I like seeing things like a shooting range attached to the store (especially if they have a variety of guns to rent), extremely knowledgeable sales staff, an on-site gunsmith, training courses, and a wide variety of accessories.
You (I'm using second-person because it's convenient) have to be able to bankroll all that, and that means serious planning up-front.
If you're going to have a range, there are zoning and construction issues, as well as OSHA and EPA regulations. Dealing in lead means having plans in place for abatement and removal. That's a lot of capital, and it has to be spent before the you're even sure you'll make any money.
Gunsmiths (good ones, not just a guy who "went to Glock school") don't work cheap, and again, capital will be have to be spent setting up a shop, lathe, milling machine, and other equipment. If he'll be doing bluing, that's another set of regulations from the EPA.
Having fun yet?
If you can manage it, both things are huge sales drivers, and they'll make up for the lack of margin from gun sales. Here's the thing:
the guns are not your money maker. The stuff supplementing them is.
That also means people. Your gunsmith? He needs to be a guy who's willing to talk to his customers, not someone who holes up in the shop and tells folks "I'll get to it when I get to it." Same goes for instructors. I'll trade ten Delta Force Elite Ninjas for one amiable person who can actually talk to (rather than
down to) people.
Hire clerks who know
retail. The gun stuff can be learned. You'll have a couple of folks on staff who are knowledgeable. A clerk who's not afraid to say, "I'm not sure, let me ask Barry" is worth ten Armchair Commandos who give customers bum recommendations.
Then there's insurance. You need a
lot of it.
You also need a good attorney. Not some pre-paid legal service, but one on retainer. Someone will shoot themselves in the foot with a gun they bought from you, and they'll try to sue. Someone will shoot themselves in the foot in the parking lot with a gun they didn't buy from you, and they'll try to sue. Someone will shoot someone else in the foot on your salesfloor while showing off, and they'll try to sue. Someone will buy a gun from you, sell it to his brother, who sells it to a guy who shoots himself in the foot with it, and they'll try to sue.
Still interested? It's doable. The theme here is that the gun industry is populated with tons of
gun people, but few
business people. The former group is taking us nowhere, but the latter group can do well if they're willing to put serious money and effort in from the beginning.