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adam
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« on: August 20, 2003, 10:07 PM » |
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I was just wondering if anyone has had any experience with opening a music shop, either drum specific or in general. I know Bart mentioned it in a post, and I was just wondering how it went. I haven't chosen my career path yet, but I want to be involved in music somehow but also have a steady income as well. Any replies would be great, thanks! -Adam
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Louis
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« Reply #1 on: August 21, 2003, 05:30 AM » |
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If you are thinking about opening a music store, prepare yourself by making sure you have the necessary experience in business practices. You will also need practical experience working in and managing a music store. An extremely high percentage of new businesses fail the first 3 years. The main reason for this is under-capitalization. Insure you have the necessary cash available to operate and cover emergency expenses. Use a good accountant and use him often, once a quarter to do the taxes is not enough. Be prepared to work 16-hour days with little time off. Forget about being able to play out the first 5 years or so. Owning a business is not a stroll in the park but if you really want it, you can pull it off with determination and hard work.
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No one will believe it's the "Blues" if you wear a suit, 'less you happen to be an old person, and you slept in it last night!
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RHSquonk
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Giggity!
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« Reply #2 on: August 21, 2003, 06:25 AM » |
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Bart did this very thing..so he would be the cat to ask all the questions.
If you go re-read the "ready to quit my job" thread, he touches on this very subject.
He should be able to point out the pitfalls and the like.
But you should certainly listen to what Louis is saying as well....he has also been around the block a few times and certainly knows the score.
-RHS
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"I live in that solitude which is painful in youth, but delicious in the years of maturity" - Albert Einstein
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drwalker
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« Reply #3 on: August 21, 2003, 06:54 AM » |
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A good friend of mine did this but he did it like Bart "Gradually!"
He started by giving drum lessons and used a portion of that money to gradually build an inventory of sticks, heads. When things started taking off he brought in other teachers for other instruments. As the cash flow really started to come in he added several drum and guitar lines.
Your biggest disadvantage is the pricing of goods you will offer your customers. To even compete with the larger stores like GC you will need to have a very small markup on the items you sell focusing the main portion of your income from your students and your other teachers being able to fill their schedules with students as well. He even (for a price) drives to students/drummers homes and install and tune new heads.
If you are a proficient drummer that can read very well and can offer a balance of training to students that you know other shops cant/dont offer then you have a niche!
One question is: Have you ever taught and do you have the patients to teach young children? My friend always tells me it is one thing to be able to play but can you convey/teach in a productive manner.
dw
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adam
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« Reply #4 on: August 21, 2003, 08:35 AM » |
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Thanks for the replies! At the moment I have no business experience, but the reason I ask is because I am leaving for college in a few days and I'm having second thoughts about what career path I'll be choosing (engineering at the moment). I want to be involved in music, even if its just a hobby, but if I can make a job out of it somehow that would be great. I realize starting up a new business is very competitive. I got a job working at a new supermarket earlier this year and I've seen how hard it is to bring in customers and stay competitive at the same time.
As far as teaching goes, I never had a formal teaching job but I've tutored students with a lot of success. I definately have the patience, right now I just need the knowledge. I've also played guitar for 5 years prior to drums. Although that wouldn't qualify to give me to give lessons, I know enough about guitars to help with any questions customers might have.
And finally, the reason I would consider opening a music shop is because they are scarce in my area. I live in Massachusetts on the New Hampshire border line, and in my area there is a Daddy's Junky Music store (a used/new music chain in the New England area), a Guitar Center about 30 minutes away, and a handful of guitar specific shops. I'm hoping that a drum-oriented shop would appeal to drummers more than a standard music store and that (of course) would be my targetted customers.
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felix
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« Reply #5 on: August 21, 2003, 08:59 AM » |
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My best friend has a guitar shop. He cut his teeth working in several stores, chains etc. for at least a decade and got some great experience. He had already built up a good client base and was working in another store. He then went in with the owner and together they have been doing great the past 7 years. They really know their business though.
As far as doing anything in life, I am a firm believer you don't need school if you have avenues to learn first hand/real world experience. You don't need to go to school to be a good engineer, but you might need a college degree to get a job. Dumb, I know, but that is the way it works. You don't need to be a good drummer to make a ton of money in the music bizz either, and you can be a phenomenal drummer and just barely get buy. If you want something you have to be steadfast and work hard! But the "payoff" of your own satisfaction is worth more than any actual amount printed on a check. Find a something that no one else wants to do and do it. You will make money.
