Kingfishers is a retail Fly Shop offering supplies, guided tours, and fishing/hunting cabins to Anglers and Hunters that come to our state from all over the world. We are centrally located in the middle of this famous area, on Highway frontage on one of the busiest highways. We are in a prime location to succeed, as we make an excellent base camp and meeting place.
As new owners, Ausable Wulff and Brassie Nymph are purchasing a mildly successful fly shop, remodeling it, re-packaging it, and turning it into a successful destination location for fly fishers across the south.
Our competitive edge is tremendous. Our location, our advertising techniques, and unique customer "interest points" give us a superb edge in advertising. Our expertise in fly fishing these particular rivers lets us stock the most relevant supplies and provide our customers with expert advice so they can truly enjoy their fishing vacations. Our welcoming and supportive attitude towards even novice fisherman will turn first-time visitors into repeat customers. In addition, we offer not just lodging, but some of the nicest and most unique lodging in the area, at very competitive rates. We are on the the travel route between 4 major blue ribbon rivers, and the single most famous Trout River in the world. The keys to our success lie in our great location, the ambiance of our store, and most importantly, our attitude.
This plan will show what the business needs to start its successful venture, and how we plan on doing it. It shows that even using conservative projections, the company will have positive cash flows, tremendous gross margins of over 50%, and steady/solid growth. We will show a modest profit in the first year, and our profits increase steadily. Our projections are based on the past performance of the business under its previous owner, who willingly admits that he has not maximized the profit potential of the business. Based on these conservative projections, we will be ahead of the industry standard in almost every aspect.
In order to fund the purchase, renovation, and restocking of the business, the owners are contributing $64,000. We are also seeking a 10-year loan of $513,000, secured with the owners' collateral (3 houses), at an 8% interest rate.
We have several key objectives to complete to bring the business back to the level of success experienced in the past, and then maximize the revenue and profitability for today. To accomplish this, our objectives are:
To provide an Angler's and Outdoorsman's shop where the customer is the priority and arrogance is left at the door… where patience is a practice and everyone we meet is a friend… where questions are answered without demeaning glances, and cold stares are unheard of… where you are asked to stay for a cup of coffee rather than just asked for your money and shown the door. Kingfishers is dedicated to providing Anglers and Hunters alike with the equipment that they want, the knowledge that they need, and experiences that make them want to come back.
In the retail Fly Shop and Hunting Store business there are 4 main keys to success: