How easy is it?
I've been harboring the idea of opening a small gun shop, maybe out of my home. I'm thinking in the area of buying and selling new and used pistols, shotguns, rifles. What avenues would I need to take to get started? Any opinions on this?
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I believe ATF requires that you operate a regular business with inventory and operating hours to weed out the "basement" dealers just trying to buy guns at wholesale. Your business is also always subject to unannounced "inspections" (raids) by ATF agents. Before you do anything, check your local zoning laws. Our city requires gun shops to be open to the public with regular hours in a commercially-zoned area and with valid city, state & federal licenses. 0 -
Go to the ATF website, do some reading. To get your FFL, you will need premises that meet zoning requirements, a business license, tax ID number, have business hours, secure storage, etc etc. Check to see if your locale permits business to be operated where you wanna be, etc. 0 -
Just so you know all of the crapola you NEED to know....I would see if there were a store you could help out just to get the "jist" of things before I jump into anything. Just like any business....its not smart to think you know what it takes just by watching others. Maybe even a "no salary" type thing on some afternoons. There are a LOT of rules and it takes actually dealing with these things to get it all down. 0 -
A friend who just recently closed down the family's firearms business is thrilled to be out of it because of all the paperwork, inspections, bureaucratic baloney, etc. His wife says they both sleep so much better at night but they still have to keep all of the paperwork for I believe she said 20 years.
FWIW, I don't know much about the profitability on each gun sale but one thing is for sure - you can never, ever, ever make it up on volume. That's one of the greatest misnomers people have when they're going into business for themselves. And if you don't believe it, just ask all of the failed business owners out there who thought it was possible.
Good luck to you whatever you decide.0 -
Thanks for the info you guys and gals have posted. I am a little familar with some of the paperwork and rules regarding the business end. My moms boyfriend works at a pawn shop. Just wondering the steps to take to keep it all in order to get started. So once I get close to "opening", they can't say, "oh, you didn't do this, or this." 0 -
quote:I get close to "opening", they can't say, "oh, you didn't do this, or this."
THEY will say that any way.0 -
There is no money in the home gun sales business, well not enough to support yourself. You almost have to have something to go with it, ie. gunsmithing.
Now days with internet competition markup on guns is not much at all, besides what's going to make a buyer drive to your house to look at guns? If you advertise cheaper prices than gun shops in your area to get them to come you'll likely cut too deep into any profits you'll make. Remember not much markup. And I don't care if you advertise giving the guns away, you'll never get the traffic a shop gets. Last thing you'd want to do is go in dept buying inventory that you might not be able to get rid of.
There is no markup on guns because of the internet. You can go back to GB and type in any new gun model out there. When it pulls up those listings, find the cheapest one offered NIB. That's usually $5-15 over dealer cost, if that. The sellers that make money online are the ones selling 100-150+ guns a month at the $5-15 profit on each. You can't compete with those prices. And if you want to do the same, then you'll have to make even less, if possible, to compete with the ones here already doing it.
I remember a woman posting here a year or so ago saying she just got her FFL and was going to make a living from it out of her home. She threw out that she needed to make around $1700 a month from it (I wouldn't say that's a whole lot, definately not a lot to support yourself or a family on). I don't believe anyone could offer her any advise or encouragement on her "plan". In fact I know I wanted her to tell us what we've been missing. I haven't seen her post since and can't remember her website, but without a doubt in my head she had to find something else to to put food on the table.
Hate to be discouraging, but if you don't have something else to offer using the FFL, then you'll probably be hungry in a months time, in debt, with a room full of inventory.[:(]
Ben0 -
100% Ditto what the last poster said.
Trust the advice0 -
Don't quit your day job.
Smitty0 -
quote:His wife says they both sleep so much better at night but they still have to keep all of the paperwork for I believe she said 20 years.
CLOSED FFL dealerships have to forward all their records to the BATFE. Put 'em in a box and mail 'em in.
The 20-year rule applies to OPEN FFL businesses. Records that are at least 20 years old can be destroyed.
Slow Hand, please call your friend and tell her to check the rules.0 -
I surely appreciate all the info and opinions you all have given here. Kinda been having second thoughts on the whole idea anyway. Thanks again! 0 -
Don't give up!!!!! We should have every person who wants to "dive into" the gun business at least being able to TRY it for a bit to see if you are suited for this thing.
Nobody here is saying you will fail miserably and end up homeless (unless you are VERY bad at it)....and they aren't going to come string you up by your toes if things don't work out. It is a stressful business and everyone jumping in with the horrid tales seems to have you rattled.
Well....its not all THAT bad!!! If I can do this you most certainly can also. Just know the facts before you start. Realize that the license takes a bit of your "freedom" away in some instances.
**I can't just go to the gun show and walk around looking to trade a shotgun off to someone.
**I am the frontman for all of the insane rules, laws, memos, newsletters, and faxed updates our FINE system has to throw at us so I have to keep up with everything they put out that can affect things.
**I have a small Rainforest's worth of paperwork to keep PERFECTLY in order.
**I must stop everything and fax over to the ATF the information they request out of the mountain of paperwork that I am forced to keep perfectly in order for this crazy system of ours.
**I have 10 people a day wanting to sell me the same thing at the same prices as everyone else and not one can get me the ONE item I am asking for.
**The great deals may roll in...but ONE bad one can make up for all of them.
**You cannot have an "off" day if you are working for yourself.
**The gun sitting in front of you may be a $1,200 Winchester 41 or is it a re-done gun with the wrong ammo tube which is only a $750 to $900 gun.....you better know which one it is before dealing!
**Everyone is your BEST FRIEND and want you to do them a "favor."
Things aren't any different with this business than any other...its just the stakes have also an added bit of excitement to them. If you like guns...buy guns...BUT if you think you will like being in the GUN BUSINESS because you like guns that is another thing. Just think...you cannot buy one gun to put up for yourself....not ever. Could you do that?0
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