Louis has some good advice... you will need a good accountant when you run your own bizz. I have my own bizz and that with the music... well, let me just say that after I post this I have to run!
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Yaay!
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BigBillInBoston
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« Reply #6 on: August 21, 2003, 09:02 AM » |
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Adam, what I'm about to say has been discussed before in the forum but may bear repeating related to this thread. The trend in many different aspects of retailing has been away from "Mom and Pop" (i.e. small retailers) and to large retailers called "catagory killers" and internet based providers. This is true in almost all areas of retailing: records (Virgin, Tower, etc), hardware/ home improvement (Home Depot, etc), books (Borders, etc), toys (Toys-r-us, etc), musical instruments(GC, etc). These retailers are called catagory killers because they cover a whole "catagory" of merchardise and provide broader selection and better pricing than small retailers are able to due to the leverage they have with major suppliers. They "kill" the competion.
So, you can be a smart, dedicated, knowlegeable small business person that people would like to shop with but...when the actual purchase decision is made price and availability are the key issues (at least for "major" purchases). And your lack of "buying power" with major drum companies relative to major companies like GC, Musicians Friend, etc will be a problem. It has already driven many small music (and other) retailers out of business. They'll come get your knowledge and check out equipment with you and then unless you have in stock what they want and can match the low price they saw at GC or on the web they'll do their buying elsewhere.
This is the reality of modern retailing. And, it's been heading that way for a long time. I'm not saying its good. Just that it IS.
BigBill
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drwalker
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« Reply #7 on: August 21, 2003, 09:14 AM » |
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Your college path sounds a lot like mine. I started out in Music in college and moved to Engineering (dumb) the reason why is there was this cute girl that I had a crush on who was an engineering student. I followed her and my music playing and any type of carrier that I had any hope for was lost. I got the girl (for awhile) but I had to give up playing music because I could not handle the stress of the homework that was associated with Engineering and the equivalent time for practice and playing music. I was great in math but a terrible student which got me accepted to the Engineering college but the payoff of being a lousy student was I had to work that much harder to keep my grades decent. Anybody who is an engineer in this forum knows what is required in the study arena!
Today I dont even work in my degree! I never have! Nothing but the study disciplines I learned shows in what I do today. And frankly my music disciplines are as good.
If your gift is Math and Science then Engineering is for you but if your gift is music and you are good at it why not try Business with heavy Marketing. It seems that and music go stride for stride these days. You can also take music classes for electives (*with deans approval).. Follow your dreams! Im not one who likes to look back in life and say "I wish I would have"..
IMHO
dw
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Mister Acrolite
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« Reply #8 on: August 21, 2003, 10:05 AM » |
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They'll come get your knowledge and check out equipment with you and then unless you have in stock what they want and can match the low price they saw at GC or on the web they'll do their buying elsewhere.
This is the reality of modern retailing. And, it's been heading that way for a long time. I'm not saying its good. Just that it IS.
Adam, pay careful attention to BigBill's advice here. And another thing I've seen time and time again: sometimes, if you really love music, when it becomes your JOB, it can take the fun out of it. That didn't happen to me. But I've seen it happen a lot. So make sure that the music business doesn't ruin music for you! My suggestion is to go to college, study a lucrative, marketable profession, AND study music. That way, if your music career doesn't pan out, you won't be stuck working at Guitar Center for 7 bucks an hour when you're 40. Good luck! |
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drumwild
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« Reply #9 on: August 21, 2003, 10:59 AM » |
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If you're ever in Bakersfield, CA (home of KORN and Buck Owens), stop by Artie's Front Porch Music. I started buying gear from him when he was selling off his front porch.. hence the name.
He started gradually. He's not huge or a franchise, but he does well.
Knowing the biz and the competition helps. Tthey just got a GC out there a few years ago and there are about 20 pawn shops selling used gear. Bakersfield was a small town at the time and everybody knows Artie. I think that's a big part of his success; developing a reputation.
Looks like there's a ton of good advice in this thread. Good luck with it!
I live within 5 miles of TWO GC stores, a Sam Ash, and Pro Drum Shop, but I'm going to drive 125 miles one way to get my next kit from him.
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drwalker
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« Reply #10 on: August 21, 2003, 11:55 AM » |
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If you're ever in Bakersfield, CA
I used to live in Lemoore... Cheers dw |
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cavalier302
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« Reply #11 on: August 21, 2003, 11:57 AM » |
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I would recommend going for a degree in business, with possibly a minor in music. It sounds like you're good in math, so maybe you could specialize in accounting.
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