How to Start Musical Instruments Store
Starting a musical instruments store is unique as music itself is a very specific trade segment. It is not a store with high monthly sales compared to the furniture and appliance store, but it has an ever growing captive audience. The more diverse the shelves of a musical instrument store are, the greater its audience and the number of monthly sales.
The function of a musical instrument store is self-explanatory: selling instruments. It can sell guitars, drums, keyboards, basses, guitars, violins and many others at varying prices.
Thus, investing in a musical instrument store can mean an excellent undertaking, with chances of real profits. However, as in any other undertaking, it is necessary to study all aspects of this investment. Analyzing the various possibilities and opportunities that can be crucial to the success of this store.
Whether the target audience of this store is professional musicians, who demand the best, or just students for whom the price is the most important, this is an activity that can be rewarding.
Want to know how to start a successful musical instrument store? First of all, pay attention to the tips in this article! It will therefore guide you to turn your business into a successful trade!
In Summary:
- Why a Musical Instrument Store?
- Is it Worth Opening a Musical Instrument Store?
- What to Consider Before Starting?
- How to Start?
- Success Tips
- Conclusion
Why a Musical Instrument Store?
Music is a universal language that does not go out of style. Your potential market does not distinguish ages, sex and much less social classes. So if you play one or more instruments or you are just a music lover, feel free to start a musical instrument store.
Is it Worth Opening a Musical Instrument Store?
We know perfectly well that many people want to know how to set up a musical instrument store, but they end up having doubts about this business. But after all, is it really worth opening a musical instrument store?
In our opinion it is worth it, but do not forget that this is a strong market in some locations, but that it is not in high demand in others, so it takes a lot of planning to find out if there are interesting people in your city.
What to Consider Before Starting?
- Variety of goods: It is advisable that your store sells a wide variety of goods, from modern light to music instruments. The most popular in the market are percussion instruments, keyboards, and guitars. The assortment should include electric guitars, acoustic and bass guitars. It is advisable that you sell pianos and grand pianos, violins, wind instruments, etc. There is also a high demand for synthesizers, equipment for DJs.
- Quality:No matter how beautiful musical instruments may seem at first glance, you should pay more attention not to design, but to the quality of your product. If, for example, we talk about guitars, then first of all you can buy an instrument of well-known brands, such as “Fender” or “Gibson”. But since these instruments are quite expensive and are suitable only for professional musicians, then for other buyers you also need to pick up an inexpensive but high-quality product.
- Price category: In order for both professional musicians and schoolchildren and Students to buy goods in your store, goods of different price categories should be presented here. It is good if you have your own “hits of sales”, not too expensive, but in constant demand.
It will be a big plus if you open a related products section in your store, where you can sell everything that is related to music: picks, amplifiers, pickups, strings, and even tutorials on how to play different instruments. This product will always be in demand. It has a lot of liquidity and you can make more markups on it than on the rest of the product.
How to Start Musical Instruments Store?
- Market Research
The first step in opening a music store is to carry out market research.
The objective of this is to allow you verify that there is indeed a commercial opportunity in the musical instrument area of establishment, and to identify a concept that could be successful.
To perform this market research, you will need:
- Analyze trends in the musical sector: is it growing? Are we seeing new trends emerging? Are we witnessing a change in purchasing behavior?
- Who are your closest competitors and what are their strengths/weaknesses? Where do customers go to buy their musical instruments? Finding out and getting useful information about your competitors can be one of the most important tasks. It is important that you know about what others are doing, as it will help you become competitive and choose your own niche.
- What makes you different from that competition? Selection of musical instruments, service, special knowledge and skills? Around? You need to know (and market) what makes you unique from others who sell similar products. Do they also offer services in addition to their products (repair, delivery, after-sales service)? What is the pricing policy?
- To whom should you sell your music products and services? Which specific people or companies are customers for what you offer? What are their special features? This information will help you focus your campaigns effectively.
- Study the expectations of your future customers: what is the typical profile of a customer (age, socio-professional category, income, etc.)? What are the most requested product categories by customers (vinyls, instruments, DJ decks)? What is the average budget? What is the frequency of purchase?
- Also, ask yourself how to market yourself? What specific strategies will you do – ads, newspaper articles, sales calls, the Internet and so on? The only way to experience success in today’s music world is to master the industry and to find new customers and convince them to buy what you sell, and above all to get them to buy again.
Read Also: Why Market Research is Important to Small Business
Focus your campaigns on reaching the largest possible number of people who like and need what you sell. Decide the best way to contact them, including by what means and when.
Determine your start-up costs, money you would need for rent, utensils, furniture, professional services, deposits, licenses and so on.
