Owning a bait shop???

Discussion in 'General Conversation' started by RiverKing, Jun 16, 2007.

  1. RiverKing

    RiverKing Active Member

    Messages:
    2,232
    State:
    Yellow Spr
    There is a pretty well established bait shop around where I live. It has been in business for as long as i can remember. And they sort of cater to catfisherman. Anyways, the old man that owns it is retiring, and I got a call from a friend last night that is interested in buying it together. My question is, do you think you can make a decent living running/owning a bait shop, or do you think you would just barely get by? The idea of it is exciting, and sounds cool, but i have a decent/stable job that I would have to quit. Its sort of scary rolling the dice with your future. What is everyones advise, or opinions on something like this. I know any bussiness is a gamble, it just sort of scary to me.
     
  2. gcarlin

    gcarlin New Member

    Messages:
    1,353
    State:
    Richmond ,Indiana
    BEING A BUSINESS OWNER MYSELF,YES IT'S A RISK BUT IT'S ALSO DEPENDS ON THE QUALITY OF SERVICE AND KNOWLEDGE OF THE BUSINESS THAT YOU RUN AND OPERATE. YES IT'S A BIG STEP AND IS VERY VERY COSTLY BUT WITH ANYTHING ,AS LONG AS YOU GIVE THE PEOPLE WHAT THEY WANT AND NEED THEN THE BUSINESS WILL DO WELL. GOOD LUCK AND KEEP US ALL INFORMED.
     

  3. BAMA_CAT

    BAMA_CAT New Member

    Messages:
    474
    State:
    Boaz,ALABAMA
    I have a cousin in michigan that bought a bait shop that had been there for years and he made it better!!!! Just go in there and check it out for your self and talk to the customers and ask them what they would like to see and let them know some of the new ideas you have for the store. and remember bass pro shop and others started out with a dream and a prayer if you give them what they want and need they will be back.

    HOPE THIS HELPS YA OUT A LIL BRO!!!!!
     
  4. CNTRYBOY

    CNTRYBOY New Member

    Messages:
    1,573
    State:
    Benton, Ar
    i WOULD GIVE IT A SHOT, BUT NOT SURE ABOUT DITCHING MY STEADY JOB RIGHT OFF THE BAT!
     
  5. TOPS

    TOPS New Member

    Messages:
    4,099
    State:
    Cabot,Arkansas
    Just give it a try! Heck, I have interest in owning one myself.
     
  6. RiverKing

    RiverKing Active Member

    Messages:
    2,232
    State:
    Yellow Spr

    I had the same thoughts about not ditching my job, but with only 2 guys running it at first, being open 12 hours a day, 7 days a week. I would spend most of my time there. So I dont know how i could swing both jobs, i work weird hours..I work 10 am to 8 pm everyday, hell im at work now..lol....I would never see my family if i tried to do both. It stresses me out just thinking about it. LOL
     
  7. Hootowlc3

    Hootowlc3 New Member

    Messages:
    409
    State:
    Florida
    One thing you have to consider, will it support two people. For the bait shop to support one person, business would have to be good, but to support two people it would have to do great even in winter. You will have to look at the receipts for the winter time to see how it does.
    Business partners do strange things when things start going bad. "Beware"
     
  8. catfisherman60

    catfisherman60 New Member

    Messages:
    1,348
    State:
    Greenwood AR.
    I work for My self for 17years now and still have ups and downs. The bills must be paid before I get paid. some times it is hard. Thing to think about.
     
  9. Mickey

    Mickey New Member Supporting Member

    Messages:
    14,592
    State:
    Illinois
    If you can't work it part time until you know it's secure. Forget it and stick with what has been feeding your family It may sound exciting but excitement don't pay the bills. Good Luck on your decision.
     
  10. okiefishkiller

    okiefishkiller New Member

    Messages:
    65
    State:
    oklahoma
    do you like selling bait, or buying bait. everybody i ever talked to that had any thing to do with working in a bait shop says they have zero time to fish. dont know bout you but a steady job is what alows me to fish 2 days aweek. and a really understanding wife. i would rather go fish than talk fish.
     
  11. flathead willie

    flathead willie Well-Known Member

    Messages:
    3,241
    State:
    Virginia
    You don't look like you have too many miles on you. There will always be jobs out there for those who want them. However, you'll never get rich carrying a lunch box. Why not give it a shot? If you don't try, you'll never know. Even if it doesn't work out, you have plenty of time to recover and move on. Nothing ventured, nothing gained! Good Luck!
     
  12. wolfman

    wolfman Well-Known Member

    Messages:
    9,181
    State:
    Triadelphia, WV
    Name:
    Walter Flack
    Don't be afraid to give up the good for the great. Courage is being scared to death, and saddling up anyway.
     
  13. daddio

    daddio New Member

    Messages:
    260
    State:
    kansas
    maybe you could get a 30 or 60 day leave of absence? I dont think there are enough bait shops but with wally world bass pro and cabelas popping up all over it will be tough good luck
     
  14. airforceben

    airforceben New Member

    Messages:
    81
    State:
    california
    Only u can decide, but man if ur doin what u like and ur supporting ur family then what could be bad. you dont have to be rich to be happy:big_smile:
    see...im smilin right now
     
  15. JenJen

    JenJen New Member

    Messages:
    59
    State:
    South Carolina
    You've been told a lot of good stuff here, but I still have to put my two cents in, too.

