Thinking of Opening a Music Store

[god9]

Hey everybody,

Though I'm still in high school, I have though of many career options thereafter, but most I have become uninterested within a few weeks. The few I was seriously considering (Pilot, Guitarmaker/Luthier) also seem to have lost all interest for me.

The only other thing I think I'd like to do would be starting my own business. I havn't really planned much out at all, other than some thoughts in my head.

The ideas consisted of me, an unknown location, and a guitar/bass specialized shop. We would sell all types of intermediate-high quality guitars and amps, guitar/bass accessories, books, and magazines. This store would also be doing repairs and maybe even eventually I could move into one of my other fallen-through career choices in Guitar Making. We could have our own store brand and they'd be completely hand-crafted in our shop.

The main problem I have is finding the correct location. I know for a fact that I would NOT open this store where I currently reside. The music scene is weak and everyone in town is cheap as hell. Everyone looking for a bargain and only that. I would like a store in a locale with a growing community and a growing music scene aswell.

I am sort of lucky in that I could have the details of the business sorted out quite easily. My mom opened her own very successful Toy Store downtown here about 7 years ago, but unfortunately was forced to close down about 2 years ago, mainly, I think from the rapidly decreasing population of the city and the neighbourhood that the store was in, turned to **** in that short 5 year period.

So, I ask from you guys, what do you think of this? Any ideas for a town to open up shop in, brands to carry, any other suggestions? Thanks,

-Dave

[newbieguitarmaker]

Originally Posted by god9

Hey everybody,

Though I'm still in high school, I have though of many career options thereafter, but most I have become uninterested within a few weeks. The few I was seriously considering (Pilot, Guitarmaker/Luthier) also seem to have lost all interest for me.

The only other thing I think I'd like to do would be starting my own business. I havn't really planned much out at all, other than some thoughts in my head.

The ideas consisted of me, an unknown location, and a guitar/bass specialized shop. We would sell all types of intermediate-high quality guitars and amps, guitar/bass accessories, books, and magazines. This store would also be doing repairs and maybe even eventually I could move into one of my other fallen-through career choices in Guitar Making. We could have our own store brand and they'd be completely hand-crafted in our shop.

The main problem I have is finding the correct location. I know for a fact that I would NOT open this store where I currently reside. The music scene is weak and everyone in town is cheap as hell. Everyone looking for a bargain and only that. I would like a store in a locale with a growing community and a growing music scene aswell.

I am sort of lucky in that I could have the details of the business sorted out quite easily. My mom opened her own very successful Toy Store downtown here about 7 years ago, but unfortunately was forced to close down about 2 years ago, mainly, I think from the rapidly decreasing population of the city and the neighbourhood that the store was in, turned to **** in that short 5 year period.

So, I ask from you guys, what do you think of this? Any ideas for a town to open up shop in, brands to carry, any other suggestions? Thanks,

-Dave

All I know is here in Florida it's a biatch to get the zoning for certain places. There will probably be many hidden charges, unless it is much different where you live.

[Lord Lemons]

I dont really know much about this, but best of luck to you.

[elcid]

Fender is a great brand to carry, because not only do you get Fender, but they own Gretsch, Jackson, and Guild. They treat their dealers well, and have everything from beginners stuff to Custom Shop. You can also get basses from them, acoustics, amps, bass amps, mandolins, violins, strings, picks, stands, and so on. They also own a couple of different amp companies. Back when I worked at a small store, Fender had an incentive program that let you earn free gear. I got a free acoustasonic amp, (the big one), just for selling Fender merchandise. It was easy because Fender was about the only thing this store carried.
The owner hated Ibanez because he says they screwed him , but he was good for making a ton of mistakes and blaming other people.

Make sure you have lessons. Lessons WILL save your ass. It gets customers in the store, establishes relationships and makes you money.
The store I worked at survived its first year mainly on lessons. Let me know if I can offer any more advice. The store I worked at was the owner and me, so I practically ran the place for 2-3 years.

[god9]

I guess I never mentioned but I'm currently living in Thunder Bay, ON, Canada. Mixture of no jobs, bad economy, bad management all make this place a TERRIBLE place to start a new business. Also, thanks for the info elcid.

[jb4674]

If you're really considering venturing into your own business, you should plan to go to college and get a degree in business administration. Having great ideas is nice because it can help you visualize your long term goals but without an education, your chances of being successful in today's business world are very low. The biggest advantage you have is that you're young. So, as soon as you finish high school, go to college, get it over with and then move on with your plans. By the time you're 22, you'll be enjoying life.

Just my 2 cents.

Jimmy

[god9]

Theres an Entrepreneurial Business course I was going to take. Its only a one year program, so its not too long, plus it leaves other options open aswell.

[chef21]

Banks may not touch you either for loans without some sort of formal education, but like jb said your young, get the education behind you and you will be that much more prepared to run a "lasting" business. good luck. oh and carry dimarzio stuff, as you know it can be hard for us Canadians to get damarzios, at a good price. chef21