For those who are hesitant to buy guitars online and would rather play with the guitar in store before you buy, this is a great option. It helps to be located in a town with lots of high school or college students who could be potential customers. Music instrument stores typically also carry sound reinforcement equipment such as speakers, amplifiers, mixing consoles, and microphones. However, if you have Amazon prime, you can get free 2-day shipping on most guitars. Check out our How to Start a Business page. You can pretty much find anything on Amazon, including guitars. In order to register for taxes you will need to apply for an EIN. While they do have some of the higher-end, professional guitars, their selection for those can be lacking. We will start generating a profit in September, and profits will increase steadily thereafter. With thousands of online guitar retailers out there, it can be a daunting task finding the right place to shop for. The cost for beginning a musical instrument shop depends on the inventory you carry. Bplans is owned and operated by Palo Alto Software, Inc., as a free resource to help entrepreneurs start and run better businesses. There are some very successful national chains, such as the Guitar Center. Competition is very severe in the major metropolitan areas known for music, such as Los Angeles and Nashville, so it may be easier to start in a smaller market area with the first store. Learn more about music licensing requirements, The Alliance of Independent Music Merchants, Franchise opportunity with Music Go Round, a national instrument retail chain, A Nationally recognized instrument chain store. We will exploit our competitors’ weaknesses by offering ongoing music community events, from free lessons, to music clubs, to after-sale follow up to turn one-time shoppers into lifelong customers. When you’re shopping online, you’ll have infinitely more options to choose from. When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. You can often find great deals on guitars that would normally be out of your price range. They may also sell musical instruments for rock bands such as guitars (acoustic and electric), bass guitars, and drum kits. At Musician Friends, you get to deal with professionals who can even help you identify the kind of guitar you need, especially if you are not sure. This is the most common coverage that small businesses need, so it’s a great place to start for your business. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. It’s important to have a buy-back program, which will allow the customers to sell their used instruments to the store and this allows the store to sell used instruments to those not looking to buy new instruments. However, since they’re not a dedicated music retail store, their customer support is not well educated in terms of guitars. In addition, their customer service is excellent. Guitar Center is one of the largest, most well-established music stores set up to provide various musical instruments. Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more. You can have it shipped right to your door without having to leave your home. Our unique marketing schemes include “You Play, We Pay” (whereby a portion of instrument sales and rentals are donated to local school band programs) and “100% Money Back” trade up programs, where customers receive 100% of their purchase price toward upgrading their instrument within one year. Create a hands-on, educational approach to musical instrument merchandising. Many musical instruments are pricy, so the opportunity to make profit is high. In addition, Amazon’s customer service is obviously world class. Offer the services of a full time repair department to our client base. Aggressively target the public school system and local religious organizations. This essentially removes all of the risks of buying online. It also makes accounting and tax filing easier. They are typically, $3 to $5 per square foot for highly visible locations depending on the rental costs in the local marketplace. eBay can push these listings out to a wider audience much faster than other platforms due to how popular the platform is. Ongoing marketing expense is very important. At the other end of the spectrum (stores with a more guitar and electrical focus), big chains are competing on prices at the expense of customer service. Visit our DBA guide to learn more. Buying older models of guitars is a great way to save money because guitar companies usually only make minor incremental changes each year to their line of guitars. Zzounds is known for having the best prices out of any online retailer. Article: Identify a good music store location. If you operate a sole proprietorship, you might want to operate under a business name other than your own name. We have put together this simple guide to starting your musical instrument store. This is How to Build Remote Work into Your Startup Business Plan, How to Write a Business Plan for a SaaS Company, How to Create an Accurate Restaurant Sales Forecast in 2020, See more articles in Writing a Business Plan », How to Make Your Business Plan Standout for Investors, How to Successfully Pitch Your Business Idea to Investors, The 11 Slides You Need to Have in Your Pitch Deck for 2020, See more articles in Pitching a Business ». Workers in the store are also typically musicians. One of the greatest resources an entrepreneur can have is quality mentorship. Buying online can sometimes feel like guessing because no two guitars will feel exactly the same, even if they are the same model.
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