Advice on opening my own record store

QUINCY

New member
Hello,
I was thinking of opening up my own record (cd/records,etc.) store. The area I live in has only 2 other record stores in a 30 mile radius, and they both suck pretty bad. I think opening one up would do very well. I know about laws and loans, I just would like to hear if anyone else has done the same thing and their thoughts on the subject. I don't want to get in over my head.
Let me know if you own a store and how long it took you to get things going, etc. Your advice would be greatly appreatiated.
Thank's
Quincy
 
i have lived in a two record store county (actually one may have been in another county, but this is central ohio i''m talkin about)......don't start your own store until you can pontificate and expostulate on everything that is wrong with the other two stores.... burp
 
Yo Quincy: [You still working as a coroner?]

Having spent a career at a well known business college, one thing I remember my good friend Dr. Steenstra telling me.

"If you go into any type of business, get with a professional and write out a business plan that covers the whole enchillada."

Good luck.
Green Hornet
 
hi Quincy,

I run The Northern Music Exchange here in Canada.

This is a small business that sells records and music from
independant artists.

I stay away from used CDs myself (every pawn shop has a
kazillion of them.)

Biggest problem for you will be to source good contacts
to supply stock. You can carry all the 80's stuff you can
buy cheap at all the garage sales, but your loyal client
base will be recreational collectors..

If I can help drop me a line
 
j said:
i have lived in a two record store county (actually one may have been in another county, but this is central ohio i''m talkin about)......don't start your own store until you can pontificate and expostulate on everything that is wrong with the other two stores.... burp

Exactly! What will you be providing that the "other two" stores aren't providing?

????????
 
The Green Hornet said:


1) Yo Quincy: [You still working as a coroner?]

2) "If you go into any type of business, get with a professional and write out a business plan that covers the whole enchillada."

1) LOL :D

2) Very good advice, Green Hornet.
 
Yo Quincy,

You just got some good advice from the other members on this in particular hornets advice on writing out a business plan. First, let me suggest that you do a few things.

1. Write down the goals you wanna achieve short term and long term.

2. Research, research, research, and ohh read the book Cash Flow Quadrant by Robert Kiyosaki. (mucho importanti bro)

3. When you open the store the sure fire way to put the other guys out of business is to hire 2 blonde 38DD breasted bi-sexual twins to work the counter.

What I have layed out here esp (3) will guarantee you will be the only record store everyone will go to........
 
Quincy,
I know of a guy who has turned a small "mom and pop" record store into a million-dollar-a-year business in just over ten years.
The store is in a college town, which is a real plus.
He started, renting small space at one end of a mid-sized strip mall in a heavily commercial area of town. As other stores moved out over time, he expanded into the spaces they vacated, and eventually bought the strip mall. He now occupies the entire strip, except for a pizza joint at one end, and they plan to move when their lease is up.
He started selling just used albums and 45s, and now sells records, CDs, and collector items (he regularly stocks 400,000 CDs).
Guitars signed by well-known artists grace the store's walls, along with t-shirts, posters, cases, and other accessory items.
I'm sure it wasn't easy. Or quick. I'm guessing it was a labor of love. But today, he only stops in the store once a week, or so, and the rest of the time he just enjoys life.
If you want to know more, let me know.
 
Hi Quincy,

It's -38C outside so I'm not going anywhere today----gives
me a little time to give you some more info.

What I was saying about sourcing is crucial to your success.

When people first get in the record business, they run around
and bulk up their inventory on thousands of high production
vinyl which they sit on for years.
I went out the other day and bought the following:
-4 Ventures(surfing music sells well) on the Dolton Label
-Jimmy Rodgers-No more Blues-10" vinyl circa 1940's
-6 Hank Snow circa 1950-1960
The retail value of the stuff above is greater than a box
of common Elvis records and will turn over faster.
I don't have a store as I focus on sourcing uncommon vinyl,
which could be another way for you to look at the business.

There are some operators that put record racks in other
types of stores rather than having one store. A common
fit is with mom and pop video stores.

Also Canadian vinyl is premium to many collectors as our
small population led to short production runs using a better
quality inputs.

Also get some price guides like Goldmine if you haven't
done so.

As I said, drop me a line and I'll do what I can to help.
 
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