What could be more fun than starting a music shop business? If you love playing instruments and sharing your passion with others, working in this sector might seem like a no-brainer. Plus, there are lots of advantages when it comes to managing a music retail outlet…
According to ABRSM, 85 percent of children and 74 percent of adults say they’ve played an instrument at some point - that’s a significant proportion of the population. Capitalising on demand for musical instruments could be a great way to have fun whilst earning a healthy income.
Here’s why running a music shop business is a great choice for aspiring entrepreneurs.
Reasons why you should consider starting a music shop business
If you love music, you might be interested in launching a store dedicated to your favourite hobby. But you might not be aware just how many benefits there are when it comes to joining the music retail sector.
1. You’ll be joining a lucrative industry
The music instrument retail sector is on the up. It generates over £400 million in revenue and employs roughly 3,900 people across 1,680 businesses (IBIS). Experts put this industry growth down to the increasing number of people investing in music tuition and buying instruments.
2. You can diversify your offering
As well as selling musical instruments, you could also stock other products, like song books, sheet music and replacement strings and reeds. You might also want to sell tuning forks, music stands and electronic audio equipment - the possibilities are almost endless.
3. Set your business apart by offering additional services
If you operate your music shop business from a physical store, why not use the space for other fun services? You could run music lessons, put on performances, provide instrument repairs or even train people on how to use equipment. Making the most of your space will help you build customer loyalty and brand recognition, as well as boost your income.
4. Reduce your overheads by operating online
In recent years, many online music shop businesses have cropped up, increasing competition in the sector. Now, brick-and-mortar stores with a classic shop front may attract customers who would like to try out an instrument in person before buying it through an online site. To combat this issue, you could launch your own virtual store to complement your physical premises, or opt to run your business entirely online.
>> Read more about: Top 3 Music Franchise Opportunities in the UK
5. Optimise your income by occupying a profitable area
You can boost your revenue by choosing your store location carefully. You’ll need to think about the local population and how much disposable income the average person enjoys. For instance, the UK’s south-east region has the biggest share of music shop businesses, so setting up here could be a wise move - as long as the area isn’t oversaturated.
6. Share your passion
Running your own business can involve a fair share of stress and dedication, but the journey will be a whole lot easier if you love what you do. One of the best parts of owning a music shop business is being able to spend your day around music and see others find their perfect instrument. Plus, you’ll have the chance to share your knowledge and expertise to leave customers feeling confident in their choice.
7. Enhance customer experience with fantastic staff
You have a real opportunity as the owner of a music shop business. There are lots of people out there who have a true passion for music, so there’s no excuse for hiring disinterested, unenthusiastic workers. Consider creating adverts for current or former musicians who would like to share their knowledge and run workshops helping the new recruits finetune a friendly, positive attitude.
>> Read more:
The current state of the music shop sector
The music shop sector has a revenue of over £400 million and has a workforce of just under 4,000.
To a certain extent, the rate of instrument and accessories sales is governed by the health of the economy and whether people have disposable income to spare. However, music shop businesses can expect to enjoy relatively consistent demand, as many people will want to learn musical instruments and be able to afford the equipment throughout economic crises.
As a whole, the music industry contributes over £5 billion to the UK economy every year, with recorded music sales making up roughly £500 million of this figure. In 2018, the employment rate reached unprecedented levels, with over 190,000 people working in the industry (Music By Numbers).
The future of musical instrument sales looks positive, as new research by the Royal Philharmonic Orchestra reveals nine in 10 children would like to learn to play one. Guitar proved to be the most popular instrument among those taking part in the survey, with 45 percent of children listing it as their instrument of choice.
Piano came in as the second most popular musical instrument, on 36 percent of children’s wish lists, and drums took the third place (35 percent). Following these frontrunners, the violin caught the attention of 10 percent of the study participants, while flute and saxophone were both listed by eight percent of the children.
Flex your musical muscles with a music shop business
Whether you fancy yourself as the next Jimi Hendrix or you just love listening to your favourite tracks, starting a music shop business could be the right move for you. And if you don’t want to go it alone, why not join an established franchise? You’ll get the security of working under a recognisable brand, as well as business support from an experienced franchisor.
We don’t have any instrument store franchises on our books at the moment, but we do have lots of investment opportunities in the wider music sector. Check out our Top 3 Music Franchise Opportunities in the UK or find music classes in the education sector.
Alice Tuffery, Point Franchise ©