Why do you or why don’t you get an FFL license?

[HoLeChit]

I’d definitely use you for cerakoting if you do it

If you do, I would be another customer for you. Think hard, and make a sound decision that works for you.

Thanks guys. I’ve been trying to get started with residential home inspections, but I’m going on two years of the VA dragging their feet on my rehabilitation program, and a year on getting to tolls/equipment sent to me to get started. With the crashing real estate market, and this seemingly never happening, I feel the need to find other avenues to bring in money. The overall startup sounds reasonable, and I have a buddy who runs a blasting business, and could loan equipment and coach me on blasting things to a finer degree than I already know, allowing me an easy startup. All I would need is an oven and the cerakoting startup equipment.

 

[GnometownHero]

I had my FFL license from Jan 1987 til Dec 1993 when I lìed in Kansas City.
I was buying Ruger Single actions in pawn shops and off individuals and making Bisleys and Birdshead grip conversions out of the parts, and doing some scoped treestand hunting handguns out of Rugers, S&W and TC Contenders. Northern Missouri is a great area to handgun hunt Whitetails. Silhouette matches were good for my biz back then also.
My dad and brothers and a few friends were into Garands, so getting parts was easier with an FFL. I was buying Ishapore 308 cal Enfields and making cool scout rifles with them, sòld several.
I did transfers or special orders for friends, lodge brothers and a few guys I worked with. I did minor repairs, set up scoped rifles, assembled several ARs and combat shotguns to sell. Helped lots of women who were friends of my wife and daughters get set up with guns for CCW.
Dad and I attended lots of auctions and estate sales and having an FFL made that easier.
Traded into several nice guns. Got a few supeŕ nice guns, got stuck with some crap too.
But then my work got too busy to do gun stuff.
I couldnt afford a full on retail store, BATFE was getting tired of home run gun biz, so I decided to quit doing it and closed out my license.
Not very profitable, but I did enjoy shooting lots of cool guns.

 

[Chief Sapulpa]

I bullet-proof LLC document from a knowledgable attorney will run you $1K.

 

[Foxfire5]

Pro:
1. access to firearms at wholesale cost ---- when they have stock that is
2. peace of mind that you are selling to individuals that have passed a background check

Cons:
1. Paperwork-- lots of it.
2. chance of making a error, or screwing up said paperwork
3. must respond to firearm traces within a 24 hour period--
4. subject to inspection by ATF at anytime
5. must get sales tax permit, and charge sales tax on all sales--- then report/ remit monthly.
6. Did I say paperwork ?
7. you'll need to think of how you want to organize--- sole properitership, LLC, Corp, etc.
8. No screwing around with income taxes---you gotta pay the man
9. Paperwork
10. firearm availability............ you'll be the last guy on the list to get anything from you distributors-- most likely
11. Thin margins............. If you're gonna sell anything at all, you better be competitive with the Atwoods and Academy's of the world-- not to mention your local gun stores in the region........................or you'll set on inventory for years.
12. Amount of investment required........... How many guns you gonna stock? You've got to have some variety in order to pay the bills.
13. Overhead--- facilities arene't cheap.
14. Storage--- ATF requires you have a safe and secure place to store you firearms.
15.. Credit card processor-----gonna need one of these for sure........ Many people only pay with CC............ better add in the cost of these fees too.
16. Did I say paperwork ?

Now..................... you sure you wanna do this ?

Friend of mine had a Gun Shop in NJ back in the 1970's. A guy came to his shop and traded a S&W Revolver on a rifle. Friend ran a back ground on the Smith. Came back stolen. ATF then gets involved. And Then Oh Chit. Three agents showed up and inventoried every weapon in his business which was in his basement. He had over 600 guns. The agents were in and out for a good two weeks plus they kept showing up off and on for the rest of the year. If there would have been a NICS probably would have happened.

 

[Frederick]

guns are a great hobby, but bad business.

seems like one of those things you only get into if you have a real passion for it, because the headache and slim margins mean it's not exactly a gold mine from what i've heard....anyway, i never had a problem finding an FFL to transfer to me for like 10-15 bucks.

 

[GlockPride]

I’ve looked into it but never wanted to spend the headache or turn my hobby into a job.

 

[Snattlerake]

I don't want the feds in my business. That's your answer.

 

[Foxfire5]

I’d definitely use you for cerakoting if you do it

Friend of mine had a Gun Shop in NJ back in the 1970's. A guy came to his shop and traded a S&W Revolver on a rifle. Friend ran a back ground on the Smith. Came back stolen. ATF then gets involved. And Then Oh Chit. Three agents showed up and inventoried every weapon in his business which was in his basement. He had over 600 guns. The agents were in and out for a good two weeks plus they kept showing up off and on for the rest of the year. If there would have been a NICS probably would have happened.

P.S. Thinking about back then.? He had a M16 Mattel Toy hanging just inside the door up on the wall: Price was $800. Sadly it is not 1970 again.

 

[AKguy1985]

I had my C&R FFL. I let it expire because there is nothing C&R eligible that I want anymore. I got out of that area of collecting guns. Now it's PD marked pistols.