Hello peoples, I had this topic under an idiotic name so I thought I'd repost it.
I really want to open up a cd store and I'm wondering how the hell to do it, from step one to finished product.
I need answers for: How do I get stock in?
How much should I need for capital?
Who do I talk to get labels sending me stock?
What sort of CD store would YOU like to have
near you?
What kind of decor suits you?
Should I try to stock more elceltic stuff or
stock more mainstream?
How hard is it to do this?
Would a boutique be prefered over a flashy
place?
How hard is to get Kiwi Music in stock?
What sort of styles other than mainstream
would you like?
And finally: Any advice/tips?
I really would like to have a large amount of kiwi made music in my store, and some of the lesser known music that really deserves a listen to be stocked. I also want it to be a place where you can come in, relax, have a coffee whilst listening to a CD you like or want to buy.
Thanks peoples! Any opinion is very welcome!
Delicious
Digg
Reddit
Facebook
Google
Technorati
Where are you in NZ? If would be ...
Where are you in NZ? If would be extremely keen to open up mine aswell.
"Championship Vinyl" I would call it...
...or go in to a partnership with ...
...or go in to a partnership with someone
In chch. Because Real Groovy, Sounds ...
In chch. Because Real Groovy, Sounds and The CD/DVD Store stock tons of garbage for normal people, theres a need for store that caters to underground tastes
doesn't galaxy kind of do that? how ...
doesn't galaxy kind of do that?
how do you think it will work competing with them?
(plus all the people who trawl penny lanes on the weekend looking for good second hand stuff)
It might be just me, but the way ...
It might be just me, but the way you've written that sounds like you don't really have a plan yet...
It reminds me of this TV show in the UK called 'Dragon's Den' where budding entrepreneurs pitch their ideas to a panel of 6 real-life investors, affectionately called 'the dragons', who don't take any crap... It can be excrutiatingly good TV watching people's hopes & dreams get pulled to shreds- most of them do not get the investment they're looking for, but they almost certainly learn from the experience. Thing is, they all seem to make the same mistakes- overvaluing their businesses, emotionally involved with their idea, not in it for profit, etc etc... obviously none of this is attractive to a potential investor.
FWIW, before you think about coffee & decor, here's the sorts of questions the dragons use to undo the entrepreneur:
Is there demand for another CD store in your area?
How have you established this?
Who are your main competitors?
Are you able to be competitive?
What are all the dis-incentives- what puts you off setting up a music store?
How much money does the music retail industry bring in locally?
How much of this market do you expect to be able to do business with?
What do you project your 1st, 2nd & 3rd year gross turnover to be worth?
What are your set-up costs? How long before you can recoup them?
What are your operating costs?
Who are your debtors and creditors?
How much of the business is yours, & how much is the banks?
What is your 'exit strategy'?
BBC has a dragon's den site you should check out:
[ external link ]
OOO nice one! Quite right, no plan just ...
OOO nice one! Quite right, no plan just concept. Awesome questions to ponder tho...
I know CPIT does a few short small ...
I know CPIT does a few short small business courses... perhaps when you've got some research done you could go along to one of those and develop a full stragegy with some help from people who know a lot about running business.
Have you worked in a record store ...
Have you worked in a record store previously???? Its not essential, but it helps to know the business.
You'll need to have really reliable distribution channels as well - telling people you will order things in and then failing to be able to can piss people off pretty quickly. . . .
if i was starting out i'd consider doing it online via trade me (or eBay) to build capital before committing to a 'bricks & mortar' store.
Basically its all about sorting your shit out, but definitely go for it if you think you have the capital and the knowledge and etc. The more indie record stores in NZ the better. . . .
good luck. :)
Shops like real groovy only stock local ...
Shops like real groovy only stock local indie records on consignment(sale or return) so all you do is ring up the labels/distributors and say you want to stock their stuff and they send it to you. You then get the largest share of the profit and 'wallah' you're a record mogul. If you don't buy second hand records you could plausibly stock a shop for zilch, and if all turns to shit you send them back.
One thing that all record stores (Sort ...
One thing that all record stores (Sort Of) is an UNSIGNED cd stand. It'll be awesome to see a place that not only has the usual "Top 20" stand which everyone see's and buys. But a nice big "Top 20 Unsigned Bands" Stand. hmmm, might suggest that to Real Groovy...^_^
Let me work at your CD store Tony!...
Let me work at your CD store Tony!
<HTHAL> How about cornering a niche ...
How about cornering a niche market? It'll take hard work to set it up, but it should be rewarding. The mainstream market is saturated; people can get their top 40 stuff anywhere. Also, there are a number of stores that cover many indie/underground genres, but not all of them, so if you can find a type of music that you like but can't buy easily in NZ, perhaps it would be an idea to identify the record labels that produce that kind of music and talk to them about selling in NZ.
For instance, I like the jazz/funk/bossa/lounge/chill stuff released on labels like Irma and Schema, and even some of the Blue Note stuff. Whenever I visit NZ, I look for those CDs but I have never once been able to find one. That raises two possibilities: 1) NZ music stores don't stock those labels' releases because no-one likes them; or 2. NZ music stores don't stock those labels' releases because not enough people like them to justify it.
Assuming possibiliy 2) is the case, and sasuming for the pirposes of this post that you like that kind of music: If you could set up an internet forum for people in NZ who like that kind of music, you could identify potential customers. Maybe that would be enough to get you started in a small way.
If you provide good, reliable service and advertise wisely (remember this is a niche market - no use placing ads on prime-time TV), word will spread about you and your base will grow. A niche market will always be small, but niche-market customers are famously loyal.
Anyway, this is turning into a novel, so I'll bugger off now.
i think the way of the future is ...
i think the way of the future is internet music trading