Business At A Glance
Startup Costs: $10,000 – $50,000
Online Operation? Yes
Retailing musical instruments is a fantastic business venture for themusically inclined entrepreneur who’s seeking a way to capitalize ontheir skills and interests. Ideally, this type of specialty retailingis best suited to a retail storefront.
However, for the financiallychallenged entrepreneur, the business could begin on a part-time basisfrom home; as a joint venture with a like-minded retailer, such as a CDshop; or online.
In addition to selling musical instruments, you canincrease revenues and profits by providing instrument repairs, classes,rentals, and sales of related products such as sheet music. Also, besure to establish relationships with schools, music teachers,associations and clubs in the community. This can be a fantastic way topromote your business, products and services quickly as word-of-mouthadvertising and referrals really work.
Your customers are local musicians, parents who want their children tolearn an instrument, anyone who wants to take up an instrument, andorganizations that teach or play music and need a supply of instrumentson hand (say, a church that needs a piano or a local music school thatneeds a drum kit).
Regardless of where you start up, you’ll need a decent inventory andthe ability to accept credit card payments. For repairs, you may needspecialty equipment depending on your area of expertise.