Podcast 265 The Gun Shop Problem

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Today:  I worked in a local gun shop for about 4 years.  Loved it.  For 2 years I was able to work full time and make a living doing it.

There are tons of problems with gun shops.  Here is what I saw when I worked there.  Most of the problems are an industry problem and not the individual shop I worked for.

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Outline:

• Pricing
  • 10% Markup on Firearms
  • Key Stone Markup
• Guns are mostly a commodity
  • It’s the same everywhere… a Glock is a Glock
  • Where do you buy gas and why?
• Accessories can make you money
  • Too much to stock
  • Accessory makers don’t understand business markups
  • Big money goes to favorites that can be ordered straight from makers or manufacturer
• Employees are always biggest cost
  • Good workers vs Gun store commandos
  • Hard living in retail
• ATF
  • Constant audits are possible
  • If they want you out of business, you are out of business
  • Don’t ever mess anything up! Ever.
  • FBI and ATF want it differently
  • Different auditors may tell you different things
• People are Cheap
  • New Ruger Ranch Rifle… $850 gun he can get $50 cheaper and “50 bucks is 50 bucks”
  • Other store has it for $10 cheaper
  • Order it on-line
  • Everyone loves Walmart… even gun people
• Returns
  • Bag o Parts gun returns
  • Dealing with manufacturers
  • Eating the cost of returns
• Getting Inventory
  • Can’t just order anything
  • Specials that come and go
  • Distributors trying to get rid of inventory they don’t want
• Getting repeat Business
  • Everyone wants a deal even on the first visit
  • Guns are a once a year or less purchase
  • Location, Location, Location
• Gun Show Nightmares
  • Everything moves twice a week
  • You can have too many guns
  • Theft was a constant problem
  • Don’t lose anything
  • Lots of people that want to make a deal
  • Other vendors undercutting each other by $5 on a gun
  • People sucking knowledge without any thought on buying anything
• Shop Owners aren’t always shooters
  • Want to work with people like them
  • Get sick of guns
  • Cool Hobby into a business without understanding business

Thanks for listening, don’t forget to check out the Shooter’s Club, and if you need ammo check out Lucky Gunner.

Stay Safe,

Ben