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Hi all!! I am mostly a lurker on this forum, but I have been strongly considering the idea of opening a musical instrument store in Fuquay (or Varina, not sure which yet)....
Anyway, without getting too deeply into the details I have been into music and gear for 20 years now and have always loved buying and selling gear. I also have a knack for setting up instruments (mainly of the stringed variation) and have even done some repair.
I guess I am throwing this post out to see what other "city-dataites" from the FV or HS area thought about it.
I mean, I have seen the demise of two music stores in Fuquay-Varina, and one of them was owned by a friend. But, I just felt there was never a place like what I could run. I have a vision of what the store should be like, what types of outreach there should be, community involvement, and so on.
So, without being too long-winded here, does anyone have a thought to throw out there on this topic? Bad idea? Am I nuts? Thanks all for taking the time to read this post and look forward to hearing your thoughts.
I think retail anything is going to be very tough these days. You'd be competing against online stores, big box stores, Craigslist, Ebay, etc. Would you be able to offer lessons also? That might give you an edge.
FWIW, I would love to see a music store in FV, I think it would be a good fit (that, and a bicycle store). But I probably would not be spending a lot of money there.
Only one way to find out, just don't bet your life savings on it. (The sports store that just closed down would be a good location.)
I think retail anything is going to be very tough these days. You'd be competing against online stores, big box stores, Craigslist, Ebay, etc. Would you be able to offer lessons also? That might give you an edge.
FWIW, I would love to see a music store in FV, I think it would be a good fit (that, and a bicycle store). But I probably would not be spending a lot of money there.
Only one way to find out, just don't bet your life savings on it. (The sports store that just closed down would be a good location.)
Agreed, the risk is way too high here my friend, I would advise you to find a higher traffic area like downtown Durham, or bail altogether. Won't have the sustainability you'll need finance wise in FV IMO.
I think retail anything is going to be very tough these days. You'd be competing against online stores, big box stores, Craigslist, Ebay, etc. Would you be able to offer lessons also? That might give you an edge.
FWIW, I would love to see a music store in FV, I think it would be a good fit (that, and a bicycle store). But I probably would not be spending a lot of money there.
Only one way to find out, just don't bet your life savings on it. (The sports store that just closed down would be a good location.)
Thanks for your response!! And to those who voted yes to the music store, thanks for your input as well .
I agree that anything retail will be difficult, but find musical instruments somewhat special in that many times a person wants to play the instrument prior to buying. The big box stores in raleigh are not bad, but do not specialize in used gear. I actually love going to both stores there, but hardly ever buy anything there strangely enough.
I do worry about Craigslist though, more than any of the other outlets. It is just inundated with gear. The only things that I could offer really over clist are lessons (guitar and mandolin), setups on instruments and some repair, and customer service /backing for the items that I sell.
The other thing that worries me is the risk. I have a family and do have a decent job at the moment so betting on this would be like "betting my life on it" and even somewhat that of my family 's. So it's a big step. There has been this nagging feeling that I have been called to do this though. It's really strange, and I do not want to he selfish about it.
Thanks again for my our thoughts and I hope more people respond!!
Agreed, the risk is way too high here my friend, I would advise you to find a higher traffic area like downtown Durham, or bail altogether. Won't have the sustainability you'll need finance wise in FV IMO.
Thanks for your thoughts Rory! I have been thinking about that as well. The population of FV is growing rapidly, but it us still pretty tiny compared to many surrounding cities. I do often wonder about the sustainability of a specialized business like this.
Is Walt's still open or is that one of the ones you mentioned in your OP? Talk to the friend that owned the store and get his/her input. My boss is a guitar nut, and would be likely to come out this way. (I know he supported Walt.)
I think, even with the lessons and repairs, it would be hard, but it would be nice for band parents to have some place closer than Music & Arts or Burrage. Would you be carrying music as well? (Find out what the band teachers and music teachers use and keep those in stock.)
Is Walt's still open or is that one of the ones you mentioned in your OP? Talk to the friend that owned the store and get his/her input. My boss is a guitar nut, and would be likely to come out this way. (I know he supported Walt.)
I think, even with the lessons and repairs, it would be hard, but it would be nice for band parents to have some place closer than Music & Arts or Burrage. Would you be carrying music as well? (Find out what the band teachers and music teachers use and keep those in stock.)
Walt's is one of the ones mentioned in the OP. Yeah, he is great guy and back when I was young sold me one of my first really nice guitars (he was working at another music store). He is out of business now as well, which was one of the reasons I thought of the idea of opening a place. I would definitely want to integrate as much of the school's business as I could (ie sheet music, band instrument accessories, etc) and also try to encourage youth into music (open mic, jam sessions, etc).
