Music store business plan

Instrument store business exciting opportunity currently exists for a full service musical instrument retailer in albuquerque. Although there are a number of musical instrument retailers in this city of over 500,000 people, there are currently only three very small school band and orchestral instrument dealers; these stores have small selections and short hours. At the other end of the spectrum (stores with a more guitar and electrical focus), big chains are competing on prices at the expense of customer service. Musicwest will offer the buying public a superior shopping alternative, with a huge selection of school band and orchestra instruments, plus guitars, keyboards and accessories, at reasonable prices. We will exploit our competitors' weaknesses by offering ongoing music community events, from free lessons, to music clubs, to after-sale follow up to turn one-time shoppers into lifelong customers. Our unique marketing schemes include "you play, we pay" (whereby a portion of instrument sales and rentals are donated to local school band programs) and "100% money back" trade up programs, where customers receive 100% of their purchase price toward upgrading their instrument within one est will focus on the novice, hobbyist, and semi-professional musician; these three groups are seeking value, customer service, and knowledgeable assistance in making what can be a rather significant purchase. Musicwest will gain a reasonably large percentage of market share in a short period by immediately differentiating ourselves from our competitors. Once in the store, our clients want to come back often for the special treatment they receive here and nowhere co-owner of musicwest, david moore, has over seven years of experience as the store manager at two successful local music stores. He has seen firsthand where opportunities are missed through lack of follow-through or careful planning, and knows what local customers are looking for. Based on his experience at other local music stores, david moore conservatively projects sales of over $500,000 in the first year, increasing to almost $700,000 by year three. Although musicwest may not become the biggest, our intention is to become a "must-shop destination"  for those looking to buy a new or used musical instrument in albuquerque! Recommend using liveplan as the easiest way to create graphs for your own business your own business est provides musical instruments to the community. We will have the largest selection of school band and orchestral instruments  in new mexico, and will use that advantage to separate ourselves from the ish a well-respected music lesson department and start a rapport early with school band and church music extended hours to serve a larger portion of the buying public than our competitors e the buying public by merchandising our products with informational/tutorial signage and literature, and by backing that up with knowledgeable the services of a full time repair department to our client ually modify the product and service offerings to stay on the leading edge of technology within our t the many weaknesses of our local and national competitors to differentiate ourselves from 25% of the local market share within the first three in a minimum gross profit margin of 40%. A hands-on, educational approach to musical instrument the large number of school band instrument customers who currently bypass local music stores for catalog or internet sales, due to poor service, selection and sively target the public school system and local religious your own business plan »your business plan can look as polished and professional as this sample plan. Just wrote my first business plan in 24 hours using liveplan and it's beautiful and complete. With 500 complete sample plans, easy financials, and access anywhere, liveplan turns your great idea into a great plan for more about research reports for home furniture, furnishings, and equipment stores d business retail business retail and online store plansmore retail music 't bother with copy & can download this complete sample plan as a text document for the #1 business planning software risk-free for 60 contract, no risk.

Built for entrepreneurs like retail music sample business your love of music into a successful business. Then get started writing a business plan for your own , and hundreds more sample business plans, are included in liveplan. Just wrote my first business plan in 24 hours using liveplan and it's beautiful and er the benefits of popular plans in retail l instrument store business retail business retail business l instrument store business 's clothing boutique business kliek style ng retail business ny western wear. Commerce internet business printed t-shirts business house business an makes business planning plan salon and day and breakfast and uction and care services and children's ion and and food s center and l and health services and pet rant, cafe, and and online supplies and office and crafts g and event ale and to all g for something different? Our sample plan isn't exactly what you are looking for, explore our free business plan , create your own custom business plan easily with the #1 business planning software risk-free for 60 contract, no risk. Built for entrepreneurs like business marketing ss plan ss plan g a business g an online business legal ss plan ing plan ss startup business ss in general blog. Discount on business plan pro premier here to buy now or call 0845 351 > sample business plans >. And online store business to write a business ss plan ss plan ss plan g your g an online orating your ing plan software. 0 management l instrument store business sample business plan can be edited directly in business plan pro analysis ers spent £6. The musical instrument industry, consumers are looking for wide selections, prompt and knowledgeable service, good product value, and music lessons to further their understanding and enjoyment of the products. They prefer to find stores offering these benefits through word of musical instrument market has recently been driven by a number of low-cost, high-selection internet and mail order companies, which has caused prices to level out, by giving consumers comparison shopping at their fingertips. However, the high-profile advertising generated by these chains has rippled down even to small stores, as more and more musicians at all levels start to seek out the missing elements of these sales model. 1 market following market segmentation table is based on the finding that roughly 46% of the general population are "musicians" of some form or another. The market analysis numbers show the 46% of the local population around musicwest who will serve as our potential customer directly below are the latest industry figures relating for new mexico in total musical instrument sales:sales rank - national382002 total music sales£41. Million2002 number of music stores592001 number of music stores572002 sales per store£701,6942001 sales per store£715,7892002 population1,829,1462002-2001 population change+. These groups include the largest percentage of musicians, with the greatest amount of disposable income.

