Could use some advice?

[dayonthewake]

Hey party people. I will make a long story short, I left my big corporate job to own my own small business. I had a place picked out where I was going to sell discount boating supplies and water sports gear in a shop that was on the way to a launch ramp, in my mind I had an ideal plan, and some good sources of inventory. Recently things changed a little and a new shop on the water became available for about the same monthly rate as the other location, I couldn't pass it up, it sits in front of a major attraction and approximately 80,00 people plus pass by my door every weekend. Here's my problem, I believe that my original idea for inventory will not be enough, and I realize that I don't really have a clue what to showcase. With all of those people passing by I know that I need a larger variety of items to sell, I currently have the basics (Sunscreen, Sunglasses, Flip Flops, Ice, and a variety of close out watersports items ie; wakeboards, skis, life jackets etc.) What I am hoping is that you might give me some insight on what you might be looking for to buy on vacation, boating with family and friends. I have experience managing 35 employees in a manufacturing facility before, but don't even have a clue what is popular out on the lake. I am an avid boater but I really only know what I buy. Any help you can give would be greatly appreciated. Thank you for taking the time to read my post and giving your valuable feedback. CJ

 

[pinellas50]

Re: Could use some advice?

Snacks, drinks, ice, boat type apparel, hats, frozen bait, and more common tackle are the things that first pop into mind.

 

[bskye85]

Re: Could use some advice?

Wake..

The sunscreen, ice...etc. is all well and good, but as to boating supplies, you have to think of the poor tourists and weekender's who's battery has been stolen, or die'd. Or the People gasing up nearby who forgot there oil for the old 2 stroke. Things like this are often overlooked at dockside supply stores in my area. Both of the above mentioned has happened to me before. And a 2hr. trip to the fishing hole is kinda stunted by driving another hour to town to pick up what i need. Also, Cheap type A life vests(have forgot them before too!)

 

[livin4real]

Re: Could use some advice?

a couple different kinds of spare props, spark plugs, belts, light bulbs for nav/anchor lights, fuses, multi-tools, screwdrivers, wrenches, gas cans, dock line, styrofoam cooler (that way when they break it, they'll buy another from you), coozies, lighters and cigs (I'm a non-smoker personally) packaged sandwiches, air horns, oars, throwable pfd, flashlights, batteries, disposable waterproof cameras, zip-ties and duck tape. Hide those last two things though for the poor folks that can't afford the proper items for the job

 

[redone4x4]

Re: Could use some advice?

drain plugs, Boston valves (for water toys), umbrellas, towels, bathing suits, diapers, wipes. I know the store at the marina we go to is very family friendly, and has a popcorn machine, hot dogs and soda fountain also. and, people will buy required stuff for their kids that they forgot at just about any price.....i know from experience lol.

 

[ReelPlumber]

Re: Could use some advice?

Boat grills, propane, charcoal, picnic type stuff. Hats, shirts, shorts, bikkinis etc. If the 80k people are locals or tourist? If tourist sell stuff that represent the local attraction or area. Boat batteries, troll motors, fishing tackle, beer, ice, beer, coolers, beer, fishing liscense, beer.LOL

Awesome job and koodos for taking the risk. I hope it works out for you!

 

[jonesg]

Re: Could use some advice?

To cover your flanks in this poor for boating economy, I suggest as others have, food and drinks, other perishables such as ice and bait.
If you have no restrictions in the lease I'd install a sandwich counter, people always eat. Tables and chairs on the sidewalk, screw the marine stuff.

 

[seaboo]

Re: Could use some advice?

Pre-mix oil, Cheep ropes for towables and skis, On the Batteries (I'm sure you know this) you could get them thru a company (Interstate comes to my mind) on consignment and save a little expense and have a larger inventory). Ice cream cooler and slushie machine. Outboard gas tanks and primer bulbs for the poor soul who left their's at home.

 

[dockwrecker]

Re: Could use some advice?

Don't think you need to go crazy on the parts side. But here's a few suggestions.
Basic electrical connectors and sundries.
Drain plugs
Hose clamps
Batteries-boat and others for flashlights, radios, cameras etc
Safety stuff. Anything that's required on a USCG checklist.
Shackles
Mooring lines
Ski ropes
Propane bottles
lighters
beach camp stuff- paper plates, cups, etc.
Oil
Stove alcohol
You'll never have the right prop in stock, motor part, hose, belt etc, and I don't think you'd turn that stuff fast enough anyway. Keep it basic.

My .02

90 Carver Montego 21' (23) "Suspicious Behavior"

 

[floatingwoody2006]

Re: Could use some advice?

also..Have someone in there with a working knowledge of the water, how and where to fish it, and to just offer good advice. Word of mouth goes along way, and if you reccomend tackle, you will sell more of it. G

 

[golf101]

Re: Could use some advice?

Lake maps and coozies.

 

[Home Cookin']

Re: Could use some advice?

