"How to open a Record store"? Every one of us, who has loved and still loves music and vinyl records, has thought, at some point in our lives, or continues to think of opening our Vinyl record store. Certainly, if one manages to turn his hobby into a profession, he will never have to work ever again or, at least, that is what everyone who has done so, claim. However, is it that easy?
In these few lines, we will testify some thoughts and some advice. We spoke to a lot of our record store owner-friends, with their views summarized in the present article. If someone wants to know how to open a record store, he/she should know that To achieve commercial success, there are some requirements.
Opening a record store, the vinyl record, from an object of love, will turn into a commercial product and that’s where things get complicated. When the hobby becomes a profession, you have to be an excellent professional. So …
No1) Professionalism is the A to Z to success
Loving vinyl records, sleeping, and waking up with them is beautiful and of course…rational. However, here we are talking about a business that has to be governed by the rules of the market, which many times are cruel.
As an owner of a record store, you have to be tolerant of your vinyl record customers and we all know that die-hard music fans but also record collectors are special people. Moreover, the deep knowledge of the music you are selling in your store is also included in what we call “professional behavior”.
The ideal thing to do before you put a vinyl record on the shelf of the record store is to listen to it and form a subjective opinion about the music it contains. It is not easy but it is not that difficult. Do not forget that this is your job. From that job you expect to bring "food on the table".
With this method, you will be able to answer any question of a customer regarding the vinyl records you are selling and look like a seriously knowledgeable professional record store owner, a much-appreciated qualification.
For this reason, unless you are going to open a 3000 square meter behemoth of a record shop, you will have to focus on the genre of music that you are familiar with and serve it meticulously. That way, you will be able to speak the same musical language as your customers.
No2) How to have a large margin of profit while selling at low prices.
Try to keep your prices as low as possible from the beginning of your record store’s operation. Make the vinyl records that are for sale on the shelves of your record store, as affordable as possible.
Your customers will love you! Don’t start selling expensively and then drop your prices when you discover that people are not buying. That will seem like a desperate move, you will lose your customers’ trust and it will take a lot of time for you to regain it.
It is common knowledge that new vinyl record releases do not generate large profits. For you to earn more money there are two moves you can do:
A) You can sell used vinyl records. Try purchasing used vinyl records that are in excellent condition (VG+ and above). Become a quality used or vintage vinyl seller. Quality always makes a difference. You can find used vinyl records in flea markets or from people that sell their vinyl collections at very good prices.
Some of them are selling their vinyl records because they don’t listen to that genre of music anymore. Some others might sell their vinyl collection because they need the money. In this case, do not think as a businessman but as a music fan and always give a bit more than they ask. Do the right thing and it will come back to you. Therefore, put your ads on the local press, on the Internet e.t.c. and wait for your phone to ring.
B) Establish your record label along with your vinyl record store and release records from new, up-and-coming local bands. Look for a good new band and release their vinyl record. Record Store Day events, will help your record label.
Release titles especially for these days. Vinyl record is here to stay, so take advantage of every vinyl record event on the globe. You can also republish some old releases but that could cost a bit extra in copyrights and intellectual property.
If you press a lot of copies you can trade some of them with privateers or other traders. That will help you refresh your merchandise with minimal cost. For example, if we suppose you cut 300-500 copies, but you sell 150, and you don’t want to store them, you can trade the rest of them with other vinyl records of equal value.
On Vinylom, we give sellers the ability to make safe trades with each other. This is a feature that you will not find in any other music marketplace.
No3) Take full advantage of the Internet and its abilities
There are many and highly esteemed vinyl record marketplaces, at this moment. Sell your vinyl records online. You can sign up and sell your merchandise, while you keep your physical store, to buyers all around the globe. This will give you the ability to increase your sales and augment your liquidity.
From the moment you start selling via the Internet, you will have to learn how to pack your vinyl records very well, to mail them.
In the up-and-coming and continuously growing Vinylom marketplace, we offer ...LOW SELLING & TRADE FEES!!!
You can sign up today and start listing your items for free.
If you follow these basic principles you may not become immensely rich (although you never know) but you will be able to maintain a successful record store and live a financially comfortable life among the most beautiful item ever made… the vinyl record !!!
I wish you every success!
Founder of Vinylom