creditmaster Posted November 22, 2014 Report Share Posted November 22, 2014 Hey guys im thinking of starting a tackle store in Brampton called Khan bait and tackle i would be starting small with bass plastics , bass lures musky and pike lures select rods and reels. all types of flies, fishing line trout lures minnows worms and roe and some steelhead tackle like spinners floats splitshot ect. what do you guys think? is this a good spot ?by the way it is located on the credit on Mississauga rd and will it be successful? let me know what u think in the comments also im looking for a business partner thanks Link to comment Share on other sites More sharing options...
e-z-out Posted November 22, 2014 Report Share Posted November 22, 2014 I like it already. Pick a spot and I'll swing by once a week for my fix lol Link to comment Share on other sites More sharing options...
lickmyarmpit Posted November 22, 2014 Report Share Posted November 22, 2014 Me too I'm in Milton and the closest decent tackle shop is fishing world in Hamilton. Link to comment Share on other sites More sharing options...
creditmaster Posted November 22, 2014 Author Report Share Posted November 22, 2014 yeah? it would start small though not more than 50 diffrent items Link to comment Share on other sites More sharing options...
BillM Posted November 22, 2014 Report Share Posted November 22, 2014 I like it already. Pick a spot and I'll swing by once a week for my fix lol ^---- This guy alone will keep you in business Link to comment Share on other sites More sharing options...
landry Posted November 22, 2014 Report Share Posted November 22, 2014 Great location. My belief is that starting small will lead to imminent failure - when I go in a store with limited stock I typically do not return. Link to comment Share on other sites More sharing options...
creditmaster Posted November 22, 2014 Author Report Share Posted November 22, 2014 Great location. My belief is that starting small will lead to imminent failure - when I go in a store with limited stock I typically do not return. yeah but by prices would be up to 35 percent cheaper than any other place and t would be the only one in the area AND right on the credit with acces to the river Link to comment Share on other sites More sharing options...
DOS Posted November 22, 2014 Report Share Posted November 22, 2014 Good luck, it can be tough. And be prepared to have no spare time at all. Your fishing adventures will be the ones your customers share with you, LOL. I am 4 years into my adventure and I will tell you customer service is much more important than cheaper prices. 90% of my stock is cheaper than BP or CTC and all the big box stores but customers are always under the impression that because I am a 'mom and pop' shop that i am more expensive. They come in because I truly care about people, treat it the same and you will do well. Good luck Dan Link to comment Share on other sites More sharing options...
landry Posted November 22, 2014 Report Share Posted November 22, 2014 I think Dan nailed it as he has been there and done that. If y own a store you will fish very little. If you love to fish then: - don't get married - don't have kids - get a seasonal job or work a shift like a continental shift - keep your living expenses low so u can drive, fly and fish whenever u r off work. I have broken all of those guiding rules BUT I Still love my life. Of course, because I have a serious addiction, I still wish I could fish more:) Landry Link to comment Share on other sites More sharing options...
creditmaster Posted November 22, 2014 Author Report Share Posted November 22, 2014 lol i agree no plas to have kids ......................only a wife but i live on the credit so i can walk out on my balcony and throw a line for some steel Link to comment Share on other sites More sharing options...
James77 Posted November 22, 2014 Report Share Posted November 22, 2014 Take this as you will but I think hockey is a very similar industry and I've been in the retail end for years. People looking for cheap prices will 100% shop online. Have you looked into the mark up on the things you are thinking of selling? At our store if we did everything at 35% off we would break even but lose on our expenses. I'm not sure if fishing is the same but the amount of expenses that are involved is immense. You never really want to start small. If someone walks in looking for something and you don't have it, the odds of them ever making another trip is gone. You need to analyze where the money can be made, and you need to specialize in certain areas. You 100% can not cover every aspect of fishing without a store 2000 sqft+. You'd be looking at $2000 as a minimum rent and your profit has to be able to support it. For hockey, there are $30 sticks and there are $300 sticks, we specialize in the $150-300 range. The reason being is that every Canadian Tire and Sport Chek has the lower end stuff at great prices, so why compete with them? For fishing if people are looking for cheap stuff they will go online, or they will head to Canadian Tire. You need to figure out your specialty, service your customers well, and provide them with knowledge they wouldn't find at Canadian Tire or Bass Pro. I've been thinking of opening a shop in the Kawartha area for a while now but I don't have the expertise needed to accurately sell everything. James Link to comment Share on other sites More sharing options...
creditmaster Posted November 22, 2014 Author Report Share Posted November 22, 2014 i see...................... ok thenks Link to comment Share on other sites More sharing options...
John Bacon Posted November 22, 2014 Report Share Posted November 22, 2014 Were you planning to operate out of your home? That would almost certainly be a by-law infraction. By-laws are usually enforced on a complaint basis so you may be fine if nobody complains. But it only takes one person to notify the city that you are running a retail operation out of your home to have the city on your back. Have you actually researched the feasibilty of selling for 35% less than your competitors? You need to know what your purchase price is going to be before you can decide that you are going to sell items for 35% less than the competition. Link to comment Share on other sites More sharing options...
