Need some advice (how to's with starting small business)

Hey...My hubby and I are looking into starting a small "mom and pop" sort of sporting goods store here in our town.. There is a HUGE demand for it.. There are no other stores like that here or within 45 miles of our town.. We were told there was once one here years ago..the people made A LOT of money, then moved on... I have NO doubt it would thrive...

My question is this... WHERE do i start? How the heck do I go about making this happen for us? We have NEVER done anything like this before, but hubby is AMAZING with most of the stuff we want to incorporate into the store..we just dont know HOW to go about it.... We are in Wyoming, so Im not sure as to any state laws/permits, etc... ANY advice would be GREATLY appreciated!

Thanks in advance

Christy

First off, you have discovered a GAP in the market where you live, which is good.
Demographically speaking, is the DEMAND there? How big is your town? How far do people have to travel to get what they need?

As far as business goes, many considerations.
It's a full time commitment to run your own business, and for the first year you will be putting out more money than you will be bringing in.
Will you be able to keep up your current standard of living for that year?
Do you both qualify for a loan for start up money?
Start up considerations-
Location, and the amount to rent, and pay utilities for.
Inventory, how much you will need and the cost of it all.
Suppliers, and shipping costs. Where will you get your inventory?
Employees, if you plan to hire others to help, and what their salary will be.
Of course, permits, registering your business name, and cost of insurance for your business, such as fire or theft.
There is a lot to consider, and it can seem like it's overwhelming at first. But Rome wasn't built in a day.
Do some research, crunch some numbers, and if you really WANT to do this..GO FOR IT!

Thank you so much for the info... The closest place for a sporting goods store is about 45 mins away in the next town over... Then the closest Wal-Mart is about 130 miles away.. We live in a HUGE hunting/fishing town.. We have blue ribbon trout fishing, plus just about ANY trophy animal you want to hunt... We have a SMALL private airport here that is FILLED with private jets each summer/fall of people just coming here to hunt or fish...

Weve met MANY exec's from everyone from Smith and Wesson, to Gerber knives... They come each year.. Most of the ranches here make their money outfitting and guide hunts... so the demand is DEFINITELY present... Like I said before, i have NO doubt in my mind that it would be a VERY successful business... and hubby and I talked about it.. He will continue working where he presently is for a couple years.. just until the store takes off and we get good clientele going... We just didnt know where to start at.. what to research, how the grants from the SBA work, etc... but TY very much for the info... you have definitely pointed me in the right direction!!

reply to post by MissC


You're so welcome. It is a dream of mine to start my own business as well, I just have not found the right thing for me. But years ago I took a business course, and graduated with honors.
Glad I could help.
GOOD LUCK!

Wow...congrats to you.. I have been researching online and found MANY courses I can take that explain every little tidbit I need to know... again, thank you for the advice..you have REALLY helped...