One of my favorite local shops had switched gears and now no longer really have much to sell but they expanded their lesson program big time. They told me that the money was in lessons and repairs.
Buy low, sellt high AND keep your overhead low. I rent a space at an antique mall. $80.00/month; heat, air, cc fees included and I don't have to be there. I sell used and vintage instruments and amps. None are high end. I buy instruments in need of TLC, clean, repair, replace strings and make sure all the electric components work as they should. I do really well and don't have the hassle of dealing with payments or shipping. I go by once a week for an hour or so and get a check at the end of the month..
I rent a space in an antique mall. It's not a store front. I have about 20 linear feet of wall space and about 40 sf of floor space. In addition to instruments and related items, I also have small antiques and collectable items. There are a total of 45 vendors in this antique mall. One comment mentioned partnering with a coffee shop. I'm basically partnered with 44 other vendors in the same building. Look up "Back Road Pickers" in Fallston, NC (that's the name of the antique mall). Also, if you've never been to an antique mall, you need to find one near you. You might be surprised at what you'll find.
I'd love to have a guitar shop. That would be a dream. At this point I'd be happy if I could work at a decent one. Unfortunately Vermont dosent have but a few. Not including G.C. we need more music stores here.
@@charlesbolton8471the only concern is the weather... humidity, hot , cold ... wood shrinks and expands with the surrounding... acoustic guitars would be an issue ‼️
Buying and selling on reverb sounds awesome... but after fees ETC, good luck on buying something to flip at a high enough price. Maybe I just don't know how to search reverb for the right deals....? lol After the reverb fee, and the tax man... plus some profit, no one is letting there gear go low enough it seems like when I look at gear.
No experience in owning a shop yet as a customer/visitor my advice is to listen to the wishes, demands, quastions over a coffee. Got four shops at proximity and only one I consider somewhat pleasant being there. One shop the owner told me that PU's don't matter as he put his sticker (shop) on CE logo (European law of two year warranty, regardless what manufacturer or shop themselves claim, like so on the bill of my guitar 😅). To me it seems the pressure of selling (targets) is so high they lost the customer (service). One shop owner is at war with Boss, another keep complaining about margins and another bashes Fender 😅 Welcome to the world of guitars & co.
I managed record stores for years in the 1970s until I got the nerve to open my own. but I tended bar at a sports bar and a music club to pay the rent at home for a few years.
If you have to take a loan to purchase a guitar.... you are asking for trouble ‼️ Put money away every time you get paid and go and pay for it straight out ‼️ If you got guitar fever, get a good budget guitar....
Specialize in mods/repair, flip used guitars online, plus sell in person out of your basement. No overhead. No employees. See how far you can grow it before you consider brick and mortar.
Opening a retail storefront as a new business venture in this economy? No. No way. I only have an undergrad in economics, but I predict half the storefronts that still exist now may well go out of business inside the next two years. Only the established brick and mortar retailers like Casino Guitars on up will survive what’s coming. It’d be more prudent to save whatever funds you may have dedicated to opening a business and use that instead to dollar cost average building your used inventory between now and then. Prices will continue to dip across the board, and there is a lot of nice gear that will continue to saturate the used market. You will have a lot more fun and peace of mind following that advice.
The first thing they should teach in an economics program is that the best and brightest economists get their predictions about the timing and depth of economic cycles wrong more often they they get it right. Even a broken clock is right twice a day, and the same goes for most economic predictions...eventually, most of them happen and you can claim you saw it coming. I'm not saying what you're suggesting won't happen, you just seem overly confident about half of all storefronts going out of business in the next 2 years....that's quite a hot take
@@ChidOki In my defense, I did qualify my prognostication with a "may." That and it doesnt take an economist to see the trend(s). That said, you're not wrong to doubt the abilities of economists to predict anything worthwhile. That's a big reason why I didn't pursue my doctorate in it.
The brick and mortar guitar shop is a money pit. Better off selling online. Used/vintage all the way. This way don’t have to pay all that money hoping someone cones in to buy something.
Obviously some can make it and be quite profitable. But I knew a guy in TN who opened a brick and mortar guitar shop and he soon figured out he was serving as the showroom for online stores, who could sell cheaper because of lower overhead.
Offer what the big manufacturers can't. Hands on service and quality
Not many of us will do this - but the advice is very transferrable - you folk know your stuff!
The more guitar shops the better. Best wishes to all the aspiring shop owners out there.
One of my favorite local shops had switched gears and now no longer really have much to sell but they expanded their lesson program big time. They told me that the money was in lessons and repairs.
I really love these guys together, I feel like when you get these guys together the conversation is a little more existential.
I have heard that you can make a small fortune by opening up a guitar shop...if you start with a large fortune.
Same as a winery!
I would love to own a guitar store, & I have enough guitars to start one 😂 I worked at a Guitar Center back in 2001, was awesome.
To open an any kind of brick and mortar business now you have to do your research and think about the market you are getting into.
Buy low, sellt high AND keep your overhead low.
I rent a space at an antique mall. $80.00/month; heat, air, cc fees included and I don't have to be there. I sell used and vintage instruments and amps. None are high end. I buy instruments in need of TLC, clean, repair, replace strings and make sure all the electric components work as they should. I do really well and don't have the hassle of dealing with payments or shipping. I go by once a week for an hour or so and get a check at the end of the month..
In what world is a lease 80/month. Where do you live?
@@ben156imagination land
@@ben156Thailand? India? Mogadishu? It’s certainly not in the U.S.
