Any money to be made owning a record store?

Monty

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

Alan

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.

uglymusic

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.

Jim

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.

Docfoster

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.

uglymusic

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.