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Old 02-17-2012, 02:00 PM   #11
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see I wanna do this too as a fall back. im going to be porsche tech. so if I get hurt or decide to do something else then ill open a lfs.
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Old 02-17-2012, 02:22 PM   #12
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I used to think I wanted a LFS but decided to specialize in aquatics I love and breed those in my home(fish room). Then sell my excess live fry food and juvies direct to those who want them. I don't have time to do it right now but that's my plan. Much less frustrating than running a LFS.
I do wish there were more stores around so I hope it works out for you.
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Old 02-17-2012, 02:28 PM   #13
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Best wishes to you. We certainly always need and appreciate a good lfs.

I could be of more help to you in the US since I know nothing of Canadian business practices.

In general, aside from all the fish concerns, I would recommend getting and reading a book on business law at some point. There should be some appropriate to your location that are written for small or mom/pop type entrepreneurs. At some point you will need to at least consult with lawyers and accountants, though you can do a lot of your bookkeeping yourself with something like QuickBooks or Peachtree and only use the accountant as a (paid) consultant. Keeping good books is essential to your success.

Many locales have agencies that help with small businesses, and there are often evening business school classes at what we call community (2 year) colleges here. I'm guessing you have something similar in Ontario. You can have all the knowledge and passion in a field and if you can't run the business end you will have a rough go.
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