Opening a story of any kind can be a challenge; however, it is particularly true when opening a record store. Let's face it --- people are fickle about their music. If you are not diverse in your musical offerings and don't possess a wealth of knowledge about a range of musical styles, chances are you won't be quite as successful. Here are some tips to help you open a record store and maintain a loyal clientele.
Instructions
1. Obtain financing to launch your new business, particularly if you plan to open a retail record store. After all, this is a lot different from selling records to your friends from your basement. There are employees to be hired, operating costs, investments in musical inventory and more. Like any other store, you need to obtain financing of some sort, usually in the form of a business loan, to have the cash up front for your myriad of investments. You can also ask for gifts or donations from family and friends. If you go this route, set up payment plans if you are getting a loan from someone you know. You do not want to sour a relationship over money loaned to start your new venture. You should also have a sound business plan to show potential investors so they know that they will eventually recoup their money. In fact, most reputable lenders will require a business plan to be filed before they will approve you for a loan.
2. Once you have received financing, scout a location. Remember, start out small. Don't try to purchase a large space in the most expensive part of town. The good thing about a record store is that with the right inventory, customers will come to you, no matter what your location. You need something large enough to comfortably hold your inventory, but small enough to be financially manageable as a new business owner. The store should be set up to be spacious enough to allow customers ample room to peruse your inventory. If you open a record store, you might consider decorating in a musical theme, with your favorite rock posters or pictures adorning the walls, or classic records serving as decorative items and a slew of music-oriented merchandise for sale in one part of the store.
3. Invest in a sound inventory. The music you sell will make or break your record store. The most successful record stores are those that sell a little bit of everything --- from mainstream pop to underground rock and rap to cheesy jazz standards to that hard-to-find Jimmy Hendrix Greatest Hits LP. You can purchase from record companies and manufacturers, but you may also consider spending time perusing garage sales, thrift shops and personal collections to find those rare, but popular, CDs, tapes or records. That will set you apart from the big box competition like Best Buy or Target. The more diverse your musical offerings, the more diverse --- and numerous --- your clientele will be.
4. Educate yourself on all types of music. If the new Ludacris CD hits the streets and a customer comes in asking for it, it does not look good if you scratch your head and say "Who?" As the owner of a record store, you will be expected to be the authority on all things music, particularly the latest and greatest bands, acts, etc. Even if you do not like it, listen to different types of music; catch up on the Billboard Chart rankings and familiarize yourself with the Top 100 acts. This will bring about loyalty and appreciation from your customers.
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