Firearms Range Retailing - Action Target & Range Retailing. Industry Background Agenda ... Markup...
Transcript of Firearms Range Retailing - Action Target & Range Retailing. Industry Background Agenda ... Markup...
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Presented by:Doug VanderWoude
AcuSport, OnTarget Range Manager
800‐543‐3150 Ext. [email protected]
Firearms & Range Retailing
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AgendaIndustry Background
Objective
Components of Success
Conclusion
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Industry Background
23 Yrs – Salesperson, buyer, manage advertising and marketing
NSSF Range Committee Member
Charter member of the industry’s first
Performance 20 Group
2003 – Founded Silver Bullet Firearms & Indoor
Range / Training Center
July, 2010 – joined AcuSport to start
Industry’s first range program
Over 30 years experience in the industry
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Objective
We will discuss the components of success –Retail/Range/Training.
We will explain why retail is a VERY important component – 60% to 80% of your sales.
80%
15%
5%
Retail Range Training
Objective: to make your business successful
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Components of Success
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
Merchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
Finances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Components of Success
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Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and OperationsFacility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
MerchandisingMerchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory ManagementInventory
Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
FinancesFinances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 1: Range and Training
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Range and Training
By the 1/2 hour and hour – range from $8 to $14 per ½ hour to $15 to $22 per hour.
Second shooter half price is normal.
If competitors are by hour, should you have day pass? Should you offer different pricing on weekends? Consider different pricing for bringing own ammo vs. buying in store. Sell or rent eye/ear protection Do they get a target with rental, what kind?
Range Time Pricing Strategy
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Range and Training
Memberships Tiered Structure – some go up to $20,000 with very small ownership
percentage.
Membership Rates – usually 15 to 20 range visits – equal cost of membership.
$20 per hour membership, facility charges $300 to $400 annually. Look at monthly with $75 initiation fee, take $400 annual. Becomes $34.99 month plus $75 one time if current on billing. Annual saves roughly $20 every year plus the $75
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Range and Training
Punch cards Pay for 5 visits get the 6th one free.
Benefits of Membership Most shoot free at all times. Others with lower member prices
shoot free weekdays. Member card with photo. Some offer discounts on In Stock, Non Sale merchandise and
classes.
Clothing or hat with range/store logo. Lane reservations. Member lounge.
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Range and Training
Classes Profit center Hiring instructors
Female instructors Pistol vault
Poster promoting
Closet for materials
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Facility / Operations
Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
MerchandisingMerchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory ManagementInventory
Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
FinancesFinances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 2: Facility and Operations
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Facility / Operations
Does name describe your facility
Don’t pigeon hole What will a customer see
as they drive by? Sign shape Wire for electric Clean parking
lot
Store Basics
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Facility / Operations Can they see into the store at least
through the front door? Is there a clear path leading where
you want the customer to go? Is there directional signage ? Is store clean and well lit? Fishbone
Hours/Phone/Web
Negative sinage?
Store Basics (cont.)
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Facility / Operations
Alarm with cellular backup Camera’s to phone Lighting in and out Shrubs
Merchandise layout Racks over 5’ to back Cement 38spl or .410 to
shell posts
Security
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Facility / Operations
Industry specific counsel will guide you through the steps to properly set up and start your firearms business. Specialists will educate you on the Law Plus Guidelines and provide rapid response services to keep your business protected. NSSF FFL help for you as well NSSF Lead Management and OSHA Compliance Seminar
Next seminar is Dec 8‐10 in San Diego
Operating Procedures
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Merchandising
Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and OperationsFacility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
Merchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory ManagementInventory
Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
FinancesFinances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 3: Merchandising
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Merchandising
You should have accounts with at least 4 or 5 distributors.
The most popular are AcuSport,Sports South, Ellett Brothers and Big Rock.
Distributors
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Merchandising
They are your warehouse. They keep a website with live inventory. You can buy on terms.
Get group buying power without any oversight or fees.
AcuSport’s freight charge on orders placed over $500 is $4.50 and sent second day air.
The benefits of buying from a distributor are:
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Merchandising
AcuSport CustomerLink Solutions
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Inventory Management
Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and OperationsFacility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
MerchandisingMerchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
FinancesFinances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 4: Inventory Management
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Inventory Management
Handle range and class reservations Track time in range Offer electronic sign‐in range forms
Electronic 4473 forms or bound book auto‐fill Automatic monthly membership billing Robust reporting packages Ability to operate on multiple devices
Point of Sale Systems
Purchasing an inventory management system will be on of your largest decisions. It is the brains of your operation. Top Systems:
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Inventory Management
Axis Retail Management System Designed specifically for
shooting ranges with retail stores
Celerant
Cervelle – Merchant Magic
Counter Point
Top Point of Sale Systems
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Inventory Management
Robust reporting package allows you to measure key performance metrics Daily item sold report Manufacturer or category report Items sold last 60 days with 0 on hand
Information at your finger tips allows you to manage and stay in control of your business
Cycle counting
Reporting
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Inventory Management
Fully integrated bound book Electronic 4473 process Includes 3310‐4 and 3310‐12 reporting
Real time processing allows for a seamless compliance experience
Easy search and retrieval of transactional data
Compliance
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Hire and Train
Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and OperationsFacility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
MerchandisingMerchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory ManagementInventory
Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
FinancesFinances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 5: Hire and Train the Right People
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Inventory Management
The Predictive Index® System helps to improve employee selection and retention; assist in coaching and development, and manage talent.