- Create your Niche
First of all, it will be more advantageous for you to turn to a certain group. For example, there are many stores selling musical instruments in the industry. At this point, turning to niche areas such as guitar sales or piano sales will take you one step further in reaching your target audience. By examining your competitors in the music market, you can make your decision easier on which instruments you want to sell.
- Target Audience
You must determine your target audience in the music world and work accordingly.
Your target customers are essentially musicians, but not all. It can also be clients who own recording studios, music schools, and owners of theaters, concert halls, bars and even restaurants. You can also be potential buyers of music tutors among learning users, amateurs, and professionals.
For example, in your promotions, you can target the area where your physical musical instruments store is located. People in this area will have felt the confidence they need to get started as they know your store. As you grow in the musical space, you can expand your region.
- Location
The location of musical instrument store is one of the factors that most influence revenue. When making this selection, it is necessary to take into account some aspects, such as the target audience. While planning to open a musical instrument store, you will define the income range and consumption habits of the people you want to reach. With that in hand, it will be easier to choose the region where these people are present.
The ideal point to set up a musical instrument store is a place with a large flow of people, good visualization of your store and easy access for customers, make sure the location is safe and has parking space. In many cities there are neighborhoods known to have entire streets dedicated to the sale of musical instruments.
- Business Plan
Once you have gathered all the information mentioned in the previous sections, you can start writing a business plan for your musical instrument store.
The business plan has two objectives: to allow you to verify that your musical instrument store project is financially viable, and to serve as a reference document to convince your financial partners to follow you in the adventure.
Schematically, the business plan includes two parts: a financial forecast highlighting the financing need and the profitability potential of your musical instrument store; and a written part used to highlight the strengths of the musical instrument store and identify the risks associated with its implementation.
6. Startup Capital
Once you’ve drawn up your business plan for your musical instrument store, it’s time to take the last step of building a music store: fundraising.
The initial budget to open a musical instrument store will vary depending on the size of your store, and the importance of your inventory, as we have seen previously.
In order to raise the total amount necessary for the launch, it will be necessary to study the various financing possibilities available to you.
The first step is to build up your own funds. This is understood to mean the money that you, and your potential associates, can spend on your project.
Then, you can also apply for a professional loan from a bank, to finance part of the purchase of equipment or the work of fitting out the premises. Remember to file files in different establishments, in order to be able to compare offers and play against the competition.
Also think about donation crowdfunding, which will allow you to receive donations from individuals in exchange for a consideration related to your sector of activity: flocked products (guitar picks, T-shirts), reduction on a first purchase, invitation to a private concert, etc.
Crowdfunding will also allow you to advertise yourself at a lower cost. It will undoubtedly be an advantageous tool for opening a small downtown boutique and will allow you to identify music enthusiasts who are mobilized or enthusiastic about your opening.
Finally, also think about aid intended for business creators and buyers. They can allow you to benefit from a zero rate loan for example, but also social security tax exemptions.
Read Also: Funding Options for Small Businesses
7. Marketing Strategy
You can build a strong local customer base through partnerships with local churches, schools, colleges, clubs, associations and companies. This will improve your chances of marketing your business to the suburbs, leading to a stronger customer base. Make sure that your orders from schools and colleges are taken special care of, as they will play an important role in your sales.
Many musical accessories such as songbooks, notebooks, stands, etc. should also be provided along with musical instruments, as an extra carrot for your customers.
Develop relationships with local musicians. This can serve a variety of purposes. Artists will buy instruments but also provide access to a network of other musicians. This is an important step as it will generate the specific customer base that frequents the store. Trying to compete with music giants for celebrities is not the best move. Search for underground artists in rock, R&B, country, jazz and hip hop.
If this is not an appealing way, become a leader in classical music. The key is to build a niche with a profile that is not easily accessible in society.
Look for wholesalers and retailers to build a stock of instruments within the genre of choice.
Hire an interior designer to create a compelling window sign and entrance.
Use a strategy for customers who want to try certain instruments. Sell accessories near checkout. Invite a local musician to do a free one-hour show in the store during heavy traffic, or sponsor a concert in a local park.
Recruit volunteers to help with music programs and bands at local schools. Provide community service and become known as an “all in one” music resource. Develop goodwill with customers and musicians.
You, as a new business owner cannot forget how the Internet calls disclosure. A small blog will help a lot, a website will be even better!
Build a website with sales, printable coupons, local concert schedules and music information. Upload photos and news about the music world and review local bands
Just type Free Ads on Google and you can now advertise your store locally and nationally. The Internet is a great tool, because even if it doesn’t bring you sales, it will help spread the word to your audience.