I rent a space in an antique mall. It's not a store front. I have about 20 linear feet of wall space and about 40 sf of floor space. In addition to instruments and related items, I also have small antiques and collectable items. There are a total of 45 vendors in this antique mall. One comment mentioned partnering with a coffee shop. I'm basically partnered with 44 other vendors in the same building. Look up "Back Road Pickers" in Fallston, NC (that's the name of the antique mall). Also, if you've never been to an antique mall, you need to find one near you. You might be surprised at what you'll find.
I started mine at the end of 2023 and going strong!
If I won a mega lottery and needed a big tax write off, I'd open a guitar store.
More independent stores full of used and vintage gear would warm my heart and lighten my wallet.
I'd love to have a guitar shop. That would be a dream. At this point I'd be happy if I could work at a decent one. Unfortunately Vermont dosent have but a few. Not including G.C. we need more music stores here.
Great video, thanks guys.
I’m gonna open a guitar shop and call it “cappuccino guitars” 😂
The best way to open a guitar shop is to have a successful TH-cam channel first.
🤞
Great Advice
Like a chef might start with a food truck then open a restaurant. Open a guitar truck first.
That might not be a bad idea.
@@charlesbolton8471the only concern is the weather... humidity, hot , cold ... wood shrinks and expands with the surrounding... acoustic guitars would be an issue ‼️
Make sure you own all the guitars
Ive been thinking... Guitars and Coffee.
I figure I’ll start out building my own guitars and see if I can sell them for a profit eventually.
Buying and selling on reverb sounds awesome... but after fees ETC, good luck on buying something to flip at a high enough price. Maybe I just don't know how to search reverb for the right deals....? lol After the reverb fee, and the tax man... plus some profit, no one is letting there gear go low enough it seems like when I look at gear.
It's impossible to make a profit selling on reverb.
Great work in giving back and supporting the community, guys. 👏
What about international. In other country? Do u recommend the same?
No experience in owning a shop yet as a customer/visitor my advice is to listen to the wishes, demands, quastions over a coffee. Got four shops at proximity and only one I consider somewhat pleasant being there.
One shop the owner told me that PU's don't matter as he put his sticker (shop) on CE logo (European law of two year warranty, regardless what manufacturer or shop themselves claim, like so on the bill of my guitar 😅).
To me it seems the pressure of selling (targets) is so high they lost the customer (service).
One shop owner is at war with Boss, another keep complaining about margins and another bashes Fender 😅
Welcome to the world of guitars & co.
I’m on the opposite side of the country now but I haven’t been to Harry’s in a while.
I Work for a Fortune 500 Global Company. Parts & Kit have a Huge Mark Up and are very profitable! Peace & WooF!! 🐶🐶
Sure , if you have money to burn and a high tolerance for pain
If this was 1970 or even 1980 I’d say sure, go for it. Not in today’s times, bad idea LOL!
I managed record stores for years in the 1970s until I got the nerve to open my own. but I tended bar at a sports bar and a music club to pay the rent at home for a few years.
Open a shoe store. Everyone needs a pair of shoes.
Open/partner with a “cigar bar” and/or brewery; and strong online presence.😊
Where did all those Gibson's hanging on the wall come from? Road to 100 K.
If you have to take a loan to purchase a guitar.... you are asking for trouble ‼️ Put money away every time you get paid and go and pay for it straight out ‼️ If you got guitar fever, get a good budget guitar....
Specialize in mods/repair, flip used guitars online, plus sell in person out of your basement. No overhead. No employees. See how far you can grow it before you consider brick and mortar.
Vision
Evryone here just stares at the Phone. Geetarz? We dont need no stinkin' Geetarz
😂
Opening a retail storefront as a new business venture in this economy? No. No way. I only have an undergrad in economics, but I predict half the storefronts that still exist now may well go out of business inside the next two years. Only the established brick and mortar retailers like Casino Guitars on up will survive what’s coming. It’d be more prudent to save whatever funds you may have dedicated to opening a business and use that instead to dollar cost average building your used inventory between now and then. Prices will continue to dip across the board, and there is a lot of nice gear that will continue to saturate the used market. You will have a lot more fun and peace of mind following that advice.
The first thing they should teach in an economics program is that the best and brightest economists get their predictions about the timing and depth of economic cycles wrong more often they they get it right. Even a broken clock is right twice a day, and the same goes for most economic predictions...eventually, most of them happen and you can claim you saw it coming. I'm not saying what you're suggesting won't happen, you just seem overly confident about half of all storefronts going out of business in the next 2 years....that's quite a hot take
@@ChidOki In my defense, I did qualify my prognostication with a "may." That and it doesnt take an economist to see the trend(s). That said, you're not wrong to doubt the abilities of economists to predict anything worthwhile. That's a big reason why I didn't pursue my doctorate in it.
Why actually know anything when you have TH-cam??? 🤩
no
I don't understand how anybody can make money selling guitars on reverb? Reverb fees will take all your profits
The brick and mortar guitar shop is a money pit. Better off selling online. Used/vintage all the way. This way don’t have to pay all that money hoping someone cones in to buy something.
Obviously some can make it and be quite profitable. But I knew a guy in TN who opened a brick and mortar guitar shop and he soon figured out he was serving as the showroom for online stores, who could sell cheaper because of lower overhead.
@@mvp019That's funny, but sad 😭
Opening a guitar shop in 2024 is a great way to become a millionaire...assuming you start out as a billionaire.
You guys need a shop Liam. can fix guitars and make people laugh. Will work for tubes , 1 meal a week and a large dog house for boarding.