A Guide on How to Run a Music Store
Opening a small business like a music store is a great way to connect to your local community of music lovers. As you prepare to go into business for yourself, you may find the path to entrepreneurship isn’t easy. Thankfully, there are many ways to prepare for the challenges and triumphs you encounter when running a music store.
Marketing Musts for Music Stores
What does it take to run a successful music store? While many different factors go into success, including marketing, customer service, and product offering, some fundamental strategies will help set you up for success. In this article, we’ll discuss six tips to successfully run a music store.
1. Solid Digital Marketing
Marketing is one of the most important parts of running a successful music shop. If you can't get your potential customers to see your business, how will you make any sales? The right digital marketing efforts will get the word out and attract new customers.
Start by creating a frequently-updated website with all your information, products, and events to let people know you exist. Next, be sure to promote your shop on platforms like Facebook and Google My Business to make sure potential clients can find out about you.
2. Improve Your Bookkeeping and Invoicing
To be successful in the business or running a music store, you need to have impeccable bookkeeping skills. Knowing how much money is coming in and how much money is going out is an essential first step in turning a profit. Investing in software like QuickBooks will help you to have accurate records of your income and expenses at all times. It also helps keep things organized for tax time. You should also keep track of your payments and deposits with tools like Quicken or other similar apps.
If you find keeping up with the numbers to be a challenge, consider outsourcing the task. With the help of an accountant or CPA, you'll be able to keep your store's finances on track.
3. Build Client Relationships
A music store needs to cultivate good relationships with customers. Make it a point to learn their names and what they’re interested in, and use that information when suggesting new releases or artists. People are more likely to buy things when they feel as though they care about them. It’s a small detail, but it matters in an industry where every sale counts.
4. Keep Track of Inventory
Use an inventory control system to keep track of your inventory at all times. An inventory control system can include labels, barcodes, and other methods for keeping track of what you sell. Once you’ve identified how many violin strings and other merchandise you need, start looking for retailers that will supply your store at a price that makes financial sense.
5. Use Signage
Good signage can do wonders for your store’s success. It helps people get around, sets expectations, and inspires purchases. Make sure you have signs prominently displayed directing customers where they should go.
Other useful promotional tools include price tags and signs with specials or coupons. Remember that signage should be legible and eye-catching. If you feel like you have to stare at it for more than ten seconds to read it, you probably need new text or a different font.
6. Find Your Music Niche
Choose one or two specific genres of music to focus on, if possible. You must target your products and services to people with an interest in that genre, so you can become an expert in their musical tastes. For example, rather than carrying many genres of music and focusing on everything but rock ‘n’ roll, it might be better for you to specialize in classic rock albums. Not only will you make sales when customers come into your store looking for those types of albums, but they may also keep coming back because they've bought into your expertise as a specialist within that field.
Owning and operating a successful music store is not as simple as it may seem. Keep these strategies in mind to help you get started.