MILITARY SURPLUS STORE BUSINESS
Calling all military enthusiasts and bargain hunters, the military surplus store business may be the operation you've always dreamed of! This unique retail concept specializes in selling discounted merchandise that the military no longer needs, ranging from durable clothing and camping gear to intriguing war memorabilia. The ultimate destination for those with a taste for history, adventure, and a love for military aesthetics, your store could house countless treasures waiting to be discovered. With the right knowledge, passion, and an eye for valuable surplus, you could turn armies' leftovers into your entrepreneurial success!
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MILITARY SURPLUS STORE MINI BUSINESS PLAN
This a quick reality check to help you identify the strengths and weaknesses of your business concept before you dive in.
Expected Percent Margin:
- Gross Margin: Approximately 45-55%
- Net Profit Margin: Approximately 10-15%
- Daily Earnings: Approx. $200 - $600
- Weekly Earnings: Approx. $1,400 - $4,200
- Monthly Earnings: Approx. $6,000 - $18,000
- Annual Earnings: Approx. $72,000 - $216,000
Actions to Hit Those Numbers:
- Initial Investment: Minimum $50,000 for a diverse range of military surplus products.
- Supplier Relationships: Develop relationships with military surplus wholesalers and international suppliers.
Marketing and Customer Acquisition:
- Online Presence: Utilize social media platforms and eCommerce sites to reach a wider audience.
- Community Engagement: Participate in local events and sponsor military and veteran-related charities.
Sales and Customer Experience:
- In-store Experience: Staff should be knowledgeable about military items and history.
- Excellent Customer Service: Train staff to provide memorable shopping experiences that encourage repeat business and referrals.
- Rent or Mortgage: Strive to keep this cost less than 10% of expected monthly sales.
- Utilities and Maintenance: These costs can be around $200 - $400 per month, depending on the location and size of the store.
- Opening Hours: Open at least 6 days a week, 8-10 hours a day.
- Sales Volume: Aim to sell 10-30 items per day, with an average sale price of $20-$60.
Remember, these are generalized figures and can change depending on location, economic climate, and management decisions. Always consult with a business advisor for personalized advice.
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Grab Your Business Website Name
Before you get caught up in the whirlwind of setting up your business, invest in a domain name. It's a small but significant step that lays the foundation for your brand and makes it easier for customers to find and trust you. Just like you wouldn't build a house without securing the land first, don't build a business without securing your domain name.
"Why? Can't that wait?" Here's why it shouldn't
Step 1: Determine if the Business is Right for You
Breakdown of Startup Expenses
When starting a military surplus store business, it is important to understand the startup costs associated with the venture. These costs can include the cost of the physical store space, the cost of inventory, the cost of any necessary equipment, and the cost of any licenses or permits required to operate the business. Additionally, it is important to consider the cost of any advertising or marketing materials that may be needed to promote the business. It is also important to factor in the cost of any staff that may be needed to help run the business.
Breakdown of Ongoing Expenses
In addition to the startup costs, it is important to consider the ongoing expenses associated with running a military surplus store business. These expenses can include the cost of rent, utilities, and insurance for the store. Additionally, it is important to factor in the cost of any inventory that needs to be purchased on a regular basis. It is also important to consider the cost of any staff that may be needed to help run the business, as well as the cost of any advertising or marketing materials that may be needed to promote the business.
Examples of Ways to Make Money
When starting a military surplus store business, it is important to understand the different ways to make money. One way to make money is to sell the military surplus items directly to customers. This can include items such as clothing, equipment, and other military-related items. Additionally, it is possible to make money by offering services such as repairs or customization of military surplus items. It is also possible to make money by offering classes or workshops related to military surplus items. Finally, it is possible to make money by selling items online or through other online marketplaces.
Step 2: Name the Business
When it comes to naming your business, it is important to choose a name that is memorable, easy to pronounce, and reflects the type of business you are running. Consider using words that evoke a sense of patriotism, such as “Honor” or “Valor”. You can also use words that evoke a sense of strength, such as “Strength” or “Power”. Additionally, you may want to consider using words that evoke a sense of adventure, such as “Explorer” or “Voyager”. It is also important to make sure that the name you choose is not already being used by another business. You can do this by checking with your local business registration office or by searching online.
Once you have chosen a name, it is important to make sure that it is legally available. This means that you should check with your local business registration office to make sure that the name you have chosen is not already being used by another business. Additionally, you should also check to make sure that the name is not trademarked or copyrighted. If it is, you will need to choose a different name.
Once you have determined that the name is legally available, you should register it with the appropriate government agency. This will ensure that the name is legally protected and that no one else can use it. Additionally, you should also consider registering the name with a domain registrar so that you can create a website for your business.
Finally, you should also consider trademarking the name. This will ensure that no one else can use the name for their own business. Additionally, it will also help to protect your brand and ensure that your business is easily recognizable.