LostAnotherOne Posted November 23, 2014 Report Share Posted November 23, 2014 Your only 14 years old so I'm going to be honest as possible with you buddy. Drop the idea and focus on getting a good education. Link to comment Share on other sites More sharing options...
creditmaster Posted November 24, 2014 Author Report Share Posted November 24, 2014 Your only 14 years old so I'm going to be honest as possible with you buddy. Drop the idea and focus on getting a good education. ok first of i took a course in a private school on business and i am over the top at school . and second i have m-1a zoning so it is pefectly legal for me to run it and i will be hiring employees so i can goo to school and turn a profit.........................how do you think i pay for my fishing gear LOL Link to comment Share on other sites More sharing options...
irishfield Posted November 25, 2014 Report Share Posted November 25, 2014 (edited) Good for you creditmaster... don't EVER let anyone get in the way of your dreams. You may have to pick yourself up off the ground from time to time... but don't ever leave yourself in a position that when you're 90 and sit down one day and think.. "I wonder if" ! "The only one's that have never failed... never tried in the first place!" Edited November 25, 2014 by irishfield Link to comment Share on other sites More sharing options...
FloatnFly Posted November 25, 2014 Report Share Posted November 25, 2014 ok first of i took a course in a private school on business and i am over the top at school . and second i have m-1a zoning so it is pefectly legal for me to run it and i will be hiring employees so i can goo to school and turn a profit.........................how do you think i pay for my fishing gear LOL go to school and get your business and economics training so that you can be very successful, running your own business is very difficult, especially a new own with no reputation to begin with. your idea of having no more than 50 items to start with will be the downfall right off the bat. if you're serious about this, take a look at easthill outdoors in orono, they just opened an outdoor store not long ago, and started with lots of different items you're going to have compete with sail, bass pro cabelas and lebarons. heres a story from oshawa about a guy who opened his own tackle shop. he opened on a very busy street, had the shop running for 6 months and was losing money, he had to open a bar in his shop to make ends meet, and even then was just breaking even, to get ahead, he started to sell drugs out of his back room. hes now serving jail time. his shop was under 700sq ft. very small compared to gagnon sports also in oshawa. my advice, you're just a youngster, you have your whole life to work, enjoy it while you're young, work part time, save some money and travel around while you're young and don't have bills Link to comment Share on other sites More sharing options...
creditmaster Posted November 25, 2014 Author Report Share Posted November 25, 2014 Good for you creditmaster... don't EVER let anyone get in the way of your dreams. You may have to pick yourself up off the ground from time to time... but don't ever leave yourself in a position that when you're 90 and sit down one day and think.. "I wonder if" ! "The only one's that have never failed... never tried in the first place!" thanks for your support man i WILL succede Link to comment Share on other sites More sharing options...
landry Posted November 25, 2014 Report Share Posted November 25, 2014 (edited) You got some very good advice here. I love your enthusiasm and passion. However: You are 14. You have a lot to learn yet about fishing, judging from your past posts and also - life. It's great to be bold, brave and confident but you have lots to learn yet before opening a small business. Your potential business model is flawed. Sorry if my honesty hurts. I am a teacher - my job requires me to be encouraging yet honest with my students. Empty compliments and encouragement can be more harmful than the blunt truth. Landry Edited November 25, 2014 by landry Link to comment Share on other sites More sharing options...
creditmaster Posted November 25, 2014 Author Report Share Posted November 25, 2014 You got some very good advice here. I love your enthusiasm and passion. However: You are 14. You have a lot to learn yet about fishing, judging from your past posts and also - life. It's great to be bold, brave and confident but you have lots to learn yet before opening a small business. Your potential business model is flawed. Sorry if my honesty hurts. I am a teacher - my job requires me to be encouraging yet honest with my students. Empty compliments and encouragement can be more harmful than the blunt truth. Landry i tahnk you for your concern and respect evryone in this board but if i dont try i wont learn now will i? Link to comment Share on other sites More sharing options...
mike rousseau Posted November 25, 2014 Report Share Posted November 25, 2014 I have friends with a tackle store... Mark up is around 40%... If your 35% cheaper your only getting 5% on your sales... If you sell $1000 a day your only making $50.... Then you have to pay for your overhead... And if you think you can afford employees your way out in left field.... If you sell $1000 a day... wich you won't... Nothing personnel but I don't think many shops sell $1000 a day... You could pay 1 employee $5 per hour (under minimum wage) for a 10 hour day... Again assuming you have zero overhead... At the end of the day you have nothing... Link to comment Share on other sites More sharing options...
mike rousseau Posted November 25, 2014 Report Share Posted November 25, 2014 My friends store pays it's own bills but they basically work there for nothing... Retirement hobby... Link to comment Share on other sites More sharing options...
irishfield Posted November 25, 2014 Report Share Posted November 25, 2014 (edited) Maybe his mother is the stay at home employee willing to work for free (while he's at school)... and the $50 a day will cover part of their property tax or hydro. At least the young lad has some drive and a dream! More than I can say for most these days. Glad I had a real (electricity) teacher in grade 12, that went against the grain, and told me to skip the standard protocol and follow my dreams. Ever grateful to him. Edited November 25, 2014 by irishfield Link to comment Share on other sites More sharing options...
landry Posted November 25, 2014 Report Share Posted November 25, 2014 Irishfield - I hope the "real teacher" comment wasn't a zinger aimed at me or other dedicated teachers. I am going to assume it wasn't. Creditmaster - I like your commitment and work ethic. Your generation is so tech savvy - why not sell online if u r going to specialize in less product? Link to comment Share on other sites More sharing options...
Gerritt Posted November 25, 2014 Report Share Posted November 25, 2014 (edited) Bang on Landry, open an estore no overhead, no insane energy bills or property taxes, no employees... And a few write offs for a home based business... Fill orders after school and homework. If you want to get into business start here and go from there.. Going to be very hard to turn a profit with 50items in a traditional brick and mortar. Start small and think big. I wish more kids had the drive this youngster has. G Edited November 25, 2014 by Gerritt Link to comment Share on other sites More sharing options...
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