How To Open A Music Or Guitar Store Pt1

[@ArafinWasHere]

Glad to see that beard never stopped growing

[@cupolove1]

hodge twins and fender twins. classic combo

[@RNAMusic]

haha thanks Darien!

[@RobertBakerGuitar]

Really good info here I never thought it took so much . I have a new application for what you do man tons of respect . I haven't had a chance to watch part 2 yet

[@market3archives280]

Holy Crap its Robert Baker

[@RNAMusic]

Thanks Robert! It's mostly takes cash to make it happen. And continued cash flow. Lessons are much more stable income than retail is. I like both though. Lessons a bit more.

[@RNAMusic]

I would love to. As soon as I have the money.

[@johnester8421]

The intro alone made me immediately wanna watch more

[@RNAMusic]

lol hodge twins....

[@shredbetter]

Good stuff! Presented with an open mind! Thanks!

[@RNAMusic]

Thanks Robert!

[@nickortiz4456]

Really enjoyed both of these videos. I'm a small business owner from orlando and I build and sell custom drums for any drummer I can reach locally really. I want to open up a retail space where I can sell and build; most importantly build, but preferably both! The idea would be to have space to sell my own brand, whether it's a line of series kits for impulse buyers, or a custom built kit designed by the customer right there at the shop. If there's any chance you'd have any other useful advice like this to make a 3rd video that would be the coolest. Any legal advice, marketing advice, etc. really ANYTHING would help out.

[@nickortiz4456]

Also, could a retail space be used for a shop? You know, with hardware and power tools through out the whole space? Considering in this scenario it's just the drum building and no actual retailing going on.

[@RNAMusic]

Thanks man! I think those guys are hilarious. I've been working on my health an fitness lately and they help me stay motivated.

[@lightthedawn8693]

lol..... I love the intro.... cracked me up.

[@courtnrysalamone7677]

I'm sure this is a stupid question but I'm am very very brand new about this type of thing. When you say for example an "80,000 dollar opening order" from a company and it's minimum requirement, is that usually once you give them that money you are the owner of the gear that is shipped to you until you sell it, or is that a sort of payment to be allowed to sell their gear and you get a commission of the sales and they get a commission of the sales. I'm not sure how working with musical gear companies is, I'm just in the getting ideas stage right now

[@RNAMusic]

You pay them dealer cost for the items. They ship it to you. You hopefully sell it and recoup your cost plus some profit margin. Different companies have different requirements to become dealers for their product. Sometimes it’s a dollar amount, sometimes it’s a unit amount. There are pricing guidelines you do have to abide by to continued to be a dealer for that company.

[@KotaKronic]

There is a music store in my town, but he doesn't have very much of a choice on instruments. I see him doing more guitar lessons than anything. Surprised he stays open lol

[@RNAMusic]

That’s where the regular revenue is. Much more profit margin in lessons than selling gear.

[@KotaKronic]

​@@RNAMusic I had no clue lol. That's kind of surprising. Thanks for the information brother!🤘🏻

[@RNAMusic]

No worries! Profit margin on gear isn’t that much and you’re not selling 50 guitars a day. Plus you have to pay taxes on your inventory at the end of every year. Lessons and repairs/tech work is almost all profit. Minus overheard utilities/rent etc. We used to carry way more, but then I figured where all the revenue was actually coming from. We carry less inventory now

[@patdavidmusic]

nice intro dude :) needs more rabbits and gravy

[@stratomanyjm3725]

what about buy sell used gear and guitars type of shop set ups repair?? thanks

[@RNAMusic]

stratoman YJM That is a great way to get started, Their are no dealer agreements to go by, or buy ins when selling used gear.

[@buskerbuddy2108]

Cool video.

[@sylviaarreola2340]

I live in a town where the population is almost 17,000. There is a guitar center west from where i live and its 1hr and a half away. And going east there is a local music store 60 miles away. Do you think opening a musical instrument store would be a good idea for me?. Or is it to risky?

[@matthewtayloryowieresearch1912]

I wish I was in your town Sylvia, sounds like a good idea to me, with the lack of nearby competition if you are knowledgeable about music / musical instruments etc I'd do it asafp. Hopin' you've been open a year or so? Cheers, peace & respect. Didyabringyabongalong Station, Central Queensland, Australia.

[@leecooney9196]

Im 17 right now and im going to college so that i can go into teaching. And my plan is to save every spare penny i have until i have around £20,000. Are built to order custom guitars a good idea? I'd like to do that along with selling gear, doing repairs/upgrades/modifications and lessons.

[@RNAMusic]

+Geek Metal that can be a very tough market. Building custom guitars. We still make the majority of our income from teaching. That's a great place to focus because it doesn't require investing in inventory or paying taxes on inventory and the profit margins on gear is not very good.

[@hifijohn]

I wouldnt waste my time, I have had many friends who have tried and have failed.Opening a guitar store means you have to deal with inventory, potential shoplifters,teens who treat your store like their own personal hangout,guitar wankers who spend all day playing your guitars then go to guitar center for their purchase and so on.If you make any money it will be with lessons, repairs, used stuff and accessories .Goodluck.

[@RNAMusic]

Thanks for he comment. We've been at it for about 9 years now. Each year has been more profitable than the last for us. Not everyone is cut out to be their own boss that's true. Not all musicians are good at business.

[@hifijohn]

Im glad your store is doing well, but you are the exception,the vast majority of stores, no matter what the type it is, fails.

[@RNAMusic]

That's true, many businesses do fail. Some succeed. It's all about measuring risk and reward. Some people fail many times before they succeed. You have to be ok with possibly failing at anything when you try it. The possibility of failure is there for anything. Doesn't mean you shouldn't try if you really want to give anything a go. I know quite a few people who have opened stores around the time when we did or after, and are doing well. One main factor to their success and the few that I know that did fail is not going into massive debt at the beginning, and being ok with starting small and growing smart.

[@1111guitardude1111]

Ha! Dug the twinmuscleworkout inspired intro!

[@MrEmohdee]

ROCK ON

[@RNAMusic]

yes sir!

[@RNAMusic]

and buttermilk biscuits!

[@Wyocaster]

Do you know the buy in requirements for Fender?

[@bennettmusiclabs9382]

it was $75,000.00 buy in per year, about 5 years ago when I investigated it. Needless to say it wasn't worth it in my area, which has a population of 417,000 Squier on the other hand was only about 10G one of the keys i've found is keeping your overhead as low as possible

[@jakelus71]

become a chapman dealer! rob is looking for US dealers!

[@portersstopmotionanimation9996]

To me he looks like Seth Rogan I know he's not but lol

[@joachimedras]

In The Future I May invite you to come to my store for an inspection, I May need you Very Soon By The way we could work out a deal together to be as my advisor and to help me have a better store Thank you for this video

[@slickharp]

$80,000 = Crap Load....lol

[@bennettmusiclabs9382]

thats a very small Drop in a very big bucket for a retail music store. most small MOM & POP music store have an average of 100,000 in inventory if they carry full line. * (guitars bass drums keyboard etc etc.) and your selection will seem kinda thin to most musicians who have been in a GC these days. That said... "the atmoshpere" of your store can sometimes make or break you. so its something that should be thought about carefully. can you do it with less. yes. but do't expect to grow much, unless your willing to dump everything you make back into the store for the first 5 years.