How to Start a Record Shop
For music enthusiasts, there are few careers more appealing than being a record shop owner. As illegal music downloading becomes more and more prevalent, record shops are reaching audiences in new ways, expanding their stock and support of local musicians that haven't broken out into the mainstream yet. Vinyl has also bounced back in popularity for its high sound quality. If you are a prospective record shop owner, you have a lot of options available to you.
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Instructions
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Decide what types of vinyl you want to sell: new, used, and/or rare and collectible. Because much of the vinyl currently on the market is used, you might find it difficult (and expensive) to stock only new records in your store. You should also decide whether you are going to carry select genres or all types of music.
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Seek out your inventory. You can post announcements in newspapers, music publications and music business windows asking for individuals to sell their vinyl to you. You can also find vinyl records at many thrift stores and garage sales. Look online for businesses such as MusicStack.com or BuyVinylRecords.net, which sell large quantities of records, and try to get them on sale or in bulk. Try websites such as eBay to purchase auctioned-off vinyl at low prices--you can often find bulk packages being sold by owners looking to get rid of old records. Contact record label distributors to order new vinyl records being released. If you are looking for a specific album or albums, you can post your requests on message boards.
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Develop a business plan to present to banks for financing. You will need to develop short- and long-term goals for your business. Identify competing music and record stores in the area and explain how you plan to be different from them. Explain your inventory costs, which will differ from other small business operations because some of your inventory is purchased used. If you plan to sell records on consignment, explain how consignment will provide revenue opportunities without any risk. Identify what you think your ideal shoppers will be, and explain how your record selection, prices and service will cater to them.
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Find a location for your business. It needs to be easily accessible and preferrably far from other music stores. Downtown areas are the best locations for these stores because you get a lot of traffic from walk-in customers. If you know of particular areas of the city popular among the musically inclined crowd, you should look there first.
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Hire employees to help stock the store prior to opening. Hire music-minded individuals who will be knowledgeable about the records you are selling and be able to help customers find what they're looking for. Get their feedback on the store prior to opening to help make it more customer-friendly. Develop relationships with your employees to help turn your record shop into a warm, inviting place.
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Create a marketing campaign to publicize your business. This can be in the form of radio advertising, coupons or direct mailings. You may also consider sponsoring various music events. If your record shop has the room, you could also set up autograph sessions for various musicians or even small concerts to bring in crowds. Build relationships with local musicians who might be interested in performing in your store or partaking in publicity work that can benefit both your business and their band.
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- Photo Credit Photo courtesy of Caveman 92223 on Flickr
