Opening a tack store

[Covergirl15]

[QUOTE=MIKES MCS;8602247]
“I don’t know… my senior thesis project that I’m currently working on is the creation and branding of a tack shop–so I’ve created the logo, shopping bag, ads, grand opening invitations, etc. It just got me thinking… and I’ve had a few people ask why I don’t actually do it”.

I don’t mean to sound harsh but your playing shop , all the mentioned things above are what you do after you establish a working business . Why do so many fail … Because they follow a business model that starts from the top … with a $100,000.00 line of credit or more… and they have no where to go but down… I’m not kidding … your profits go into the floor plan , You start with a BEAUTIFULLY appointed shop … but you can’t sell the fixtures and the gorgeous shopping bags, well it’s a lot of money to spend on something that gets tossed when you can spend 1/2 or more less on non printed but just as nice shopping bags . Paying interest on merchandise that’s not moving cuts into the profit margin fast. My advice to anyone starting in business (unless you have a backer who doesn’t care if they get paid back ) is to start small , build your business , learn as you go , and don’t be blinded by the bling …[/QUOTE]

The store where I work currently is my sister’s. I’ve been there since the beginning, and while I haven’t provided any financial backing for her (since I’m still a student), I know what goes into starting your own business and the amount of money/inventory required. I know it’s different with a tack store vs a gift boutique, but I know the budgeting/nitty gritty side of owning your own business as well.

[Bogie]

Work in one first. Learn how they select what to buy and how many $$$ in inventory are required. My husband has a business where he probably had $250,000 in inventory in his warehouse on any given day. Sometimes he guesses wrong and product will sit in his warehouse for a year . . . sometimes he guesses wrong and he doesn’t order enough of a part and he loses the sale to the person who has it in stock. Can you afford to have product sit?

It is VERY difficult to know what to buy. You can’t afford to have megabucks in inventory that no one wants . . . and you can’t afford to be out of the product or size that your customers come in to buy.

To fully stock a store and pay rent and have employees you are talking about a very sizeable investment. How are you planning to finance it? As a small start up you will NOT get the same pricing as the big guys get.

If your talents are in styling and design, social media and marketing, hone them while you learn the business side of starting a business.

I do know someone who has made a pretty nice living buying inventory overruns and stock from stores that go out of business. She sells online (like Tack of the Day but not as extensive). If I were going to start a store, it would be online and I would go for product that you are getting for a really good price.

[yellowbritches]

[QUOTE=Covergirl15;8602140]
I realize I sound slightly shallow, but while I love riding, training, and showing horses more than anything, I also love the whole lifestyle. My favorite threads on here are the new trends (; and I’m always drawn to subtly horse themed items (plaids, leather, rosettes, foxes,etc)–i.e. we have a throw at the store where I work that has snaffles on it, I have a horseshoe cuff bracelet from House of Harlow, etc.[/QUOTE]
But that’s not everybody. You need to know you have a big enough market to have a shop that is almost exclusively the “lifestyle” stuff.

I, for one, buy very little of that type of thing. I have a few things around the house, but I don’t typically buy horsey themed anything, unless it’s going on my horse, or me, when I ride. Most of my friend’s are the same way, to a degree, and typically those that do like the horsey things for around the house don’t spend much on them. Their usually fairly inexpensive, impulse purchases.

Forward to now: I’m not buying much at all. There aren’t many gaps in my horse equipment, nothing I need to buy, and only a few items I am casually looking for either second hand or deeply discounted.

This is a very good point. I have two horses. My most recent purchases have been gobs of vetwrap. I bought a halter awhile back, but that was a bit of an impulse purchase while I was still working at the tack shop (discount). I buy a fly mask or two a summer. Maybe a new pair of britches. I don’t NEED anything.

I know there are people are who do get REALLY into the boutique, high end stuff. I follow a few on Instagram. I know I’m not a mover and shaker in the real elite horse show world, but I bet most people are like me, or do a bit more…maybe a new show jacket in the spring, or a new blanket in the winter.

Tack shops are HARD, even in places with big horse communities. I saw three go under in a town that had MULTIPLE big boarding and training barns within 5 minutes of the tack shop. The most successful new shop I’ve seen has been a consignment shop…and I have to admit to being surprised at how well it’s done, considering it’s competition is one of the best consignment shops in the country.

