LFS owners and Business majors,I need Advice.

aarone

aarone

Active Member
I have been thinking about changing my major in school. I was listed as pre-med right now, but i wasnt sure if 12 years of school was the thing for me. So now i am looking at something i would be truly happy with. Marine Biology with a minor/major in business. I figured i could take marine biology and have a stable job working for a company. Then on the side i could run a small SW and coral store from my home. I need advice. Would a self run at home store be more proficient than a walk in/employer store? If ran at home i would be sort of a delivery service much like one i buy my fish from. I would be the only one running it probably with the help of my wife (supposing i can stay married).
What are the benefits from running your own FS out of the home.
Would it be profitable? Would i need to take out a large loan to start the business? Im sure if or when i major in business i will learn these things, but i wanted some basic ground rulse to help me make my decision. Please feel free to post anything else about running your own business.
aaron
 
S

slofish

Guest
I am neither a LFS owner of Business Major. Im an Aerospace Engineering major that has had both parents open separate business and know many other business majors. So take this advice with a grain of salt.
First of all, know what your getting into. It sounds like you want to graduate with a degree, get a full time marine bio job and then want to open your own business after. This WILL take up almost all your time. Opening just one business without anything else to do is a full time job in itself. There are many rules/regulations you have to find out about and lots of paperwork.
If you are honestly serious about opening your own LFS on the side, talk to the owners of your current LFS, and do your research. Find out what they have in the backrooms, set up costs, the bills they have to pay, licenses they have, federal rules/ regulations, etc. The last thing you want is to open your shop to only have the local city close you down.
Also on the lines of research, are there already a lot of fish stores in your area. Is there room for expansion in the LFS field in your area? This is how your going to find out if the store has a chance to be profitable. If you like doing things by the book, write up your business plan, submitted to friends that have businesses/ or ask favors of successful local businesses around the area to take a look at it and critique it. Dont forgot, a LFS is not something people have to have. ITs not like a supermarket or autoshop. Its like a toy store. You have a specific audience your targeting, and if money is low, people may push buying fish and corals way down on their list of whats important.
Lastly, i dont know if youve already decided what field of business you'd like to minor in, but its wide: marketing, economics, accounting, finance, management, etc.
Once again, im not trying to say dont do this. Just want to give you my .02. If your willing to put in the time and research, Go ahead and do it.
 
bheron

bheron

Member
aarone,
i think your plans sound great. i graduated from college 10 years ago and enjoy what I do. but if i had to do it all over again i would've started out doing something i LOVED. i think if you really love the hobby then you should work in that industry. if you enjoy it, the money and success can follow.
my one strong pieve of advice: before just going out and opening your own business, go work in the industry for at least a year or two. get a job in the area you're looking to open your company and LEARN THE BUSINESS. there are alot of things college and a business degree can't teach you. spend time getting answers to your questions above. try to move into management to learn higher level tasks.
then, when you've learned enough. thank them and go open your own place. two reasons:
1) planning is the most important aspect of business. if you dont plan properly it doesnt matter what you do later. It like water quality in a SW tank. its a fundamental that must be there. Start your business today. Just b/c you dont make any sales $$ doesnt mean your dont have a business. MAke your first few years of your business a planning and learning phase. Japanese comanies have 100 year plans. Make a 5 year plan for yourself and start today!
2) there is no better advantage than knowing your market and your biggest competition. and no better way than to do that than going to work for the competition. trust me on this. go learn the business, the market, and what your competitor does good and does bad. you'll then have the distinct advantage.
hope this helps!
 
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