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Old 24th July 2012, 12:55 PM   #1
MusicalXpresns
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Default Got A Question For Everyone...

Hello,

I am in the beginning stages of creating my first small business. My question for everyone is, do you think a used guitar store/studio would be a good business to start? I have done some market research and in my area there is no music stores with in 30 minutes and the only ones are 30 minutes out are Guitar Centers. This being said, I am not trying to get rich quick or anything. I just want to bring a small town guitar shop to my area that would offer free beginner lessons to children and disabled individuals during the week days and provide a rehearsal space/recording studio to the local bands at night and weekend. There won't be too much inventory so I don't believe that will be that big of a negative if I am unable to sell large quantities right off the bat. Well, I appreciate your time and would love to hear everyone's opinions.

Thank you,

MusicalXpressions

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Old 7th August 2012, 04:18 PM   #2
rreger
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I'm not a music expert by any means and I don't know that market, but what if you started off by posting ads on Craigslist offering lessons and anything else you can do without a physical store? I'm a big fan of starting off without getting into a lot of debt at the beginning. Then when you build up a clientele you can open a store and it will already be successful.

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Old 7th August 2012, 06:00 PM   #3
samsonmedia
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I agree with rreger Why take on the overhead of a retail store when you can test the waters from home. Or rent a practice space if you don't want to do it from home. Believe it or not, a good indicator that it's probably a good idea to open a particular type of business is if there are other businesses like yours close by. It means there's a population to support it. If you're looking around and thinking "Great, I'll be the ONLY XYZ business in town" that's probably a bad thing because there's probably a good reason there's no other businesses like the one you want to start. On the other hand, if there's a lot of competition that means there's enough business to sustain them (some more than others, of course) because the reasoning is, there's always room for one more! I understand you won't be investing heavily in inventory, and that's a good thing. If you do decide to take the plunge, DON'T sign a long term lease if you can help it.

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Old 7th August 2012, 06:44 PM   #4
beaddy
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I agree w/ rreger. Do whatever you can to keep your overhead as low as possible. Once you've created a group of customers you will be able to scale your business up slowly.

It may sound crazy but if you've got some equipment already start a recording studio in your garage or in a rented storage unit.

Most business owners make the fatal mistake of opening up a retail location without the capital or customers to keep the doors open. Your business has to be nurtured slowly. Sometimes over 3-6 years. This is one of the most important steps to follow when starting your own business!

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Old 23rd August 2012, 04:28 PM   #5
donovanjames786
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I think its a good idea and will work really very good. But dude it will work only if, you are having good knowledge of music. Good luck with your idea

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Old 23rd August 2012, 05:28 PM   #6
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Can you compete with guitar centers prices. probably not based on my experiences and something to consider before investing in any inventory.

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Old 23rd August 2012, 10:34 PM   #7
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Hola

Competition with the big dudes in town was my first thought, however, offering lessons for the local kids and for the disabled is a good way forward, is your area lacking in entertainment for the disabled people, if so, that could be a great niche for you

I run support groups for disabled people and you would be amazed at how strong people with disabilities, they have a lot of strength and determination as this is what drives people with a disability (I have one of my own) - you could have a swap night, competitions for the best student and give out little trophies

I have no clue about the music industry to be fair but if you have done your research on your local area then I think you should go for it, but like Logan said, be careful at the moment with having too much stock

Good luck and I wish you all the best in your new venture

Simone aka Nutty

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