Launching a Record Store

[Ang3l001789]

My partner and I have both recently gained National Diploma's in the study of Music and have been seriously considering running an Independant Record Store for a number of months now.

We have heard that generating a profitable income can be a lot harder when running a business from rented premises which has left us wondering whether or not this idea could be viable?

We have done a small amount of research and have discovered that currently our local town doesn't already have an independant record store, although, with local universities and colleges, the target market appears to be there.

Basically we'd like a proffessional opinion to determine whether or not this idea would be worth putting into place and if so what steps do we take next?

Stephanie

[Statler]

Hi Stephanie,

If your market research is indicating that there is a need for your business, then that is very encouraging! Has there ever been an independent record shop in your town? If so, is there a way of finding out what kind of music it sold and why it closed down? You may want to consider (if you haven't already done so!) specialising in a particular area of music. For example, my favourite independent music retailer in Newcastle generally does not sell 'chart music' or much in the way of pop, dance and rap music, which it leaves to the likes of HMV, Virgin and Woolworths. It also now sells music via the Internet to people all over the world.

I suggest doing some more thorough market research to find out how much people spend, what they buy, what they find hard to buy, etc.

Lee