How do you start a music/electronics store in a little town and succeed?

Question

As it says.

Answer 1

First of all, it depends on the size of the town.  If you live in a town with a population of 500 forget it, you don't have the population base you need.

I can't tell you what the magic number is, because it depends not only on the population of the town you're in, but the population in the surrounding 3 to 5 to even 10-20 miles, and the number of competitors you have.  If you have a Wal-Mart or Target a couple of miles away, you will have problems just getting the exposure you need.

Before you spend a lot of money on this, I STRONGLY recommend you contact the Small Business Development Center (at your local community college) and talk to them; the counseling is free.  

Then sign up for the NxLevel Entrepreneurial program...  it's a 12 session course that walks you through the ins and outs of starting or growing your business, and as part of that you will write a business plan.  There is a cost for the NxLevel program but it’s a lot cheaper than losing your investment.

Even if you hire a professional to write your plan, you should still take the NxLevel course.  It saved me from going into a business that would have failed within a year or so, taking my investment with it.  

Business plans may be a pain in the butt to prepare, but without one, your business is doomed to failure.  To start with, you won't know what your startup costs are going to be, what kind of income to expect, what your ongoing expenses are, who your suppliers are, who your competition is, and even whether or not you can make a profit.  Without a GOOD business plan, you will not be able to get a business loan to get your business off the ground.

Answer 2

In this age of the internet, I don't think you can.  Once upon a time, people in mall towns were limited in where they could conveniently purchase music and electronics.  Nowdays, anyone can shop almost anywhere.  Small stores simply cannot compete with Amazon, Overstock, Half and the Apple store.