I agree with those who say go work for one. See what it’s really like.

[JLR1]

I will admit to going to my local tack shop to try clothes on or feel the quality of leather and if I can purchase the items cheaper from an online retailer that also offers free shipping and no sales tax or better yet a European online retailer where the exchange rate is good, I do so. More people have become savvy shoppers and are unwilling to pay inflated prices to cover the overhead of a cute boutique on a swanky boulevard in horse city USA:cool:

[Linny]

Something to consider: My local Dover has about 90 pairs of Ariat Heritage boots in stock. Its a best seller. That inventory cost about $15k. Then there are all the other Ariats, the Tredsteps and the Mountain Horse… The odds are that a small store can’t stock to that level. People are used to online shopping and want choices and lots of them. You need to stock at least 3 brands of tall boots and at least as many helmets. People will come in, get fitted, determine that they are a (say) Size 9, tall, regular calf, discover that you don’t have it and call Dover. You won’t be able to get it to your store faster than Dover can deliver it to their door.

I’d be more inclined to consider a business that offers consignment, maybe blanket wash/storage and other related services on top of the gifts and home décor. Try to fit into the niche that the online retailers can’t and local shops don’t.

[snowrider]

I worked in several tack stores including one of the really big independant ones. I wouldn’t do it. If I were starting a horse related business I’d set up an online rental outfit and rent tack, bits etc. Like a Rent the Runway. Nothing that you couldn’t thoroughly heat/ disinfect barring saddles and bridles. Plan on lending items X times then selling at cost. There are a few bit rental programs but that’s it and the market in used gear shows you how hard it is to find stuff that works. I’d patronize the heck out of something like that.

[scheherazadetbmare]

I have known several people IRL who opened tack shops. It is so difficult as you have to compete with the internet and the big stores. So it is important that you do your research and even think of having a trailer to go to horse shows to sell tack and supplies. Even the best and nicest tack shops around my area have failed to produce enough profit. Ditto even some of the feed stores.

Good luck. But do your research and find a great location.

[Impractical_Horsewoman]

In my immediate area there are two viable tack shops and from what I’ve seen they seem to stay in business due to a combination of good customer service and attractive promotions.

For example, one store offers a wide selection of used saddles and a three-day trial period. Of course, lots of online consignment shops also have good return and trial policies but if a store is close you don’t have to pay for shipping. And from a seller’s point-of-view, no eBay drama!

Plus, it’s much easier to eyeball something like a used saddle up close. And perhaps most importantly of all, the people working there are pretty good about giving advice. That’s also true for stuff like jacket fit, what type of spur to get, and so forth. Knowledgeable advice is something you can’t get from an online store, at least not in the same way.

Popular promotions include things like 20% coupons and price-matching (i.e. if you find a product cheaper, even online, they will match it). And deeply, deeply discounted stuff during regular seasonal sales for stuff that doesn’t sell and is cheaper than what you could get online, particularly as there is no shipping and handling.

None of this is really relevant to starting up a boutique-y tack store, though. Again, I’d have to chime in with the other posters about how this stuff doesn’t seem to be particularly popular from what I’ve seen in brick-and-mortar tack shops.

However, there are a number of what seem to be very successful web-based businesses that offer stuff like show bows and monogrammed horse-related trinkets. They’re often very successful using Instagram, Facebook, and Twitter to drive traffic to the site for relatively low cost. But obviously, they don’t have the overhead of a IRL store and I wouldn’t consider them a ‘tack store’ but rather a business that caters to a very specialized niche.

[fordtraktor]

I have only been in my local tack store once since I moved here 5 years ago. The inventory was skimpy and ten years behind the times, and the prices were outrageous.

I don’t blame them at all but it is really hard to want to shop there. They didn’t have a single thing I could convince myself I needed but a hoofpick and I am a chronic horsey shopper!!! It is a tough business because unless you can move the old inventory it is hard to buy new and stay current.

I do need to stop in and give them another chance, though.

[fordtraktor]

I think it is a really hard business.

If you do it, be sure to have an online component especially for your horsey housewares. It is hard to find tasteful horse-themed home decorations and you could probably market them online if presented well.

