Ok, I'm going to make this as short as possible but feel free to scan for important points LOL.
I am concidering starting an aquarium business.
There are two major options for me: buy out a current (struggling) business, or start from scratch.
Here's the issue: I live in Central Oregon, for those of you who are familiar with Central Oregon go ahead and skip to next paragraph. There is one major city in Central Oregon (Bend, 80,000 population), the next smallest (20 miles away) is (Redmond, 25,000 population), and all of the outlying towns are small. The nearest city out of Central Oregon is a 2 hour drive away. So, the store that I am concidering buying is in Redmend (where I live). However, I believe the real money is probably in Bend where there is only a freshwater store, and a big box store (PetCo), that carries vary little. So, is it smarter to buy the established store or start the new one.
The established store in Redmond has a decent name but is struggling (I believe because of poor business skills). I am not quite sure what it would take to buy them out but I have heard rumor of them on the verge of bankruptcy. I am currently running a very limited version of a store out of my residence, so I know the clients, but think that I could do much better with the walk-ins and a real storefront. Bend has no real saltwater store and that is my specialty. However I would have to travel back and forth, and so would my family who would be helping me run the business.
I have access to about $20,000 borrowing from my retirement, and have filed bankruptcy myself about 3 years ago by my credit rating is already back up to 675. I don't know much about running a business but I know people and how to treat them, and I know fish and corals. My wife is an excellent bookkeeper. I am 34 years old, and somehow find a way to be decent at everything I do, but never really master anything. I currently am employed by the United States Postal Service and make about $60,000/year, but would like to eventually leave the service and move on to bigger and better (and less stressful) things. I would also like to continue to branch my business whether it be to become a "chain" or go into a complete pet store.
Also, should I take business classes at the local college, or send my wife to accounting school?
I am sure that you will have plenty of questions, so feel free to fire them away. I really want to get this right.