Step 3: Obtain Necessary Licenses and Permits
Once you have determined that a military surplus store business is the right endeavor for you, named the business, and researched the local market, the next step is to obtain the necessary licenses and permits. Depending on your location, you may need to obtain a business license, a seller’s permit, and a zoning permit. Additionally, you may need to obtain a firearms license if you plan to sell firearms and ammunition. It is important to research the specific regulations in your area to ensure that you are in compliance with all laws and regulations.
You may need to contact your local city or county government to find out what licenses and permits you need to obtain. Additionally, you may need to contact your state government to obtain a seller’s permit. Once you have obtained the necessary licenses and permits, you will be able to legally operate your business.
You may also need to obtain a federal firearms license if you plan to sell firearms and ammunition. This license is issued by the Bureau of Alcohol, Tobacco, Firearms, and Explosives and requires a separate application process. Additionally, you may need to obtain a license from the state in which you plan to operate. It is important to research the specific regulations in your area to ensure that you are in compliance with all laws and regulations.
Once you have obtained the necessary licenses and permits, you will need to register your business with the Internal Revenue Service (IRS). This will allow you to pay taxes on any income you generate from your business. Additionally, you may need to register with your state’s Department of Revenue to pay taxes on any sales you make.
Finally, you may need to obtain a zoning permit if you plan to operate your business from a physical location. This permit will ensure that your business is in compliance with local zoning laws and regulations. Additionally, you may need to obtain a Certificate of Occupancy from your local government. This certificate will ensure that your business is in compliance with all local building codes and regulations.
Step 4: Find a Suitable Location
Finding the right location for a military surplus store is essential for success. The store should be in a place that is easily accessible and visible to potential customers. It should also be in an area that has a large population of people who are interested in military surplus items. Additionally, the store should be close to other businesses that may be related to the military surplus industry, such as gun stores or military supply stores. It is also important to consider the local zoning laws and regulations when selecting a location. It is important to make sure that the store is in compliance with all local laws and regulations. Additionally, it is important to consider the cost of renting or buying a space for the store. The cost of the space should be taken into account when creating the business budget. Finally, it is important to consider the size of the space and make sure that it is large enough to accommodate the inventory and customers.
Step 5: Secure Financing
Securing financing for a military surplus store business is an important step in the process. Depending on the size of the business, the amount of financing needed will vary. It is important to research all available financing options, such as business loans, lines of credit, and even crowdfunding. Additionally, it is important to consider the terms of the loan and the interest rate, as these can have a significant impact on the success of the business. It is also important to consider the repayment schedule and any other fees associated with the loan. Finally, it is important to have a plan in place to pay back the loan. This could include a combination of sales revenue, personal savings, and other sources of income.
Step 6: Develop a Business Plan
A business plan is an essential document for any business, and a military surplus store is no exception. It should include a description of the business, a market analysis, a competitive analysis, a marketing plan, a financial plan, and a management plan. It should also include a timeline for when each step of the business plan will be completed. When developing a business plan, it is important to consider the startup costs, ongoing costs, and potential profits. It is also important to consider the potential risks and how to mitigate them. Additionally, it is important to consider the legal requirements of the business and how to comply with them. A business plan should also include a strategy for how the business will be funded and how it will be managed. Finally, a business plan should include a strategy for how the business will grow and expand in the future.
Step 7: Purchase Necessary Supplies and Equipment
Once the business is registered, it is time to purchase the necessary supplies and equipment. It is important to purchase the right equipment for the store. Depending on the type of military surplus store, the supplies and equipment needed will vary. For example, a store that sells vintage military clothing will need mannequins, hangers, and display cases. A store that sells military equipment will need shelves, bins, and other storage containers. It is also important to purchase the right supplies for the store, such as tags, labels, and pricing guns. Additionally, it is important to purchase the necessary security equipment, such as cameras, alarms, and locks. Finally, it is important to purchase the necessary office supplies, such as computers, printers, and phones. All of these supplies and equipment will be necessary to run a successful military surplus store.
Step 8: Market Your Business
Once you have established your military surplus store business, it is time to market it. You can do this by creating a website and using social media to promote your business. Additionally, you can create flyers and distribute them in your local area. You can also attend trade shows and conventions to promote your business. You can also use email marketing to reach out to potential customers. Additionally, you can create promotional videos and post them on YouTube and other video sharing platforms. Finally, you can create partnerships with other businesses in your area to help promote your business. All of these methods will help you to reach a wider audience and will help you to increase your sales.
Step 9: Hire Employees
The ninth and final step in starting a military surplus store business is to hire employees. It is important to hire employees that are knowledgeable about the military surplus industry and who are passionate about the products. Additionally, it is important to hire employees who are friendly and customer service oriented. When hiring employees, it is important to consider the cost of wages, benefits, and other associated costs. It is also important to consider the cost of training and onboarding new employees. Additionally, it is important to consider the cost of recruiting and interviewing potential employees. Finally, it is important to consider the cost of background checks and drug tests for potential employees.
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