If you have dreams of owning your own music store, but have been discouraged at the lack of start-up information available, you are in the right place. Opening a CD store or music store is a great way to live your dream and make money in the process.
Items you will need
- Business License
- Retail Storefront
- Distribution Contract
Before you do anything, you need to have a retail storefront to sell your CDs from. Finding a spot for CD store can be difficult, so it is recommended to seek the assistance of a real estate agent to help you locate property. The property needs to be in a high traffic area because most of your initial business will come from walk-in traffic.
After you have secured a property through purchase or lease, you need to check local jurisdictions to find out what type of business license you need. Business licensing registers you with the state and local tax offices, allowing you to operate.
Once you have a license to conduct business at your location, it is time to stock your storefront with retail equipment. For a music store, you will need racks and shelves to display your CDs, a cash register system, and retail counter-tops. If you have the extra capital, it is also recommended to decorate your storefront with music related memorabilia, such as concert posters.
Once your store front is setup, you need to acquire inventory to sell. There are thousands of music distribution companies across the United States; you need to secure a distribution contract with one of them. Distribution companies will keep you supplied with CDs and help you achieve success. See the resources below for a few music distribution companies, but be sure to shop around to find the best one for you.
After securing your music distribution contract, you are ready to open for business. To promote interest in your new CD store, place an ad in the local newspaper offering a "grand opening" special, such as a discount program or membership savings club.
•The music industry can be quite competitive; be sure to price your CDs comparatively to other local shops, or price them lower if possible.