    I just started my own business, and my husband is self-employed, too. And trust me, it has it's draw backs. There is a lot to be said for having that check that you can depend on being about the same every pay cycle. And nice little details like health insurance don't hurt either.

    And owning your own business does have a much higer stress level. Everything is riding on YOU - on your shoulders and on your decisions in a much bigger way than it did when you were working for someone else. If you do this, you will find yourself thinking about work a thousand times more than you did before. And you'll be putting in more time - at least for a while.

    But then there are the ups - and they depend a lot on where you're wanting to go, and where you are now. The sad truth of life is that nobody can ever get rich working for someone else. (Unless you've got some graduate degree and something like a Bar Association Membership.) And even more, most people can't get where they don't have to put thought and planning into paying each bill while working for someone else. So if this could offer you more income - you should go though their books really well before deciding - and if more income could make a difference in your quality of life, then this could be something good.

    The best part of being your own boss is what it can do for you - for how you feel and what you think of yourself. You can take pride in your work to a whole new level. And the good things that happen, the progess the business makes, you will know are because of you. And that can make you feel like you're walking on clouds. Feeling more accomplished like that can do wonderful things for you - it can change your entire outlook, can make you a better husband, a better dad. You don't get too many chances to be proud of yourself in life.

    And Flathead Willie made a great point - it's not like the steady job option will be taken away. (Make sure to keep your personal assets seperate from the business) If this doesn't go like you want it to after a while, then you can always sell it to someone else.
     
  16. GatorT

    GatorT New Member

    Messages:
    390
    State:
    Camden, South Carolina
    Another thing to consider is that going into business with someone will certianly change your relationship with them. It takes an unsual friendship to survive a business partnership. You not only have to worry about your decisions being good, but your partner's as well.

    As well as going over this shop's books and receipts, you need to sit down and talk with your friend. I don't mean dreamin' of how good this can be and this that and the other. I mean find out his thoughts - what he plans to do as a partner for the business. And listen to him, try and figure out what's in his head. You need to be sure he has a realistic idea of what he'll need to put into it, and that y'all have the division of labor ironed out. (But you should also set a time pretty close into the future to revise that division. Once you get in there and start doing it, the way you have it set up may turn out to be unbalanced.)

    And that right there - talking to him - may answer your question as to whether or not you want to do this. You put two people with two different plans together and they'll end up butting heads.
     
  17. STUMPKNOCKER

    STUMPKNOCKER New Member

    Messages:
    200
    State:
    Georgia
    It is a gamble, i took the carrer path , work for the state, good leave and insurance, some of my friends took the business route, some have did very well some have not, talk to your family you will need support with such a big decision, good luck
     
  18. vfourmax

    vfourmax New Member

    Messages:
    251
    State:
    Va
    I am envious in some ways as you are sounding as if you are seriously considering this venture. It would be great in so many ways to have control of your own destiny. The rewards CAN be fantastic or the risk COULD be overwhelming. Every situation is different, you say this is a well established business which could be good or bad, how many customers deal here just because they are friends with the current owner? How would you have to pay for the purchase price of the business? Are either you or your partner capable of keeping the books or would you need to outsource that as an additional expense? Would you be able to retain his current suppliers and pricing levels as new owners?
    A lot to consider but do not let that discourage you alone, just do not go in without thorough research and let all the extras blind side you. I see you are from OHIO so I would guess due to weather business would be much slower from November- March. Can you make enough the rest of the year to pay your salaries and expenses for the whole year! Just check it out and follow your gut and your research.
    Also if you do this pay attention to your customer service as that will be a big key to your success. There is a guy that opened up basically a small independant Bass Pro Shop store here locally, I do not think he picked a good location but I went to check it out. I was fairly impressed with the amount of merchandise he was stocking. I wanted a map of a lake that I wanted to start fishing and he stocked the maps. I bought one and decided that I would be dealing here in the future. When I got home and looked at the map I purchased it was for the opposite end of the lake where I would be going. I took the map back the next day and wanted to trade it for the one I needed and they did not want to take the map back and trade for the correct one. That was okay, I bought the map I needed and left the store. I will say however I never plan on going back and spending another dime there though. He did get an additional 14.95 for the correct map and I still have the one I do not need but I feel that I learned something about how he views his customers and although he did make the 14.95 extra sale how many hundreds of dollars may that 14.95 cost him in the future? If you do this, take care of your customers as that can be the deciding factor how well you do for how long! Good luck on your quest.
     
  19. blindfly69

    blindfly69 New Member

    Messages:
    774
    State:
    kentucky
    second to being a guide i think that is right up there on my list of dream jobs....if i was in your position... i would go for it
     
  20. CATBUSTER

    CATBUSTER New Member

    Messages:
    27
    State:
    GEORGIA
    RESEARCH.......THATS THE KEY..WHAT DO THE LAST COUPLE OF YEARS TAX RETURN'S SHOW? PROFIT OR LOSS? HOW MANY OTHER SHOPS ARE IN THE AREA? DO YOUR HOMEWORK...........GOOD LUCK