Music Store Business Plan

Failing to take these steps can result in fines and headaches from floods, leaks and non-working utilities.

Heed the real estate agent's mantra of "location, location, location." Great deals in low-rent neighborhoods mean nothing if your customers don't feel safe.

Don't depend on volume sales to drive business, since chain stores get heftier discounts that enable them to undersell their competition.

Instead, consider opening your space for lessons, guitar repair, training (such as using equipment, especially recording equipment), performances and other special events to build customer loyalty, and name recognition.

Similarly, a prime spot downtown is pointless, if parking is impossible, so make sure your facility has at least some of its own space.

A location close to local clubs where bands frequently play is a consideration.Double-check all building codes and zoning laws, which will affect your location choice.Before signing any lease, make sure your building or storefront space has been thoroughly inspected.Guitar Center staved off those concerns for a few years when later that month it refinanced its

A location close to local clubs where bands frequently play is a consideration.

Double-check all building codes and zoning laws, which will affect your location choice.

Before signing any lease, make sure your building or storefront space has been thoroughly inspected.

Guitar Center staved off those concerns for a few years when later that month it refinanced its $1-billion-plus debt from a 2007 leveraged buyout.

Two days later, S&P upgraded the company’s credit rating to “CCC ” — junk bond territory but a recognition the retailer had bought itself some time.

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A location close to local clubs where bands frequently play is a consideration.Double-check all building codes and zoning laws, which will affect your location choice.Before signing any lease, make sure your building or storefront space has been thoroughly inspected.Guitar Center staved off those concerns for a few years when later that month it refinanced its $1-billion-plus debt from a 2007 leveraged buyout.Two days later, S&P upgraded the company’s credit rating to “CCC ” — junk bond territory but a recognition the retailer had bought itself some time.Marc Pritcher sat at the electric piano with his back to the patrons milling around the Guitar Center, unaware of the audience slowly gathering behind him.Most mornings, the 66-year-old talent manager tries to make it into one of the retailer’s stores to play.The company’s viability now depends on how well management can execute its turnaround strategy, which includes expanding into higher-margin services and growing its Music & Arts business, which sells band and orchestra equipment, according to an S&P analysis.Guitar Center has seen some recent success: Same-store sales were positive the last two quarters of fiscal 2017 after negative trends for the previous two years.The privately held company has been on a perilous financial path, with analysts recently raising concerns that the Westlake Village-based retailer might run out of money.In mid-April, S&P Global Ratings lowered Guitar Center’s corporate credit rating to selective default, signaling that the world’s largest music-instrument retailer was at risk of bankruptcy.

-billion-plus debt from a 2007 leveraged buyout.Two days later, S&P upgraded the company’s credit rating to “CCC ” — junk bond territory but a recognition the retailer had bought itself some time.Marc Pritcher sat at the electric piano with his back to the patrons milling around the Guitar Center, unaware of the audience slowly gathering behind him.Most mornings, the 66-year-old talent manager tries to make it into one of the retailer’s stores to play.The company’s viability now depends on how well management can execute its turnaround strategy, which includes expanding into higher-margin services and growing its Music & Arts business, which sells band and orchestra equipment, according to an S&P analysis.Guitar Center has seen some recent success: Same-store sales were positive the last two quarters of fiscal 2017 after negative trends for the previous two years.The privately held company has been on a perilous financial path, with analysts recently raising concerns that the Westlake Village-based retailer might run out of money.In mid-April, S&P Global Ratings lowered Guitar Center’s corporate credit rating to selective default, signaling that the world’s largest music-instrument retailer was at risk of bankruptcy.

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