Cool Music Shops: How To Start Your Own

Submitted by: Trevor Stone

Because of MP3s, piracy and the availability of online music, most people think that owning a music shop is a bad investment. But nothing could be far from the truth. There are still a lot of people who do go to music shops and buy records and CDs, urged by sentiments like nostalgia.

You can be one of the select few who can run a successful music shop and give audiophiles rare CDs, hard-to-find albums and even things like posters, band pins and rock star biographies. Read on to find out how you can start your own cool music shop and succeed at it.

1. Start by setting aside capital for the business. You can’t start your own business if you don’t have the money to back it up. Get the help of a friend or an accountant so you can crunch up the numbers and see how much it takes to put up your own shop. You would have to take into consideration purchasing CDs, shelves, rent and employees. Once you’ve set a figure for your capital, start saving up for it. You can even apply for a loan to be able to start your business faster.

2. Think about targeting a niche market. Statistics from the past years indicate that most people buy their CDs or records from large music chains like HMV or Virgin. But the people who frequent these retail stores are those who buy music based on what’s playing at the charts at the moment. Try to target those who veer off the path, such as people who listen to classical music or those who listen to obscure genres like fusion jazz or Cuban music.

3. Research on different genres and different artists. To make sure that your music store is a cut above the rest, you have to make only the best and coolest bands and artists available in your store. You shouldn’t compete with large chains, which stock thousands of different albums from hundreds of different artists, regardless of the quality of music. Ask friends what their favourite bands are and check which ones are rare and difficult to find. Look at reviews online to see whether you should carry a band or not. Stocking up on quality CDs will surely drive more people to buy from your store.

4. Talk and meet with record labels and independent artists. Instead of starting with all the big names, like Warner or EMI, try to get a list of independent record labels, band managers and artists. Since you’re targeting a niche market anyway, it makes sense for you to get your records and CDs from independent artists and labels.

5. Think of going online first, if you don’t have enough capital for an actual store. It’s less expensive to sell music online–you don’t have to pay rent, employees and shelves. It’s also more affordable to buy digital tracks than actual CDs. You can set up a simple website first and start small to save up enough money for an actual store.

Help fight piracy and keep the music scene alive by putting up your own music shop. With the tips listed above, you’ll soon be on your way to becoming a music purveyor and maybe even a music mogul, one of these days.

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