It will be a tough undertaking no matter what, but I really want to believe that I could offer something to FV that they haven't yet had in a music store. Maybe I'm just nuts for thinking so!!
Your competition is pawn shops. And as long as you can provide much better customer service and prices (not asking much, that part is easy), you should be able to do it. Another aspect is rental gear, especially for school band instruments. Brass and woodwind stuff is very pricey. And most kids don't stick with it. Used gear and rental/lease would be an option I'd explore. A well stocked, and well run store should do well, as most customers in that area are relying on driving to Raleigh/Cary, or mail order. If you can keep your overhead low, and have competitive prices, I don't see why it shouldn't work. A LOT of the gear currently on Craigslist is sitting in music stores now. A ton of businesses use it to get their product out in front of the masses.
I don't think you'll get rich doing it, but may stay above water! You need enough high end gear to keep the serious guys coming in, and enough of the cheap stuff to keep mom and dad in buying for their kids! Too many small shops try to do one or the other. Everything is over $750, pr everything is under $150. The biggest problem I've seen with small town music stores is simply overpricing stuff thinking people will pay your prices instead of driving 15 miles. Mail order killed that mentality, and their business along with it.
Your competition is pawn shops. And as long as you can provide much better customer service and prices (not asking much, that part is easy), you should be able to do it. Another aspect is rental gear, especially for school band instruments. Brass and woodwind stuff is very pricey. And most kids don't stick with it. Used gear and rental/lease would be an option I'd explore. A well stocked, and well run store should do well, as most customers in that area are relying on driving to Raleigh/Cary, or mail order. If you can keep your overhead low, and have competitive prices, I don't see why it shouldn't work. A LOT of the gear currently on Craigslist is sitting in music stores now. A ton of businesses use it to get their product out in front of the masses.
I don't think you'll get rich doing it, but may stay above water! You need enough high end gear to keep the serious guys coming in, and enough of the cheap stuff to keep mom and dad in buying for their kids! Too many small shops try to do one or the other. Everything is over $750, pr everything is under $150. The biggest problem I've seen with small town music stores is simply overpricing stuff thinking people will pay your prices instead of driving 15 miles. Mail order killed that mentality, and their business along with it.
Thanks for your response!! I agree that running a used gear business would directly compete with pawn shops. I just hope that I could draw in more of their instrument business with better value and like you said service. I don't want to be one of those sky high shops either. I do like the idea of having some higher end gear as well as the entry level stuff. You are right that it won't be a million dollar biz, but if I could make it work I sure would love providing that service to the community.
I wish you good luck and vision as you make this decision. I always prefer local music stores to chains for many, many reasons.
How well does that Music Go Round (I think it's in Cary) do? That place (the chain, I mean) is pretty dialed in for used gear and for tracking/moving inventory among its many locations.
The best local stores I know of (I'm a transplant from San Jose CA, so I'm thinking of Guitar Showcase and Starving Musician, if you want good examples) have strong lesson and setup/repair components as well as used/rental programs (be sure to include PA rentals for local bands). Some shops specialize in higher end new stuff (nothing crazy, but your typical line of Fender, Gibson, and other similar brands) and maintain a smaller consignment section for used gear, and others deal heavily in used. Some stores give you an option of how to configure the sale of your item (trade, consignment, or straight purchase for resale).
One way to keep pace with the times is having a web presence that maintains a real time inventory of all of your instrument stock.
You'll probably have to dedicate space for lessons, have a few instructors working and giving you a cut (for space, scheduling, payment processing, etc), and maybe an arrangement with a luthier/repair person who can handle anything beyond typical setup issues.
Ultimately, you have to decide whether the population density to support your business exists in Fuquay. You also have to determine whether you have the capital necessary to support your business and yourself for the months/years it may take to drive a profit.
I play the bass. For electric stuff, I've often shopped in local stores for things like strings, stands, cables, etc, but I tend to buy my instruments off Craig's List or other internet sources. I haven't needed it yet, but for setup issues that are beyond my meager skills to fix, I'll try to find a dedicated guitar guy.
For the upright, I buy most everything online, except instruments, and I won't have anyone but Bob Beerman touch it for repairs.
The internet, unfortunately for local guys, makes finding particular items really easy to get. That's a dynamic you'll have to consider as you decide what you want to be and to whom.
I'm probably stating the obvious above, as it sounds like you've been around a bit, but I thought I'd throw my 2 cents in just in case there's any idea that could help you out. Best of luck, and please keep the thread updated if you decide to proceed.
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