If you’re thinking about opening a music store but have no idea where to begin, you’re not alone. Starting and opening your theme store can be challenging. To unlock your music store dreams, you will need careful preparation. Here are seven steps to consider before you start.
Secure the Perfect Location
The location you choose for your music store is imperative to your success. Ideally, you want your store to be near a spot with heavy foot traffic. A corner location is an excellent choice that adds visibility and convenience to potential shoppers. Choosing a site near a concentrated area of young people is a perfect choice. Universities and music venues that attract younger musicians looking for equipment are ideal locations to optimize your business opportunities.
Determine Your Pricing Margins
You must determine your pricing margins to set yourself up for success. It is common for music shops to add 30-40% to their products. Instruments are the main products that need an increase due to initial expense and infrequent sales. Use your knowledge to predict the performance of your items so you can anticipate your sales and determine what type of inventory you need. You can use your music store software to upload your information and evaluate any necessary adjustments before opening your business doors.
Choose Your Products Wisely
A challenging piece of your new endeavor will be deciding what items you want to offer in your inventory. Music equipment is expensive, and you want to choose the perfect variety of the best products for your customers. Consider all the aspects a patron thinks about when looking for an instrument. You can ensure you have all of the accessories available that accompany the item to make your store a single-stop destination. You can offer small accessories near the checkout counter to remind a customer of things they may have overlooked.
Hire Passionate Employees
Your music shop will be an excellent environment for your staff and customers to engage if you hire dynamic employees who love interacting with people. It will be a welcomed addition if they are musically inclined, but it does not need to be a prerequisite. Generally, musicians are passionate about their craft and want to share it with others. You and your staff can get involved in many conversations about music, whether playing, learning or listening. It is a great way to create more sales by learning more about your customers to discover their interests.
Invite a Guest Musician
Inviting a celebrity musician to your new music store is an excellent way to increase your visibility, resulting in more revenue. You can source a well-known local musician through a nearby university, music school or other local venue and offer them the exposure of featuring their music, offering a discount on merchandise for payment. You can promote the festivity on your website and social media channels to reach a wider audience. You can take it further by partnering with a local winery, brewery, or caterer to create a fun atmosphere. It will generate excitement in your community and create a lasting memory for those who attend the event.
Determine Your Buy-Back Program
A fantastic aspect of owning a music shop is the opportunity to repurchase musical instruments for your business. It will benefit you to have a standard policy in place. For instance, you may be engaging in an exciting conversation about a rare guitar with your customer. Establishing a standard negotiating policy will eliminate hesitation about your interest in the product. It is essential to ensure you can arrange a price comfortably so that both parties can agree. Consider your inventory and cash flow when you are making a deal.
Network Local Music Events
As a rule for all new businesses, becoming a part of your community is essential. Your music store can be a cultural hub where musicians can gather, thus increasing your profits. Attending a local concert or festival is a great way to connect with people and introduce your new business. You can enjoy the events and reach large groups of people simultaneously. Consider sponsoring a local band with inexpensive rental equipment to get your business noticed.
Owning your music shop can be a fantastic experience that can create memories to last a lifetime. Consider taking the extra time to ensure your business gets off to a good start by implementing sound practices. An excellent software system and the best music equipment are good places to begin. Using these tips will help you get started on your journey toward success.
