The gun selling business is an extremely popular trade in the U.S. and for those who are in favor of guns, there is a lot of money to be made. The profitability of the gun industry is large, as long as you know what kind of guns you want to sell, the laws and regulations around selling guns, and you have a real interest in the industry.
If you want to get into the gun selling business, there are certain things you need to know. Whether you want to open up your own store or have an online store that sells everything from an 80 lower jig to a variety of firearms, follow these tips to start your journey on your own gun selling business.
Do Your Research
Just like any business out there, you need to carry out lots of research regarding the types of licenses you need, how you want to open your business (online or in-store), where to purchase your merchandise from and, of course, you need a name for your new business. The internet is a wonderful thing for gathering lots of information about any subject and lots of information can be gathered from relevant websites regarding selling guns. If you know anybody else in this business, it may be worth chatting to them, so they can give you some advice and tips about getting started.
When setting up your own business, remember to choose a unique name and one that is relevant to the industry. Educate yourself on all things guns, including what is going on at the moment in the gun industry and what guns are the most popular. You also need to know how to use guns safely and clean them expertly, so you can advise customers on this too.
Visit Stores and Gun Shows
The best way to find out more information about this business is to regularly visit other gun stores and gun shows. There are gun shows all over the U.S., so there is plenty of opportunities to get out there and meet other people in the same situation as you. You can use this time to talk to other gun sellers, asking for advice about which guns will be the most popular and most profitable for your new business.
Visit a number of different stalls and gain experience from many sellers, this is the best way to learn all you can about the market before facing it alone. Before buying guns, you need to understand the law around owning and selling guns, so before you visit a show, check out this useful information to avoid being charged.
Understanding Business
To open any business, there are a few things you need to understand. You need to know how to sort out your finances, including opening business accounts, managing your cash flow and taxes. If you have no idea where to start in terms of money, it is a good idea to get an accountant. You may also want to take some classes in your local college or online on how to successfully run your own business. If you are going to start with a store, it is still worthwhile having your own website and a social media presence. As so many people now buy online, there are many advantages to starting a store online.
Obtaining Any Licenses Needed
To start your own gun selling business, you need to obtain an FFL. This is a legal requirement in the U.S. and without obtaining one you will be breaking the law, and this could lead to huge fines and jail time, not to mention your gun selling business shutting down before you have even gotten started. An FLL is a Federal Firearms License and you can apply for one through the ATF (The Bureau of Alcohol, Tobacco, Firearms, and Explosives). You can get these forms via phone or by sending an email to the ATF.
To pass the standards to hold an FFL, there are certain requirements such as being over the age of 21 and owning a store in which your new gun selling business can operate. This doesn’t mean you cannot start a store online, but you still need to prove you have somewhere safe and secure that your guns will be held before sale. In addition, you must not have been previously prohibited from using guns and you must ensure you always follow the Gun Control Act.
Opening Your Gun Store
Once you have your business plan in place, have found an appropriate store to work from, and have your FFL, you can then think about opening your very own gun store. When opening a business, you will need to also obtain a business and commercial license, which will be required by the state you are residing in. Some states have different regulations and laws around owning a gun shop, so make sure you know exactly what you need to do, so you do not find yourself in trouble with the law. When opening a gun store, ensure that it is properly secured, with CCTV and adequate locking systems.
When storing your guns in-store, you will need to purchase suitable gun storage to keep you and your customers safe. If you want to get the best profit from your new business, you should also consider what else you want to sell to your customers. Gun stores don’t just need to sell guns, you can also sell accessories, clothing, offer repairs, and sell ammunition. Ensure that you have the accessories and ammunition for the guns you are selling and offer deals when these are bought together. When looking at how much to sell your guns for, check out other retailers and what they are offering so you can stay ahead of the competition.
Once you have successfully begun your business, you will need to renew your gun selling license every three years. If you become popular and want to expand your business, you will also need to obtain a separate license for every store you want to open. The most important issue that people face when starting a gun selling business is not having the right paperwork and licenses. This can set you back greatly, so getting this sorted as soon as possible means you can get your business up and running sooner.
