And although this is an exciting time, you do need to know what it takes to start your new shop.
Here’s the good news: You’re already one step ahead. You know music.
But you need to make sure you’re set up for success from a business standpoint. Luckily, the music store market is projected to reach a value of $24.53 billion within seven years. There’s definitely room for you and your music shop to succeed.
We know that turning your music expertise from a hobby to business can be daunting. In this blog, we’ll explore exactly what you need to do to turn your music shop dreams into reality. We’ll give you all the tips and tricks on how to start a music store with one foot forward.
Step 1: Do Market Research
First things first: You need to conduct market research. It’s important to go to other music shops around your area and see what they’re doing. Knowing who your customers are before you’ve even opened your doors will allow you to connect with your target market much faster. Here are some steps you can take to properly carry out market research before you start your music shop.
Find Your Target Customer
There are a few ways that you can find out who your customers are. First, connect with your musician friends. Talking to people that are already in the music shop industry is the best way to find out who your customers are. Chances are, you’ll have different types of customers, so make sure you’re talking to as many musicians as you can. The more people you talk to, the more equipped you’ll be to properly connect with all of your customers.
Another way you can find your target customers is to check online forums. There may be a Facebook group, Reddit thread, or Instagram page full of people who are trying to start music stores just like yours.
Don’t stop there, though — find groups with people who are buying instruments and other music supplies. For example, if you’re starting a guitar shop, join guitarist groups and speak with their members. They’ll love to talk about music just as much as you do.
Complete a Proper Competitive Analysis
Go into music stores in your area. See what your competition is like. Find out what brands they’re selling, what their store looks like, and all the unique things they do to connect with their customers. Take note of everything you like and don’t like about your competition. Then, build off of your new-found research.
Discover Your Niche
Even though you’re bound to have competition in your area, the music industry is incredibly vast. Find something that makes you stand out from the rest. There are tons of ways to set yourself apart — whether it’s the type of instruments you sell, the way you connect with your customers, the services you offer, or the aesthetic of your shop, you’re going to find your niche.
Hone in on what makes you different and bring it to your music store. Your customers will start flooding in in no time.
Related Read: 5 Retail Trends Shared at NAMM
Step 2: Create a Business Plan
The next step: Create your business plan. This is where you decide how you want to run your business.
Yes, you need to find out what systems to use and how to properly run your finances — but you also get to decide how you want to market to your customers and display your products. Try to have fun with this step. Your business plan will drive success for your music store.
Another pivotal part of business planning is to make sure you have the correct license from your city or state. Do your research to ensure you’re applying for the correct license.
The most important part about your business plan is flexibility. Any business, especially in the music store industry, is all about keeping up with customer demand. If something isn’t working, don’t worry. You can always pivot and try something new. Your failures drive success. Stay flexible and keep your eyes on the prize: opening your dream music store.
Step 3: Choose the Best Music POS System
Now, it’s time to put the pedal to the metal. You’re so close to starting your very own music store — which means it’s time to choose a point of sale (POS) system.
A good POS system is the difference between spending hours figuring out inventory, scheduling, and analytics, and focusing on the real reason you started your business. And as a music store owner, you want a POS system that is built specifically for music stores.
General POS systems won’t give you enough functionality for your music shop. Whether you’re offering lessons, renting out instruments, or need work order functionality — you need a more specialized POS. You want to focus on your love for music and your customers. Let your music POS take care of the rest.
Choosing the right POS system can be difficult; there are tons of different softwares to consider. Now is the time to sit down and do your research. Pick the system that’s easiest for you. We suggest looking for a music POS that offers specialized features, including:
- Reverb integration: List products to a huge music marketplace and connect with musicians who want to buy from you.
- Repairs & work orders: Manage instrument repairs and other custom work from one simple system.
- My Music Staff: Help music teachers easily track and organize music lessons with My Music Staff.
- Automated marketing: Connect with your customers with data-driven marketing tools.
- E-commerce website: Get your products online with a website that seamlessly integrates with your POS system.
- Inventory sync: Keep your inventory up to date across online and in-store purchases.
- Apple & Google Pay: Accept all payment methods and provide extra convenience for your customers.
- Support team: Simplify your life by working with the same support team you already know and trust.
Remember: Choose a POS system that works for you, not the other way around. If it doesn’t take the weight off your shoulders significantly, it isn’t doing enough — take the stress out of business management, so you can focus on your passion.
Related Read: Understanding Payment Processing With Point of Sale Software
Step 4: Set Up Your Website
In the music industry, it’s important to establish an online presence. A majority of your customers will see what your music store offers on your website before they even come in. Look for software that’s easy to use. Your website should be aesthetically pleasing and draw in potential customers to your music store.
When choosing your software, look for features that make running your e-commerce website easy. Here are a few elements we suggest:
- User-friendly website management and creation tools
- Easy-to-read sales and marketing analytics
- Mobile-first design functionality
- Web optimization capabilities for search engine optimization (SEO)
- Customer reward capabilities
This is a great opportunity for you to showcase your brand. Make sure your website is welcoming, clear, and user-friendly. Once you’ve created your online presence, your customers will flock to your store in no time.
Related Read: Navigating E-Commerce Logistics: A Harmonious Guide for Music Stores
Step 5: Find the Right Location
The final thing you want to do is make sure you have an optimal location and setup within your music store. Drive around your area and make note of where your competitors are located. Ensure that your music store is visible and easy to find. Most importantly, make sure your store has curb appeal so that people are pulled inside.
The inside of your store is just as important as its location. You want your best products to be easily accessible. Make each section of your store easily identifiable. Your layout should make sense — have your friends and family walk through your store and stay open to feedback.
Remember: Your end goal is to give your customers the best buying experience possible.
How To Start Your Music Store With Music Shop 360
You’ve done it! You’re ready and equipped with everything you need to start your music store.
Keep in mind all of the steps as you’re planning how to start your music store:
- Do market research.
- Create a business plan.
- Choose the best music POS system.
- Set up your website.
- Find the right location.
So, where do you go to make all of this easier — and how do you make sure that your software has all of the necessary functions for your music store? Look no further than Music Shop 360.
Music Shop 360 is an all-in-one software that helps you run your music shop with ease. Not only do we offer a user-friendly POS system with extensive inventory management, but we offer an integrated website and marketing tools.