Im starting to look into starting a small business. more specifically an archery equipment website. iv already looked into getting a wholesale permit, business license, and i am proficient in website building. The only thing i was having trouble with is finding wholesaler websites so i can look at those prices, and see if it is even worth the effort. I also tried calling trophy ridge, hoyt, and a couple other archery equipment HQs, but i had no luck today because i was either on hold waiting to talk to someone so long i had other things to do. or in the case with hoyt. they were already closed for the day. My goal with this site is to hopefully sell things at the lowest price possible, but still cover my expenses, and maybe a cover me on a hunting trip once a year. so many more people can afford higher quality equipment, but at this current time I have NO CLUE what the mark up is. if anyone could help me out on getting a idea what the mark up is. that would be greatly appreciated.
I think your heading in the right direction. If your going to be competitive on line your going to in a lot of cases buy direct rather then through a distributor. That's a problem with a lot of shops pricing. When they buy through distributors they have to price high to maintain an acceptable margin.
I was always under the impression to buy direct you had to be pushing some serious volume or most manufacturers won't even sneeze at you. Just what I've been told. I have no idea
Lots of luck in your new venture. I've always understood that when it came to Hoyt and a few other bow companies, that they don't allow their bows to be sold online. They require it to be sold only in a shop. I'm not sure of the reasons for this but that's what I heard. Blessings........Pastorjim
Also, a local dealer of mine was told by Hoyt he can't sell their bows because he does not have a store front shop.
Yes Hoyt and many other major manufacturers won't let you sell bows online or below prices they set Sent from my iPhone using Tapatalk
I'd advise you.........it's a VERY tough business to be in. I spent years working in an archery shop and it's very fickle business. I've also owned and operated a primarily online business selling outdoor (fishing) items. It will require a much larger investment upfront than you may realize if you plan on selling everything archery related unless you plan on being a specialty item type of shop. When it comes to the online game, people want it to be in-stock, which will require you to have a LOT of money wrapped up in inventory. Which by the way becomes obsolete and worth almost nothing every January when the ATA show hits, so if you order too much of one thing, you lose money. Order not enough, you lose sales. People also don't want to pay shipping, and you will be competing with Amazon Prime unless you differentiate yourself. In my opinion, it would be easier to be a "specialty" item shop. Be the guy that is known for always having let's say CBE sights in stock at killer prices, and is also willing to customize the pins. Toss in some custom arrow wraps (get a vinyl printer/cutter), and also have the best prices around for Solid Broadheads or something else like that with a cult like following. If you can differentiate yourself doing something like this you might be able to do well enough to make some spare spending $$$. It's going to be tough to scratch a decent living out of it though.
I'm actually in the process of doing this. I have been working on it for about 4 months now. I'm completely legal. The only thing I'm waiting on now is to get approved from two whole sale companies I applied to. I sent you a message.
You need to do more research. In general it seems the archery industry frowns upon online sales. You will also find that you have to stick to MAP pricing so just going out and under cutting the big suppliers isn't possible. It's a very tough business for sure. You will need alot of up front cash for product and an on going budget for web maintenance and marketing.
Thank you! that is alot of good info, and i will take your advice on sticking to a small group of things. I do have some money to invest. from what alot of people are saying is you cant sell below a certen price. if that is so. I dont want anything to do with it. I really just want to start this website to sell top end equipment at the most affordable price possible. regardless of profit, I want to get the greed out of the sport. I took me 4 months to save up enough extra cash to get my sight. FOUR MONTHS! and for some people thats not even possible. I want to make it possible for anyone to be able to buy the equipment they really want.
I've been approved by one supplier that has over 15,000 products. 80-85% of them have MAP prices. When you become legal you have to give them your website etc....they watch you. If they see you post something below MAP you're cut off and done for. Not being a **** just helping you out. Like I said in PM I've been working on this for a long time. I'm slowly realizing it's not going to be a walk in the park.
Mark ups tend to differ between different products, but usually the smaller the item the larger the markup. Every company has MAP on their products, and they pay people to search for their products and make sure it is honored. It's meant to protect mom and pop shops from getting undercut by big box stores like Cabelas. However, there could potentially be a lot of money to be had from selling previous year models for a significant discount; most companies do not monitor older items pricing, and you can still make a decent profit off of them.
One thing I know from experience with other businesses online is, some companies will not want to sell to internet only businesses. Good luck with it all, hard work and determination will be needed.
