How to Open a Record Store (Part Two) Location ON and OFFLINE | Talking About Records

[@kristennorth3268]

Really appreciating this series. My husband and I bought a pre-existing (and failing) store, so things like location were already determined, but I'm still learning from every episode. We did briefly try selling online (Discogs) during 2020 but every buyer said the grading was wrong and returned them so we just gave up on that until we have a better idea what we're doing. Or maybe just never.

[@NTXVinyl]

So glad it’s helpful!

[@DorianPaige00]

Most collections have records that have to be discarded because the title won't sell or it's in bad shape. The grading wasn't in a conservative direction if folks are returning and complaining. You can only give 35-60% of Discogs median price if titles are the ones people want, are rare and in demand, and are in near mint shape. I saw some 12" singles and Lps at the Salvation army that were decent titles but they were in perfect shape. I don't remember ever opening albums in 80's without a few hairlines. These didn't have that so for $1 I grabbed them and will sell on Discogs.

[@terrywiselheintz1174]

What program do you use to inventory and print labels. Help!

[@vinylovers]

Appreciate, very helpful videos!

[@vintagemostwanted4557]

Great info, I’m taking notes! It makes sense to also sell online. I am looking forward to eventually selling on my own site and not have to pay seller fees! Yea, I was thinking something along the lines of a coffee bar area, something different and unique that will have customers returning for more. Looking forward to the next video. Thank you 🙏🏼

[@NTXVinyl]

Thanks!

[@justinforrest1613]

What kind of initial capitol do you think it takes to have inventory to start off?

[@NTXVinyl]

I’ll be addressing this more in an episode specifically about inventory. So many variables depending on how large or varied you’re wanting to be

[@crispuno5707]

I’m curious. How many records do you sell each day? I was doing some rough math and if I wanted to have a take home profit of around $5000 a month and say, I earn $5 a record minus the expenses. I’ll need to sell 1000 records a month, around 33 a day. Is that doable? I’ve sold on eBay in the past and I don’t think I’ve gotten that many sales a day. I just need some encouragement to know it’s possible. Would love to have a thriving and profitable record store one day.

[@NTXVinyl]

It’s not really that simple at all. No retail business is. The vast majority of sales happen Friday thru Sunday. And margins can differ drastically on records, just like anything you sell, especially with a “hobby” On some records you’ll make $2-3 profit, on others you may make $25+ or more.

[@yevg7]

How do you deal with local pickups from a practical viewpoint. Are there painted tree personnel there to hand them out, or so you just put them in a designated spot and hope nobody else doesn’t take them? 😀.

[@NTXVinyl]

All pick ups are held behind front counter. Customers simply ask any cashier to retrieve their album(s)

[@yevg7]

I see. Thank you 🙏

[@topherg1935]

My best and biggest local record store doesn't sell online. He is all about the experience of going in and physically flipping through the bins.

[@NTXVinyl]

If they can make a good living without selling online kudos to them. My guess is they’ve been around a long time? Most shops don’t have that luxury, especially if just getting off the ground in recent years

[@topherg1935]

@@NTXVinyl It's Mill City Sound and they've been around 7 or 8 years. He got started by buying a huge collection in West Texas of a store that never sent back unsold records for decades. The vinyl boom has been good timing for them.

[@kristennorth3268]

@@topherg1935 Oh we love them. Whenever we're in Minneapolis, we stop by and dig. (We're in North Dakota.)