Another tip is to make pamphlets and distribute them in locations close to your store. You can make different, fun pamphlets and leave them at nearby stores in partnership and also ask for pamphlets from your neighbors to leave at your store. It’s a great way to help and be helped. Try to do a marketing plan and ensure the success of your business.
- Find Customers
After getting to know some of the best marketing strategies, it is time to outline your plan to attract customers. For this, I prepared a step by step that is valid for your musical instrument store business.
- Dedicate yourself to your target audience
You can learn about different types of marketing and delve into strategies.
However, when putting it into practice, all knowledge will not bring the results you want if you neglect the target audience. They represent your ideal customer profile and therefore define where to approach the customer and how to do this.
In fact, you must establish the personas before choosing the strategy, as it will only be ideal if it meets the particularities of your potential customers.
- Study the channels
Let’s say you defined your target audience and found that Facebook is the best channel to reach them. From that information, you already know that you will have to develop a social media marketing strategy.
That’s when you need to go in search of the best practices to attract customers through Facebook.
This includes finding the most suitable times for publications, ideal text size, what type of image to use, the most appropriate tone of voice and so on.
- Set an action schedule
Once you’ve identified everything that the ideal publication should have, it’s time to put together a plan. It is not enough to limit yourself to a forecast of days and times, but also to advance to the definition of those responsible for the tasks.
If you invest in content marketing, with blog articles, for example, you need to determine who is going to survey keywords, structure guidelines, produce content, insert images and publish texts.
- Measure the results
Finally, whatever your marketing strategy is, you need to monitor the performance of your actions.
The result of this assessment will be important to reinforce what is working, correct what is not going well and achieve an even better ROI.
9. Structure and Equipment
The structure of a musical instrument store should have a space that includes the sales area, storage area, administration and bathrooms. For this type of business, it is important to get a good supplier to buy the instruments. It is important to consider that, according to the target audience of this store, different types of instruments should be available, in order to be able to serve both amateur and professional musicians.
To open a musical instrument store, some of the equipment you can sell are:
- Guitar
- Battery rack
- Plates
- Microphones
- Other instruments
- Amplifiers
- Cables
- Drums
- Drumsticks
- Reeds
- Guitar and guitar strings
- Exhibitors
- Balconies
- Tables
- Chairs
- Shelving to place equipment
Don’t forget that office equipment and cash, such as a computer, telephone, printer, card machine, among others, are required.
The ideal is to have a glass counter, as this is where smaller products like drumsticks, strings, instrument covers, among others, will stay. This is the safest form of showcase, as small items are liable to theft. Better to leave a sample on a glass counter and then pick it up in closed stock with a key to guarantee your profit.
There should also be a counter for payment and a store stock for the most expensive items and those in large quantities to be kept. A tip is to have only one sample for experimentation and several stored in sealed boxes for later placement and replacement in case of sale.
Remember to keep your inventory organized to avoid problems with your products for sale and not knowing where to find them at the time of delivery.
In addition, the look of the store is to your liking. Store decoration tips can be obtained both from online photos and by watching the competition for ideas. A tip is to always opt for themed decoration on major holidays, as customers like it and this draws attention.
- Hire Staffs
Focus on people with a real affinity with the musical instruments industry, passionate about music and who will be able to advise clients wisely and share their knowledge regarding music.
Define your needs for each position in terms of: responsibility sheet, required skills, hours, salary, etc.
Determine the staff you will need to help you in the store. They can be two people, one for the sales area and the other for the administrative area. The seller and the administrator must be familiar with the musical instruments. Ideally, they understand the basics of musical instruments to help the customer choose the right product.
Ideally, all employees understand the basics of musical instruments to assist the customer in selling merchandise.
Read Also: Implications of Hiring a Staff in Small Business
Success Tips
A musical instrument store can cover several types and models, as long as you have suppliers that make up for a good sale. Therefore, it is necessary to keep in mind what the public gives preference to and which comes out most on the market: guitar, guitar, tambourine, keyboard, microphones, and supports for instruments and the like.
After you stipulate a number of instruments for sale, you can also pay attention to what stands out among your target audience. Doing research is an excellent idea to start your business! Also keep in mind the income range of the audience you intend to cover. If the ideal is to guarantee sales of products that cost less, then focus on the audience that is still learning to play and that can enjoy the low cost instruments.
Conclusion
Therefore, investing in a musical instruments store can be a highly profitable business. Be it a store of a specific instrument, for a more restricted target audience, or for a store of various instruments, for a more general audience. But in both situations, it is necessary to establish yourself in a place that is very evident and invest in trained professionals, who are not only good salespeople, but who have musical knowledge and know how to indicate the best instruments to customers.