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

 

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Stay Safe,

Ben