[Dewey]

One way to perhaps make a go of it is to stock some completely unrelated product that will draw people to the store. I was always intrigued by the “Galloping Grape,” a wine store that also sells tack. I know nothing about business, but apparently the wine sales keep the business afloat, and that way, the proprietor is not dependent on selling the tack. The occasional saddle sale is a bonus.

Maybe you could think outside the box a little, OP. Sell something else that people will buy on a regular basis and do the tack as a sideline.

[Lori_T]

I am a rep in the industry, so let me share my 2 cents worth.
I am based in the southeast, so our season is a bit different than up north. While the north slows in the winter, we are slow in the summer. My stores practically stop buying from June-August. Last year for some reason, sales were down from June-December. Nobody knows why. So you need to plan on down time with your sales, whether it is during the summer or during the winter.
My successful stores are ones who 1) are not afraid of Dover, 2) who stock deep and 3) offer more entry level and mid range than high end. There is nothing more frustrating to a buyer than to drive to a tack store and find that they are out of their size or color. You really need to invest in your inventory and reorder when you are down to 2 or 1. Are you prepared to do this?
A lot of my owners are horse people first. They don’t have a background in retail and they don’t understand merchandising or upselling. You can’t bring in a new item and then stick it on a back shelf. If I have a store tell me that they haven’t sold a certain product, that my other stores can’t keep in stock, then I know it is stuck on a back rack. You have to move things around and showcase new items.
Also, it is difficult to be a high end boutique. Those high end breeches come and go with the wind. There are more budget conscious buyers than there are high end buyers. At the trade show, we laugh at the latest European breech that features models in high heels wearing breeches that button at the ankle and the like…they usually aren’t back the following year. Your customers want a good value for their money.
I could go on and on about the differences between my successful stores and those who are struggling, but that would be getting off topic. Just be prepared to sink a lot of money into inventory that may sit on the shelf for months at a time and then be prepared to dump some of it.
Food for thought:
I have a small “boutique” that I run on the side. I opened it inside of an antique/repurposed furniture mall. I rent a 10 x 10 space and pay a 10% fee off my sales, which covers my taxes, utilities and the cost of an employee at a central check out, so I don’t have to be there to run it. I just pop in a couple times a week to clean and make sure it is stocked. I sell equine and canine themed décor for the home and barn. I have antiques, artwork and I throw in some closeouts from the lines that I rep. I am careful not to stock anything that would conflict with my closest tack store, which is 20 miles away. I have been in business a year and a half and have yet to lose money. Last year after the holiday season, I was happy that I made $50 a month. As long as I wasn’t losing money I said I would keep this going and see where it takes me. I have had to refigure several times what I stock, to keep my customers happy. What I thought they would want is not always the case. You need to be prepared to do the same with a tack store. You have to figure out what your customer wants and stock it. There may be something similar near you where you can start small and build up a loyal following.
And as others have stated, social media is a must!

[AliCat]

I have worked very hard to partner with brands that enforce minimum advertised price and have strict rules (and implications) with regards to discounting. I do not see that in the tack world. It’s a free for all with everyone undercutting the next.

That said, I still think niche brick and mortar can exist successfully. I live in the middle of a very horsey area and we have some huge tack shops around (Dover, Bevals, Horsemans Outlet). Smaller shops have been able to exist because they choose to focus primarily on the dressage market, or whatever they choose. I would think something along those lines would be better than a horse themed gift shop.

[Linny]

If you work to establish yourself in a niche, you can do OK, especially if you have a “name” in the area horse community. You have to work doubly hard to earn customer trust and loyalty. You must establish a great rapport with vendor reps so that you can easily get items to fill orders. Nothing is more frustrating than deciding to do business with a local shop, then learning that it will be 4 weeks till that GR8 in a common size, comes in.
Unless you feel that you have the loyalty of the folks you hope to sell to, it can be very rocky getting going. There are stores catering to the elite equestrian but the vast majority of riders don’t fit that category. Trends at that level move quicky and it is harder to offload unpopular breeches that cost the retailer $150/unit than the duds that cost you $40. The customer for cheaper items is less trend driven.