Professional musicians require a great deal more attention and require much less profitable pricing, and they prefer a more exclusive shopping environment away from the novice consumers (ego). Potential clients tend to seek stores that can fulfill these services through word of mouth referrals and/or direct shopping experiences. These musicians come back time after time if they feel they are getting a fair deal. One of the most common complaints from musicians in our market is the high turnover of sales staff at other dealers, and the resulting inconsistencies in their shopping experiences from day to day. Consumers like to see the same faces on each visit and this business is one that thrives with the personal relationships salespeople develop with their clientele. By reversing this trend, reinforced by ongoing sales training and with unbiased customer interaction by our sales staff, we can further exploit the weaknesses of our top local musical instruments market is currently being driven by mail order and internet retailers. Although such companies are known for low pricing and large selection, their prices have bottomed out at a level the smaller stores can offer, while still remaining financially sound. Retail mega-stores such as guitar center and sam ash are growing at a steady pace, but appear to be affecting the market in a positive manner. Their high level of advertising drives in more consumers, who in turn will seek out other music stores for comparison-shopping, and for the music lessons and personal service not offered by most of the mega-stores. Consumers increasingly expect the music stores they deal with to offer a clean, high-tech and comfortable shopping environment, and more personal service to explain the ever-increasing levels of technology in musical instruments. We have shopped these major chain stores, and find that they have poor customer service, and that their average employee is under-trained in sales and technical aspects unique to this industry. Another trend that benefits this industry is that as production moves to other nations such as china (due to lower cost of manufacturing), prices go down and units sold go up, increasing revenue musical instrument market has seen steady growth over the last ten years, with revenue increasing from £4. 3 service business l instrument retailing is accomplished through a variety of outlets: local musical instrument retailers: storefront reseller with less than 10,000 square feet. Occasionally these will be specialty stores, offering only one type of instrument for sale (i. These stores offer sub-standard walk-in service and generally cater to people looking for products in boxes with aggressive pricing and little order: the market is increasingly served by mail order businesses that offer aggressive pricing of boxed product. The consumers do shop between stores, as buying a musical instrument is a big purchase for most.

Price tends to be a huge influence on most musical instrument buyers; if they feel your pricing is out of line with the market they will usually walk right out. On the other hand, if they feel your price is in line with the market they tend to look to what else your store offers, such as lessons, repair facilities, knowledgeable staff, etc. Accessory buyers tend to find the store closest to their home or place of work for the sake of convenience. For school band instruments, our two main competitors are music world and baum's music, and for guitars and amps marc's guitar and, to a lesser extent, guitar center and grandma's music and sound. Grandma's and guitar center are the two largest stores, but they do not sell school band or orchestral instruments. This store offers a very limited selection of electric and acoustic guitars and amplifiers at generally average market prices. The store has two full-time teachers and its proximity to the university of new mexico is a prime factor in its success. The store carries some name brands and a few "b" world of albuquerque, 7017 menaul ne, albuquerque, nm 87110 hours mon-sat: 9-6 music world is a full line retailer going through severe changes. Three years ago, don johnson, the owner of music world, bought the two king music stores that had been in albuquerque since the 1950s, and then opened a second music world location in santa fe around the same time. Within one year's time he had 100% employee turnover at the king locations, and as of this plan he has closed all three stores and moved his last remaining music world store into the old king music building on menaul. The stores have always had the reputation for high prices and have always pushed the idea that they provide more service than most. Music world is extremely out of date in their sales and marketing techniques, and is on the declining slope of technology. As of the date of this plan, music world is experiencing severe cash flow problems and is in litigation for discriminatory employment practices with former employees. 3 other following are additional but smaller competitors:lesman's music - specializes in dj and recording gear and rentals. The store recently moved to a new location that, oddly, has no storefront 's music - school band instruments only. The store primarily stocks a few entry-level instruments and has a large repair rancho music - school band instruments only.

