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Opening a record store

Andyman said:
That's a little backwards. Most successful businesses supply products to satisfy existing or growing demand, not creating demand for existing goods....
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It wasn't meant to be chronological.

By that token, however, it's hard to sell something you don't have.

EDIT: I just reread what you posted and realized I may have gotten confused.

I think the demand could be there. The 'creating' part is creating the demand from him.
 
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ryanjl said:
I think the demand could be there. The 'creating' part is creating the demand from him.
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That's the questionable part. We have had several long time record stores close recently here in Detroit, despite the renaissance in vinyl.

I think it could be a taxing hobby and a brutal business. He should be asking his accountant about it, not a bunch of audiophile enablers online.

If he wants to make a living at it, that is....
 
If your looking to open a business that is a life time endeavor, this business model of yours would have me a bit hesitant. Just wondering how long this fad and hipsters will pan out is not something I would want to make a major investment with. And the fact from all I have seen the Record companies seem quite content on just using what ever old presses and lathes that are out there, I see no major demand for new presses to be manufactured, that should be a hint that even the record companies don't have an idea as to how long this run will be. It appears that most the companies are just jumping on the band wagon while the getting is good. If they really wanted to make vinyl a long term goal, they would be contracting a manufacture to make new presses, they would be making that long term commitment.

If you think fads are quick to start, they are usually much quicker at dying.
 
Yes that looks interesting. Since there's so many record store around the D.C. Metropolitan area, maybe I should put my emhpises on Vintage HIFI. I am thinking naming my store Vintage HiFi and record exchange. Some of these record stores sells new vinyl, I don't even know where to order new vinyl. ofcourse one can order new vinyl on line but why would I do that?
 
jameswei said:
Yes that looks interesting. Since there's so many record store around the D.C. Metropolitan area, maybe I should put my emhpises on Vintage HIFI. I am thinking naming my store Vintage HiFi and record exchange. Some of these record stores sells new vinyl, I don't even know where to order new vinyl. ofcourse one can order new vinyl on line but why would I do that?
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Wintage HiFi is the niche within a niche. Do you think there will be enough walk in traffic? You may try on-line only store for that first.
 
Do whatever your heart desires James but believe me when I say that not only would this turn out to be a full time job but for most people an absolute nightmare.

1. You have to have a huge inventory likely at least a minimum of 5k records they all have to be graded accurately and fairly and priced below Ebay prices.

2. You would have to have a store space large enough to hold the records and assorted gear and a minimum 1 year lease not cheap if in a good location.

3.Advertising costs and employee salary's funds need to be in place and a good accountant to your books need to be in the mix.

If you sell used gear TT's carts etc fully expect customers to want a life time warranty and you better have a tech on hand to repair/restore things in a timely manner locally in place.

Also fully expect customers to have a higher expectation of grading than you do, they can be brutal with wanting to return items so you need to be a people pleaser type.


This is only a few of the things to think about before going into business many other costs will be coming your way also such as insurance.


Expect at least 2 years before making a cent hopefully you can stay afloat long enough to start actually making money before going belly up.


REGARDS SNOW
 
Its hard to work for someone else when you been a business owner for the past 15 years. besides, I have been doing this for the past 6 month or so, only difference is I don't have a brick and mortar store.
 
I understand the romantacism of having a real store , but you can do exactly the same minus the human contact with an ebay store without all the headaches that come with it. Do you have an ebay store? If not thats where you should start.
 
I have plenty of inventory right now and as soon as the door's open inventory will not be a problem, because I am an exchange meaning that I will buy people's record collection as well as equipment. Currently I am averaging $2-$3K per month on what I am doing. So if I open a store the volume can only go up not down. I am thinking about out sourcing on repair or have someone coming in 2 days a week at first to cut down on cost. I can run the store by myself at first as well, so my only real over head is rent and if I can choose wisely I think my risk is minimumalized.
 
jameswei said:
I have plenty of inventory right now and as soon as the door's open inventory will not be a problem, because I am an exchange meaning that I will buy people's record collection as well as equipment. Currently I am averaging $2-$3K per month on what I am doing. So if I open a store the volume can only go up not down. I am thinking about out sourcing on repair or have someone coming in 2 days a week at first to cut down on cost. I can run the store by myself at first as well, so my only real over head is rent and if I can choose wisely I think my risk is minimumalized.
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I wish you success James don't get me wrong I am a realist though so do not take my statement as dream stomping just that I know there are lot's of hidden costs and things to plan for that not everyone plans for.


Be prepared to spend 14-16 hours a day doing this it is going to be a lot of work :yes:

With that being said you cant succeed if you don't try and nothing anyone here says is going to change your mind if your set on doing it. Good luck if you go ahead with this idea.


REGARDS SNOW
 
Thanks for the support Snow. I am not going to do it unless I have the right place and right rent, so still searching.
 
How about some name suggestions. I am thinking Vintage HIFI and Record Exchange or Vintage Audio and Record Exchange?
 
go for it ! I will go out of my way to buy, I started my business with a credit card. You can do it if you have a good plan that includes Local and WEB revenues, relentlessly forecast and monitor your sales, be willing to shift with the market and maintain a solid work ethic.
 
Maybe consider not boxing yourself in so tightly by your name so much, your logo can be very specific but you can make your name broad ? example , there is a band called Iron & Wine, I always thought that be a killer name for a HIFI shop , something like that maybe.
great thread
 
i live in one of the larger metropolitan zones in the US. I'd love to Drive an hour to find such a place and patronize. Theres only 3 places I know that sell the media. None that do the service and gear, used equipment sales.
 
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