[BAC]

[QUOTE=JLR1;8602618]
I will admit to going to my local tack shop to try clothes on or feel the quality of leather and if I can purchase the items cheaper from an online retailer that also offers free shipping and no sales tax or better yet a European online retailer where the exchange rate is good, I do so. More people have become savvy shoppers and are unwilling to pay inflated prices to cover the overhead of a cute boutique on a swanky boulevard in horse city USA:cool:[/QUOTE]

The tack shops in my area are not on swanky boulevards with overinflated prices. They are staffed by hardworking horse people in very ordinary shops and offer excellent customer service. Their prices are only slightly higher than buying online and in most cases will match the online prices if at all possible. They are barely getting by and if people like you keep buying online then soon they will no longer exist and you won’t have anywhere to stop in and try on before you order elsewhere. That isn’t being a savvy shopper IMO that’s just tacky. Buying locally is just supporting the local economy and my community. And NO I don’t own a tack shop although I did work in one for a couple of years for fun, I didn’t give up my real job but I saw firsthand what is involved and I wouldn’t want to own one.

[csaper58]

[QUOTE=JLR1;8602618]
I will admit to going to my local tack shop to try clothes on or feel the quality of leather and if I can purchase the items cheaper from an online retailer that also offers free shipping and no sales tax or better yet a European online retailer where the exchange rate is good, I do so. More people have become savvy shoppers and are unwilling to pay inflated prices to cover the overhead of a cute boutique on a swanky boulevard in horse city USA:cool:[/QUOTE]

In general much of the ‘inflated’ price pays for city, state, and property taxes and insurance. Without the ‘cute boutique’ businesses, you would not have most of the infrastructure that makes your community livable.

Those ‘cute businesses’ employ your neighbors.

Those cute little businesses did you the service of stocking the very items you wanted so that you could personally appraise the fit and quality. How did you repay them for that service, after you profited from it?

You are voting with your money. You are very short-sightedly voting against those who are the most inclined to care about what you want.

If it was up to the massive chain grocery stores, with all their over processed ‘Made in China’ crap, we’d all be eating Soylent Green by now. Thank G. for the local, farm to table markets.

Ditto to the local tack shops!!!

How are you gonna feel that leather when your ‘cute boutique’ local shop goes out of business? Thru your mobile device?

[Lori_T]

[QUOTE=BAC;8603509]
The tack shops in my area are not on swanky boulevards with overinflated prices. They are staffed by hardworking horse people in very ordinary shops and offer excellent customer service. Their prices are only slightly higher than buying online and in most cases will match the online prices if at all possible. They are barely getting by and if people like you keep buying online then soon they will no longer exist and you won’t have anywhere to stop in and try on before you order elsewhere. That isn’t being a savvy shopper IMO that’s just tacky. Buying locally is just supporting the local economy and my community. And NO I don’t own a tack shop although I did work in one for a couple of years for fun, I didn’t give up my real job but I saw firsthand what is involved and I wouldn’t want to own one.[/QUOTE]

It is mind boggling that people will come into a local tack store to be fitted for an item, only to turn around and buy it online. I have heard stories from my store owners from customers who even do so while still in the store. That is a big complaint I hear time and time again with no solution. It is beyond tacky.

[AliCat]

[QUOTE=Lori T;8603629]
It is mind boggling that people will come into a local tack store to be fitted for an item, only to turn around and buy it online. I have heard stories from my store owners from customers who even do so while still in the store. That is a big complaint I hear time and time again with no solution. It is beyond tacky.[/QUOTE]

Vendor support and enforcement of minimum advertised prices goes a long way.

Reading this thread made me sad and frustrated for those trying to survive the big guns.

[jaybird660]

It’s very hard to survive the big online retailers. We are well known but a very small business. We try to offer other benefits such as more knowledgeable saddle fitting and such. However, we often are taken advantage of such as listed above. We spend time and effort making suggestions to people who contact us with their info and try our inventory and then buy on eBay or something, knowing then what they need. That kind of practice is not only frustrating but will eventually cause us to have to charge for those services or go out of business if everyone were to do that. Honestly, I tried to stay out of this conversation but I think that is dishonest and not uncommon. We had a customer yesterday that had the nerve to tell us that she was thankful for having come in with her tracings which we evaluated, and sat in a bunch of saddles so that she could find the saddle cheaper on eBay.

It is a very challenging business these days and I would not recommend getting into it unless you had a very unique and desirable service or inventory.

[Dewey]

Dear Jay, I think you should charge for your fitting services. I would expect to pay for such expertise as yours.

When my saddle fitter came out to my farm, I paid him after the fitting. That is only fair.