Manufacturing musical instruments is capital intensive
and slightly challenging. It also requires specialized knowledge of the manufacturing
process.
An entrepreneur needs to determine the type of instrument
to produce. The type of instrument and niche ultimately provides a blue print
or guide.
It is commonplace
to find a variety of musical instrument in a music store. Instruments found in
stores are pianos, flute, drums, guitars and trumpets.
They also support equipment's used during performances
such as speakers, microphones, different cords, cables and stage lighting.
Stocking
the Store
The store owner is at liberty to sell high quality or
cheap products. It depends on his business model and clientele.
Some specialize in high quality goods and offer excellent
customer service. Musical instrument wholesalers purchase the goods directly from
manufacturers.
They could concentrate on mass produced instruments or
expensive hand crafted pieces. Write a comprehensive list of products for your
store.
Focus on popular instruments for quicker turnover of
inventory. Place the instruments at designated sections in your music store
Incorporate
the Instrument Store
Incorporate the store as a one man business or a limited
liability company. Register a good business name and get insurance cover. You
need a trade license and tax identification number.
Lease
a Store Front
The store front you choose should be visible with lots of
pedestrian traffic. The store should have a good storefront and storage at the
back.
Other requirements are parking space, close to commercial
area and should fall under zoned area. Make sure your store is appealing,
attractive and easy to locate.
Funding
the Business
Musical instruments are expensive even the cheap mass
produced ones. You need huge funds to purchase equipment, lease space, hire
staff and promote the business.
Apply to commercial banks in your locality for loans. They
will need collateral, business plan and proof of experience in the trade.
The type of loan too seek should be long term loans that
attract a small fixed interest rate. This is because capital will be tied down
on inventory for several years.
Types
of Musical Instruments
There are many kinds of music instrument to purchase.
Common instruments found in stores are electric guitars, acoustic guitars, and
violin. Others are digital pianos, drum set, drum kits, flute, trumpets and musical
keyboards.
A
List of Musical Instruments
Guitar
Harmonium
Electric Guitar
Violin
Musical Keyboard
Acoustic Guitar
Digital Piano
Flute
Drum set, Drum kit
Trumpets
Percussion instruments
Saxophones
Accessories
Hire
Staff
Music stores require very few staff such as sales clerk
and a sales person. Hire staff knowledgeable of playing instruments. The smaller
the staff the fewer wages you pay and more profit made.
Musical
Instrument Manufacturers
Manufacturers of musical instruments need to focus on a
niche. They should purchase equipment relevant to the type of instrument they
want to manufacture.
Source raw materials in the open market and borrow
startup funds from financial institutions. A good marketing strategy for
manufacturers is to offer discounts and support for music stores and
wholesalers.
Marketing
the Music Store
There are many ways to attract patronage of your store. Organize
community based events to attract interest.
Try to approach music schools, church choirs and music
industry players. Use flyers, billboards, posters and signboards to attract
customers.
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