be have been over 2000.00 though.

 

The last factor I see helping a local shop drive sales in a tough economic situation near a good fishery is the human information aspect. Sure ordering online and making the twice yearly pilgramage to the big guys takes up a lot of my dollars but a fair percentage goes to local stores near the water I will be fishing as I don't mind trading 20.00 to 30.00 bucks worth of small items for up to date info about what is going on with that particular fishery on any given day!!! To maximize those sales though open at least an hour before dawn and have the coffee on!!!!!

 

Hope your friends gets a A+

Edited September 18, 2008 by Canuck2fan

[douG]

I think that maybe she should do a full analysis before opening any store, buying inventory, etc.

 

Maybe she could do it as some sort of school project.

 

My .02.

[maybe]

Hey now...antique stores have their uses. They keep Jeff and I out of trouble when it's too miserable to fish!

 

(BTW, if anyone's got suggestions on noteworthy antique/flea destinations in GTA/Durham, I'd love a PM!)

[Tarzan's Jane]

Just a suggestion...but something just a little different to offer can make all the difference. For example....having more to offer for the women...such as: a course of fly tying (hands on stuff)...that would certainly interest me. And that other nice thing that one gentleman does here on OFC...I forget the right terminology for it but he customizes rods...beautiful work...I'd be interested in that as well.

 

Good Luck to your friend...

[Rich]

Did you people who replied actually read the post? It's for a project - the store is imaginary, lol

[NBR]

Most of us know it is a school project but we need some data. How much capital does the project say she has to start? Most new business' fail from lack of capital. If you don't have the funds for start up costs and seeing you through those lean early months you go belly up.

[Rich Clemens]

Best of luck with your project SugarPacket

[Dabluz]

Having good quality fly tying stuff is a big advantage for a fishing boutique. Buying fly tying stuff is most definately a hands on thing.