2. misc-audio
  3. 161901-2723

Opening Record Store

Looking for advice from my fellow audiogoners...I have the potential to move into a store front that is already being operated as a record store (lps only) and become the new shop proprieter/owner. The owner has offered me the space (rediculously cheap rent) in a good area of town. He has had his store for about 5 years now and has a steady customer base. He will be taking all of his inventory and record storage bins that were in the store.He has a web site set up already and signs out front indicating the name of the shop...I plan on rebranding the shop with name change and interior upgrades. It is not a large space maybe 800-1000 square feet. I have a rather large inventory of my own so my up front investment of vinyl would be minimal. The owner wants me to buy him out..basically give cash in return for his customer base and the potential to get my hands on pretty good collections. I am trying to come up with a fair valuation of something like this and I am looking for advice..What do you think something like this is worth? Thank you in advance.
fromunda

Showing 3 responses by cd318

cd318
2,636 posts
 
If you do it, you’ll be doing it for love, not money.

You’d have to maintain the online side of things really well. A friend of mine runs a luxury leather goods/jewellery, camping equipment store and he says that it’s the online side that keeps it going.

Maybe having a listening booth, as they used to in days of yore, might be worth considering. Might also save on returns.

As for names, well how about ’Ah...Diskies!’?

(Just in case you later decide to also stock a few choice CDs and DVDs).
cd318
2,636 posts
 
I'd second that, no partner.

Never ends well.
cd318
2,636 posts
 
Err yes, more good points neither California or Hong Kong would inspire much confidence right now.

Political stability is important for business. Everyone knows - unless you’re in the instability business of course - yes you Mr Soros!

If you want to run it as a boutique venture then you’ll need to work out just how much you can afford to lose each year.

I knew a few people who had inherited comicbook shops from their parents. They’d grown up themselves in the business.

One of them, in Birmingham, had to downsize gradually moving away from the city centre until he no longer even had a shop. The other was based in East London. I expect he’s long gone too.
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