When a good cook opens a restaurant or catering business, they usually go broke. Although it is important to be a boater and know your product and customers, it's more important to know how to watch the bottom line.
This includes product placement: high profit items highly visible. Essential items in the back.* Inventory movement. Watch sale proceed per square foot: fill up 10' with blow-up rafts that don't sell and you are losing money; your business plan shoudl include sales per square foot so you can justify your rent (9% of sales is a good target). Low volume items = high mark-up. Advertise advertise advertise. Know how to work your financing and never ever use your credit card for financing.
Many communities have retired or volunteer businessmen who will consult for free. If not, hire someone, perhaps someone who ran a convenience store. get them to tell you how often your inventories should turn over--the longer it sits, the more you lose.
Watch specialized costs associated with certain products. To sell that $1 hot dog you have to have sanitation, inspection, food license, health classes for employees, bathrooms, etc etc. Your cost per square foot went up. Can you sell enough hot dogs to recoup?
Carrying costs: spare props sound appealing, but you have to carry a wide variety of high-cost items that will just sit there for the odd chance the guy who needs one, needs the one you have: brand, pitch, size, etc. You have to have a huge mark-up to cover the cost of it sitting for 6 months. Maybe go to a prop shop, buy a bunch of used props, and rent them out to the unfortunate?
Cost of goods sold: you have to open early close late. That means two shifts, which is more expensive per hour due to overlap and costs. And most employees either steal from you or let their friends steal.
You have to charge more than Walmart and mail order. Most customers do not understand why (including lots who post on iBoats!). Get them invested in the fact that you are selling convenience/service first and products second.
That's the business side (I happen to have professional experience in retail bankruptcy). Here's some more from the fun side:
Keep a marine radio on for boaters coming back to the dock to get something.
Keep a message board/fishing log both in store and on line for customers to read and post on. That will get people in the store and thinking about you and your being a service business, not just retail.
Buy motor oil in a 55 gallon drum and sell it by the gallon "BYO jug." and bottle the pints and quarts yourself. Lots of people around here do that. You have to time the market on your cost, though.
Cost this out, but it might be a good gimmick: get a big commercial ice maker, and give 5# ice (two big scoops) with every purchase over $5. Or if you can figure out how to secure it, have an ice club: you pay $ per year for up to 2 bags of ice a week. The key is to keep the off-season months, or at least the shoulders, in there so you blend high and low consumption. And never run out of ice!

*"only in America do we make the old and sick walk past the cigarettes and junk food to get to the medicine at the back of a drug store." Think about why that is not an accident.

 

[RWilson2526]

Re: Could use some advice?

Great informative post Home Cookin'

 

[BTMCB]

Re: Could use some advice?

All great advice above and I think you have a good idea. Maybe already mentioned above someplace and I missed it, but what about some sealant, quick patch repair items, disposable and / or water proof cameras and, depending upon the size of the water you are on, some hand held VHF radios, water toys to rent by the hour / day (take a hefty deposit). Finally, the typical CG required items (small extinguishers, air horns, oars, throw cushions, first aid kits) for those that come unprepared.

Good luck with your business venture.

 

[QC]

Re: Could use some advice?

Great informative post Home Cookin'

Agree!!!

 

[itsaboattime]

Re: Could use some advice?

*"only in America do we make the old and sick walk past the cigarettes and junk food to get to the medicine at the back of a drug store." Think about why that is not an accident**

Wow................Never thought about that before HC!!!

80K people a weekend, makes me wonder WHY the new location became available.
I would also capitalize on what you buy. Carry what you know what you need when you go boating and go from there.

 

[TerryMSU]

Re: Could use some advice?

anchors and rope.

 

[bigskiohio]

Re: Could use some advice?

trim hoses!!!

 

[roscoe]

Re: Could use some advice?

We need to know your location.
Type of water, type of boating that is done in the area?

What is your boating season length? off season?

All 80k people can't be going to the water, so how many people are going to be passing your location on the way to the water?

How many are going to the local launches that have no other buying choices along the way?

What is the major attraction next door? Why are people going there?
What will they be doing there? What will they need to buy?

Do you have a waterfront dock? Can people get to you without getting back in their truck and driving?

I would stay away from all food service items, unless they are prepackaged. You really don't want to go down that road unless you can sell a lot of food. The time, labor, sanitation, training, permits, etc... all too much.

 

[Expidia]

Re: Could use some advice?

We need to know your location.
Type of water, type of boating that is done in the area?

What is your boating season length? off season?

All 80k people can't be going to the water, so how many people are going to be passing your location on the way to the water?

How many are going to the local launches that have no other buying choices along the way?

What is the major attraction next door? Why are people going there?
What will they be doing there? What will they need to buy?

Do you have a waterfront dock? Can people get to you without getting back in their truck and driving?

I would stay away from all food service items, unless they are prepackaged. You really don't want to go down that road unless you can sell a lot of food. The time, labor, sanitation, training, permits, etc... all too much.

Good post Roscoe:
This is exactly waht I was just going to post . . .
I don't know how everyone here can post all their suggestions without even knowing the first thing about location, fresh or salt, why the last place failed, what's around the location etc

The poster never even posted where he is? Why even respond?