Other tests available Employees are your brand You can’t handle every guest
Hiring
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Inventory Management
RETAIL sales training is a valuable skill. If someone has sales skills, they can learn the products.
Edge Training provides access to retail sales and customer service training in a train the trainer format.
Sales staff must ask questions Edge Retail Management
Retail management spends lots of time hiring
Training
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Marketing and Advertising
Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and OperationsFacility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
MerchandisingMerchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory ManagementInventory
Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
FinancesFinances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 6: Marketing and Advertising
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Marketing and Advertising Make sure your web site is informative and has all store information
Pricing saves phone time
Pictures in and out Map to facility Signage should be
highly visible and impactful
Branding
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Marketing and Advertising Budget money for marketing
Promote your brand with AdVantage FREE
Signage
Gun tags One page fliers Circulars
Email blasts
Marketing Tools – Get customers in the door!
Signage
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Marketing and Advertising
Circular Email blast
Flier
Gun Tags
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Marketing and Advertising
Newsletters
Gun owners forums
Gun show raffles Be a firearm expert to the media
Church and Civic groups Bachelor and bachelorette parties Home shows
Other Marketing Tools
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Marketing and Advertising
Billboards, radio and newspaper
Paid Advertising
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Marketing and Advertising
Pre Grand opening media event
Radio disc jockey contest Tent sales Grand Opening Customer appreciation,
brand or category events
Promotions
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Finances
Range and Training
Range and Training
Range TimeRange Time
MembershipsMemberships
ClassesClasses
Facility and OperationsFacility and Operations
Store BasicsStore Basics
SecuritySecurity
Firearms Operating Procedures
Firearms Operating Procedures
MerchandisingMerchandising
DistributorsDistributors
Benefits of Buying from a Distributor
Benefits of Buying from a Distributor
Inventory ManagementInventory
Management
Point of Sale Systems
Point of Sale Systems
ComplianceCompliance
ReportingReporting
Hire and Train the
Right People
Hire and Train the
Right People
HiringHiring
TrainingTraining
Marketing and Advertising
Marketing and Advertising
BrandingBranding
Marketing Tools
Marketing Tools
PromotionsPromotions
Finances
Margin vs. Markup
Margin vs. Markup
Pricing for Profit
Pricing for Profit
Component 7: Finances
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Finances
CategoryTypical % of Inventory $
Anticipated Margin
My RecommendationAnticipated
Turns
Handguns 30‐40% 12‐24% Sliding scale 4
Range Ammo
5‐15% 30%30% by box give a discount
for case purchase 6
Shooting Accessories
10‐15% 30‐40% 30‐40% 2
Optics 4‐8% 23‐30% 25 to 30% 2
MININUM Starting Inventory Amount:
$100,000 per 1,000 Ft. of retail space
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Finances
Work off margin rather than markup
Margin: Take your cost on a Glock pistol ($440). To make 15% margin, take $440 and divide it by .85 = $517.64 or $519.99
Markup: If you did just markup, take $440 times 15% = $506. Sell at $509.99 Difference of $10 is your missed PROFIT.
Margin vs. Markup
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Finances
$200,000 turns of two = $400,000 in sales at cost. If margin was 25% = $533,333 in sales less cost of $400,000 = $133,333 in gross profit.
$200,000 turns of three = $600,000 in sales at cost. If margin was 25% = $800,000 in sales less cost of $600,000 = $200,000 in gross profit.
$66,667 more money to run your business
Turns
Turns is how many times a year you sell through your inventory
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Finances
Sliding Scale Pricing for Firearms
This is how the sliding gun margin works, adjust as you see fit in today’s market and more importantly your market. I adjusted for guns that you know people price shop like Remington 870 express and such, but overall it will save you a lot of time answering price questions from your staff.
Handguns
Under $200 divide by .78 22% Margin
$200‐$300 divide by .79 21% Margin
$300‐$500 divide by .82 18% Margin
$500‐$700 divide by .83 17% Margin
$700‐$900 divide by .85 15% Margin
$900‐$1000 divide by .86 14% Margin
$1000 and up divide by .87 13% Margin
Long Guns (Non AR)Under $200 divide by .8
$200‐$400 divide by .82
$400‐$700 divide by .83
$700‐$800 divide by .84
$800‐$900 divide by .85
$900‐$1000 divide by .87
$1000 and up divide by .88
AR and Other Modern Sporting Rifles$600‐$1000 divide by .78
$1000 and up divide by .8
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Finances
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Conclusion
Ideal Retail Experience Impacts Profit
Consumer is Aware and Finds Store
Greeting by Well Trained Staff
Listens to and
Assesses Customer Needs
Presents Products
to Address Needs
Sell Initial Products
Upsell Range Time
Sell Accessories
Sell Class
Coupon for Return Range Visit
(position membership)
Increased line items increases profit
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Conclusion
Gross blended margin at RETAIL 10% to 28% with most popular being 23% to 26%
Blended margin combined retail/class/range should be 30% to 40% margin
Operating profit of 7% to 12%