Potentially opening a LFS

[BLUEaquarium06]

Hey guys, so I've been working on a plan for quite some time to open up my own LFS. I've been focusing mostly on the business end of it right now and have been struggling to think of the perfect name, so i figured what better pave to ask for help than this wonderful forum that I've used for so long. So what do all you guys and girls think? Any suggestions? No idea is a bad idea!

My first idea that has stuck with me is
"MC Aquatics" (my initials are MC)

I will definetly keep things updated on here and leery everyone know how it's going, but it is a slow process right now

 

[coralbandit]

IN TOO DEEP AQUATIC SUPPLY... I have too many thoughts on names .
Hope to visit your LFS someday.

 

[King Fisher]

Wet Pets
Wet Spot
FISHOW
Reefer Madness
Reef Affairs
Fish Heads
Fishy Things
MC's Crazy Fish
Fish Connection
Zero Flo
Fish N Stuff
Fish N Shrimp
WaterLogged
Spoiled Fish
Fishzilla
Fishy Behavior
Somethin' Fishy
Fish Frenzy
Tanked Up
Fished Out
Smells Like Fish

 

[Andy Sager]

Are we talking just fish or will it be full lines of pets and supplies?

 

[Brookster123]

Tangled up in fish

 

[tunamanphd]

Nice - I’m local to you also so I’ll definitely check you out . I’m running as a DBA currently online . I sell local but deliver. No plans atm for a brick and mortar . My “real” job pays well and has benefits

 

[BLUEaquarium06]

Are we talking just fish or will it be full lines of pets and supplies?

It would initially be just fish, but i have larger plans for the future.

 

[BLUEaquarium06]

Nice - I’m local to you also so I’ll definitely check you out . I’m running as a DBA currently online . I sell local but deliver. No plans atm for a brick and mortar . My “real” job pays well and has benifits

It's a long way off, but I'll keep it updated here. And yea my "real" job does too lol, but i want to own my own business and now just feels like the most opportune time

 

[BLUEaquarium06]

Wet Pets
Wet Spot
FISHOW
Reefer Madness
Reef Affairs
Fish Heads
Fishy Things
MC's Crazy Fish
Fish Connection
Zero Flo
Fish N Stuff
Fish N Shrimp
WaterLogged
Spoiled Fish
Fishzilla
Fishy Behavior
Somethin' Fishy
Fish Frenzy
Tanked Up
Fished Out
Smells Like Fish

Holy smokes! What a list! Haha thank you!
I really like zero flo

 

[Autumnsky]

Online or at home possibility for a business (only open weekends or select holidays).

That is a really hard way to make a living - to keep a bricks and mortar location for fish/pets and supplies. You will need to be really creative if you want to do that. Please do not think I am trying to knock your dream, one can do anything with enough planning, money and thinking outside of the box.

A few things of immense importance, learn and follow all rules and regulations for your city, state and region. Attention to details with things like licenses, taxes and shipping creatures limitations, insurance, employee taxes, and labor board rules, shortcuts can put you out of business, etc. MAKE sure to always pay your sales, and employment taxes. Have an accountant and don't put off those little pesky things like monthly or quarterly filings/payments. Often you can overcome sales issues and disease, but not the government when it comes to taxes. I have seen business shut down in a flash!

Rent or building use and electric costs are high, and how many individual sales are needed just to support that - to keep the lights on so to speak.

Larger mass of sales is in importing and selling to sellers. Volume - one sale x 1000 fish instead of 6 fish to one person.

Doing what you love can be a blessed hobby but also a nightmare if a business. One is fun the other is constant worry of being able to pay the bills.

So just keep in mind there is a reason many stores close. Dirty tanks, sickly fish and poor service and workers who don't care or steal your $ or stuff.

But on the other hand there are niche and personal service oriented vendors who are loved and supported and thriving (as far as I can see).

 

[BLUEaquarium06]

Online or at home possibility for a business (only open weekends or select holidays).

That is a really hard way to make a living - to keep a bricks and mortar location for fish/pets and supplies. You will need to be really creative if you want to do that. Please do not think I am trying to knock your dream, one can do anything with enough planning, money and thinking outside of the box.

A few things of immense importance, learn and follow all rules and regulations for your city, state and region. Attention to details with things like licenses, taxes and shipping creatures limitations, insurance, employee taxes, and labor board rules, shortcuts can put you out of business, etc. MAKE sure to always pay your sales, and employment taxes. Have an accountant and don't put off those little pesky things like monthly or quarterly filings/payments. Often you can overcome sales issues and disease, but not the government when it comes to taxes. I have seen business shut down in a flash!

Rent or building use and electric costs are high, and how many individual sales are needed just to support that - to keep the lights on so to speak.

Larger mass of sales is in importing and selling to sellers. Volume - one sale x 1000 fish instead of 6 fish to one person.

Doing what you love can be a blessed hobby but also a nightmare if a business. One is fun the other is constant worry of being able to pay the bills.

So just keep in mind there is a reason many stores close. Dirty tanks, sickly fish and poor service and workers who don't care or steal your $ or stuff.

But on the other hand there are niche and personal service oriented vendors who are loved and supported and thriving (as far as I can see).

I would never think you are trying to knock my dream or anything like that! I welcome all the info and advice anyone has especially the not sugar coated variety haha.

So currently i work as a department manager for a very large retail store. I deal a lot with stocking, merchandising, inventory, sales, margins, and mark ups obviously it isn't the same as owning and running your own business but the numbers i deal with are astronomical compared to what i would be working with. I also have a very good relationship with my current employer, corporate, and the DEC they have agreed to a plan with me that i dont want to discuss fully but it would involve large tanks, native fish, and compensation hahaha, while allowing me to advertise in their stores.

And when it comes to rent my current employer sort of helps out there again, the store i work in is one of the largest in the country and is the number one in profits, it is a fairly new store only about 3 years old. When they began renting the property it they made an arrangement (contract) that prevented anyone who sells the same products to rent out any of the store fronts that are in the plaza. Now there have been several empty stores for afloat 2 years and the land lord can't give the properties away because we sell just about everything. So the rent in the places i am currently looking is incredibly low, obviously this doesn't affect the cost of electricity or insurance but it helps

 

[Autumnsky]

It's good to hear you are thinking of more things. Of couse you can't say every detail in a small post, or divulge trade secrets; ),!

Always excited to see a good plan come together. Or see it start!

 

[Andy Sager]

It would initially be just fish, but i have larger plans for the future.

If that's the case, my ex partner and I were debating years ago about opening a shop and was going to call it " The Pet Store." Why? Because, at least back then, people didn't say what store name they were going to but they'd say " I'm going to the pet store." So you could start with " The Fish Store" and when you expand, change to The fish and pet store or just The Pet Store.