Any money to be made owning a record store?

MontyMonty
edited May 2012 in Other music
Does anyone know anyone who owns a small, local record store and doing well?

I think there's a real business opportunity for quality indie record stores if in the right location, with a good website and quality new & used stock. However, can one make a solid living out of it?

I have a real itch to invest some time and cash into a new venture, starting with a website. I can't afford to leave my current job but I can afford to spend some time building something. Starting small online to test the water and then employ someone to run a store if it feels right and could pay for itself.

I worked for a high street music retailer for 14 years so know the industry well. I understand the challenges, costs etc. When I walk into an indie, they seem to have massive stock problems which must be hurting cash-flow and they always seem pretty quiet.

Turnover of these smaller stores must be low. Do the owners make a comfortable living or are they just scraping by....

I'm really curious ;)

Comments

  • AlanAlan
    Well, my first reaction is to uneasily recall all the local stores I have known...all gone now. So in answer to your question, I'm afraid I don't personally know anyone myself that has successfully 'made a go of it'.

    The online presence you mention would probably be key to your success, you might find  yourself as much a mail-order business.

    TonyL runs the largest UK HiFi forum, which he uses to attract trade to his record store (mail order again), but I don't think he makes a mint from it.
  • uglymusicuglymusic
    Hmm. Unless you have some original business model up your sleeve, or a volume niche that no one else is filling, I think you'll find it difficult to make it work - as Alan says, witness all the independent record shops that have gone out of business.

    Sorry not to be able to be enthusiastic.
  • JimJim
    Have to agree with Dave here. A mate owned a vinyl shop way back in the 80s and 90s. He did well until the late 90s and it dried up. He closed up and went mail order for a while but that didn't work out either.

    But right place, right time etc. Again as Dave said if you can find a niche you could do well.
  • DocfosterDocfoster
    Have to agree with Dave here. A mate owned a vinyl shop way back in the 80s and 90s. He did well until the late 90s and it dried up. He closed up and went mail order for a while but that didn't work out either.

    But right place, right time etc. Again as Dave said if you can find a niche you could do well.

    I would imagine that t'internet has changed the sales world for many products that can be sent cheaply through the post.
  • uglymusicuglymusic
    And now there are download sites like Bandcamp and Gubemusic that sell Redbook and above downloads.

    A small part of the market, but their niches are now at least partly occupied, of course.
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