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Wanting to open my own custom gun shop. What degree would help me the most and why?

Veteran

Nicholas Scalf Stanville, KY

I want to open my open gun shop. I know there's a lot more that goes into it than having a knowledge of firearms. Book keeping, records, banking etc. I was trying to find info on it online but it all leads to just telling you how to get your ffl, and not what you need to do once you get and get a shop up and running .

16 May 2016 11 replies Education & Training

Answers

Advisor

Neil Serafin Easthampton, MA

A 4 year degree in Psychology with a few courses in marketing and business. Take all at a state college. Your buyers are complex. Understand their needs and wants. I have never been convinced that having a degree in business, makes you a more successful business person. On operation: keep your borrowing small, pay your employees before you pay your self, look for exclusive sales territories as a manufactures rep (wholesale side), have fun and grow the biz with cash flow.

16 May 2016 Helpful answer

Veteran

todd moore Terre Haute, IN

You dont need a degree, but learn some accounting.

Advisor

David Siedband Palo Alto, CA

I don't think a traditional degree is the best use of your cash here. As a business owner, I would recommend holding on to your money to invest in either specific skills as the need arises, or hiring contractors to fill in those gaps. In the early days, Sales and Negotiation are going to be two of the most critical skills you need to develop. In the area of Sales, I'd recommend reading everything by Grant Cardone. For Negotiation, the HBR Negotiation book is excellent.

Advisor

Dr. Scena Webb Auburn, WA

Hi Nicholas,

Connect with me when you are conducting your research for training and development in the gun shop business. I work for ATF which regulates folks who have a Federal Firearms License. I will be more than happy to educate you on the federal requirements to be successful. I will train you on how to successfully deal with your books and forms from a federal regulations perspective.

I wish you much success! I am always happy to work with professionals in the firearms business.

Scena

Advisor

William Orr Greenwood, IN

You don't need a degree (a piece of paper in a frame on the wall) to run your own business; however, I think the major factor you miss out on in the process of earning that degree is developing a process for critical thinking and research. Aside from that, communication with others might be an area that is strengthened in pursuit of a degree.

You undoubtedly have the skill and abilities to run a business, but the knowledge about the topics you are posting here will only be gained through research. The best research starts with knowing what questions to ask. I'd recommend finding a mentor here or at your local SBA, coupled with writing a business plan, as John Green mentioned.

If you are a disabled veteran, I think you could get a good start via this program: http://ebv.vets.syr.edu/. Alternatively, I do have a client who is a gun shop owner and I would be happy to reach out to him to see if he's willing to chat with you. Let me know if you are interested.

Advisor

_ _ Urbandale, IA

Business or Business Administration. Hands down. Either teaches you at the broadest context and minimal depth of managing a business. You can expect to learn about accounting principles, marketing, financial mechanisms, supply chain dynamics, business law, and information systems. You won't be an expert, but it will teach you enough to hold a conversation with one. Which is important, because you will have the knowledge to keep your business relationships honest. Which, ultimately, is what you will realize is the most important aspect of your business. Who you sell your finished product to is easy to figure out. But who do you buy your raw materials from? What's a good deal to make your margin look good to the bank who's financing your purchase of raw goods? And who's managing your books to show the bank? Is anyone making a dollar on you that shouldn't? That's what those degrees teach you to know. Hit me up if I can help further.

Advisor

Deb Miller Bardstown, KY

Thank you for your service, I agree with John, develop a business plan first. I owned my own business and wish we had done this first. You make a ton of mistakes along the way without a focus. Having a degree is great but honestly, get to know your market, get to know your suppliers, get to know your customers, and know the commitment you are willing to invest into the business. If you want a degree to support the business, I have a business degree which I think helped me better understand customers and market analysis. Our problem was a huge shift in the market for which I not only was not prepared but didn't even realize happened. It caught us off guard and ultimately we closed our business. You won't do that because you are going to watch your market and always adjust as needed. This was my first business and I honestly saw the shift - just presumed without even analyzing, that it would shift back in my favor. Hang in there - so much research to do and so many tough decisions to make. Nice thing is, with this blog you have a ton of others to bounce off. Sounds like you are doing a ton of excellent research towards success Good luck!

Advisor

Timothy Strickland Frederick, MD

Nicholas,

The first thing to ask yourself would be do you have the knowledge and abilities to currently perform as a professional gunsmith? If not that's were you will need to concentrate before you can even begin the steps to open a business. Check out your local tech schools and see if they offer programs. The NRA has a website that might assist you: https://gunsmithing.nra.org/

Once you have the skills now you need the equipment, location, permits, inventory, and all the other things that go into it. Two thoughts come to mind. Try your local chamber of commerce. They are a collection of business owners who assist each other. You might get lucky enough to find another gunsmith willing to mentor you or someone in a similar industry (machinist for example) who can help as well. As David mentioned the Small Business Admin can provide you with a wealth of knowledge. I would suggest you start with the local one in your state: http://www.ksbdc.org/.

Running a small business can be daunting. Particularly with the legal issues you will run into with firearms. However, depending on your situation and the public desire for your services you can often run something like this out of your home...at least in the beginning. Good luck.

Timothy

Advisor

David Dickens Forney, TX

Hello Nicholas,

Thank you for your service Sir. Most small business startups fail due to poor management of cash flow and general lack of business education. Business management education can be referenced for free at https://www.sba.gov/starting-business. They have free courses that give some accreditation from SBA. There are 33 Kentucky offices that you can visit and take advantage of what some of our tax dollars are paying for. Good luck.

Dave Dickens MMC(SW) USN Retired

Veteran

Nicholas Scalf Stanville, KY

Bill gates was also one of the few geniuses of his time. Do I know how to keep books? No. Do I know how to do a payroll and keep tax records? No. Do I understand marketing? No. Do I know anything about starting and maintaining a business of any kind? No. Telling someone bill gates didn't have a degree is like telling your kid that wants to play baskeball that Kobe Bryant didnt go to college so you can be a nba hall of famer if you write it down, and not what kind of work you have to put in to do it.

Advisor

John Green Cary, NC

Bill Gates had no degree. A degree is not - in and of itself - guarantee for success. Before you do any of that, write your business plan.

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