The store has been for sale for over five music - very small retailer that specializes in vintage gear and some new guitars and amps. This store is rumored to be having cash flow son's & sons - specializes in orchestral instruments. They have a very good reputation and are world renowned for their repair go round - franchised used musical instrument dealer. The biggest of these is musician's friend (owned by guitar center) out of medford, oregon. They have large inventories and offer all of the latest products to hit the market, usually before the local storefront dealers. 4 grandma's music and a's music and sound, 800 s-t juan tabo ne, albuquerque, nm 87123 hours mon-fri: 9-6 | sat: 10-5 grandma's music is albuquerque's largest musical instrument retailer, with over 13,500 sq. This store is a pro shop that carries state-of-the-art technology within its pro audio department. The store also has a large presence in the mail order and internet sales areas. The store operates on aggressive pricing and high volume sales and is generating approximately £6 million in sales per annum. Grandma's has a poor reputation with the average non-professional musician, in terms of customer service. The store has repair facilities and a large staff, but again suffers from apathy toward non-professional shoppers. The store in general is very well laid out and has state of the art lighting and displays, but is also very cluttered, with hazardous audio cables strewn about the floor where one might trip over them. As of this plan, grandma's is relocating to the westside at the intersection of paseo del norte and coors blvd. These stores benefit from national advertising, economies of scale, and volume buying, and carry the latest name-brand items. These local stores are generally mom and pop stores that are under-capitalized and suffer from an outdated management philosophy. Unless these stores can adjust to the superstores' way of marketing and selling, they run the risk of increasingly losing key lines and eventually the core of their customer base.

Many small to medium companies who have adapted to this new way of doing business are increasing their business even with the superstores in their immediate vicinity. These smaller stores are able to offer services and support that the giants cannot, and have focused their stock in order to compete on a more level playing field. Musicwest intends to fit in this ss plan software | sample business plan | business plan resources | small business plan advicehome | liveplan promo code | site map | about us | contact us | business ght ©1996-2017 palo alto software, ltd. All rights find out how to opt out of our cookies, please visit our privacy & cookies ans in your own business plan ». Retail business music will be a cd store that specializes in used cds and dvd rentals as well as blank cd/dvd recording media. Mojo music will be located one half block from the university campus on taylor street which is the major retail/commercial section of the university area. The university bookstore is on taylor street, as well as numerous coffee houses, restaurants, and shops that cater to the student the location is perfect for our target customers, it is more important to understand what our customers want from a cd five years ago, it was popular among young adults to create mix cassette tapes of their favorite music for personal use and as gifts for friends. Today, with the wide distribution of cd recording equipment, internet technology, and new recording formats like mp3, young adults now have the ability to create personalized presentations of their favorite music. It is even more attractive if they can get in-store purchasing credit by selling their own cds to the music will offer popular new releases and used cds. We will have a attractive cd buying program that will reward customers for spending money in the store. In addition to new cds in the store, a customer will be able to order any cd that is currently issued. We will have that cd in the store within three able blank cd/dvd recording media is another important key in bringing our target customers into the store. There is no store that sells recording media within a 10 mile radius of the university. Mojo music will sell blank recording media and rent movies in dvd recommend using liveplan as the easiest way to create graphs for your own business your own business become the first place our target customers will go to sell and buy create a strong dvd rental increase blank media sales by 20% each music's mission is to offer our target customers:the best quality popular used cds at affordable most popular new cds at the lowest best recording media at affordable prices. Large selection of dvd keys to success for mojo music are the following:keep the money paid for used cds in the a quality selection of used popular new cds at a discounted popular dvds for recording media at a discounted your own business plan »your business plan can look as polished and professional as this sample plan. With 500 complete sample plans, easy financials, and access anywhere, liveplan turns your great idea into a great plan for more about research reports for home furniture, furnishings, and equipment stores d business l instrument store business retail and online store plansmore retail music 't bother with copy & can download this complete sample plan as a text document for the #1 business planning software risk-free for 60 contract, no risk.