1. What is a musical instrument consignment shop?
Consignment shops take gently used goods from some customers and sell them to others. The revenues from the sale are split between the store and the customer who originally owned the product. In this way, consignment shops give another life to products that might otherwise go to a landfill. One of the very attractive aspects of running a consignment store is that your entire inventory costs you nothing. You do not pay the owner of the article until it has sold…in other words, until you have money in your hand for exactly that item. You are simply providing the marketplace for buyers and sellers of gently used items.
Consignment, resale and thrift shops number in the 25,000 range in the U.S. alone. The combined industry value is roughly $1.5 Billion, and the industry represents a real opportunity for shoestring startup entrepreneurs who have a passion around a particular hobby or lifestyle such as fashion, games, sports, etc.
In this case, the consignment shop takes in gently used musical instruments, perhaps specializing in the instruments the owner is most familiar with, and sells them to customers at a price significantly below new. This is good news, for example, to the parent of an aspiring violinist, or french horn player, who would otherwise have to pay $200 to $2000, or $1600 to $2300, respectively, for a new instrument.
2. What required knowledge or skills are necessary?
There are no formal educational or training requirements for this business.
3. How much money is required to start?
$-$$ (on a scale of $ to $$$$$)
4. What is the income potential?
$$-$$$ (on a scale of $ to $$$$$)
5. What is the best location for a musical instrument consignment shop?
Urban (good), semi-urban (very good), suburbs (very good), rural (fair/poor).
6. Three best questions to ask yourself to find out if this business is right for you (if you can answer yes to all three, this business might be for you):
Do you have a passion for music?
Have you worked in retail?
Do you know what kinds of musical accessories sell well with instruments?
Interested in starting one in your community? Where do you begin? What permits do you need? Who is your target customer? How do you find them? What is the best use of your limited advertising dollars? What’s the best way to attract a great employee or volunteer? What does an average day look like? What strategic tips do veteran eco-entrepreneurs suggest for startups like you?
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