Thread: Name my record store
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Old 04.26.2007, 02:22 PM   #30
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Quote:
Originally Posted by gmku
!@#$%!, I haven't done a whole lot of research yet, but from what I can tell, Columbia doesn't have what I want to do. I figure my niche will be the downtown university student crowd, mainly, and I'll stock new releases as well as new reissues on both vinyl and CD, with some jazz, some older rock (especially on the Sundazed etc labels). Much like Twist & Shout in Denver but in a much smaller space. I'd actually model it closely on Record Collector here in Iowa City.

a few things i'd recommend:

1) go to your local SBA now and inquire about their small business workshops. this is VERY important, especially because you're going to be dealing with ain inventory business--quite risky. and because eventually you're going to have to figure out what kind of volume & profit margin you'll need in order to stay afloat. because no matter how small, commercial real estate is expensive and there are a lot of hidden costs to a business. they'll teach you a whole lot of other good stuff too.

2) start nosing around record collector & try to figure what's the formula for their success--- loyal customers, sure. what about the lease? how many employees? what kind of cash do they spend to keep the store running?

3) subscribe now to trade magazines & all kinds of crap that you need to subscribe to. start now so that you're well informed when it comes down to putting money upfront.

4) read this book: http://www.amazon.com/Irrefutable-Ru.../dp/0471707600

5) think about how so many records stores (& video stores) have gone out of business since the advent of the internet. this is a very risky proposition and you'll have to innovate in order to offer something that the internet can't. (i do 95% of my record shopping on the internet btw). what can you offer/create that will set you apart from midheaven? can you create some kind of relationship with the college radio station maybe? (is there one?). why will they want to go to your store & not their computer? and why would they want to go to your store and BUY and not just browse and then buy online?

that's all i can think of. as a small business owner i can tell you it's a pain in the ass but worth it, only you have to think of 16 hour workdays. and on that note, i gotta get the fuck out of here!
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