With my university career coming to a close within the next year I have been growing quite anxious to get out and start working. I was considering opening up a retail audio business. I know some of the forum members have expereince in the business and I am wondering how difficult it would be to have a successful business?
http://www.diyaudio.com/forums/showthread.php?s=&threadid=2946&highlight=audio+business
This is close to what you are after I believe.
This is close to what you are after I believe.
griff said:
I had just found that thread and was about to post it. Here is another thread also:http://www.diyaudio.com/forums/showthread.php?s=&threadid=4533
I am graduating in less than a year myself, and have thought about this many times over the past year. The more I think about it, I more that I realize the commonly likelyhood of it not working out. It sure is a great hobby though, and you could likely pick up enough cash through making stuff for your family and friends.
Good luck!
--
Briam
Audio
There is absolutely no way I could make a living out of audio but I do have quite a successful sideline , working from home . Just obtaining suitable premises , insurance and stock for the first year's trading will be difficult enough trying to convince the bank manager to loan enough money . There are too many established businesses already , for example no-one in the UK comes close to Richer Sounds , Sevenoaks etc . With Ebay and Audiogon , worldwide coverage is cheap but you need to be competitive , and customers are like family : you can't choose them and they can be a pain in the **** at times !
316a
There is absolutely no way I could make a living out of audio but I do have quite a successful sideline , working from home . Just obtaining suitable premises , insurance and stock for the first year's trading will be difficult enough trying to convince the bank manager to loan enough money . There are too many established businesses already , for example no-one in the UK comes close to Richer Sounds , Sevenoaks etc . With Ebay and Audiogon , worldwide coverage is cheap but you need to be competitive , and customers are like family : you can't choose them and they can be a pain in the **** at times !
316a
Look Before You Leap.
Hello RobPhill33,
To answer your question I would say that you need to study any opposition very closely indeed.
These oppositions include the main high-end audio supplier in town, and the next nearest chain discount electronics store complete with stacked shelves and shopping trolleys just like at the local food supermarket.
The reality is that consumer electronics equipment is being produced and retailed at about as low as is possible for now.
Another truth is that many, many people are quite happy with a US$300 surround shelf system, and maybe a US$100 DVD player, that has 12 months wty, and if it breaks they will just buy another one (more modern, more features etc).
Also take note that modern shelf systems can be pretty damm good nowadays.
It is the perhaps sad truth that this is the vast majority of the user base, and those who would spend US$2000 on audio is relatively rare, and scarce as rocking horse doo is those who would spend say UD$6000 + .... most people do not regard very high quality audio as all that important in their lives.
As I understand it, mid to higher end hi-fi shops rely on 100% markup, and the market place is very limited, so turnover is not necessarily high.
It would take some time to build a decent customer and wom base, and the main competition is the discount/high volume stores that can run at much lower markups.
I run a repair business, and I started it with the vision that I could retail some of my own creations, but alas that did not happen yet.
Your profile says that you are an EE, so if you think that you can cut it fixing all levels of consumer electronics repairs, you could build a thriving repair business also involved in various levels of retail, custom items or retail distribution.
You will need a backup income source to support a high-end audio retail shop, and repairs is one way to do it.
Regards,
Eric.
Hello RobPhill33,
To answer your question I would say that you need to study any opposition very closely indeed.
These oppositions include the main high-end audio supplier in town, and the next nearest chain discount electronics store complete with stacked shelves and shopping trolleys just like at the local food supermarket.
The reality is that consumer electronics equipment is being produced and retailed at about as low as is possible for now.
Another truth is that many, many people are quite happy with a US$300 surround shelf system, and maybe a US$100 DVD player, that has 12 months wty, and if it breaks they will just buy another one (more modern, more features etc).
Also take note that modern shelf systems can be pretty damm good nowadays.
It is the perhaps sad truth that this is the vast majority of the user base, and those who would spend US$2000 on audio is relatively rare, and scarce as rocking horse doo is those who would spend say UD$6000 + .... most people do not regard very high quality audio as all that important in their lives.
As I understand it, mid to higher end hi-fi shops rely on 100% markup, and the market place is very limited, so turnover is not necessarily high.
It would take some time to build a decent customer and wom base, and the main competition is the discount/high volume stores that can run at much lower markups.
I run a repair business, and I started it with the vision that I could retail some of my own creations, but alas that did not happen yet.
Your profile says that you are an EE, so if you think that you can cut it fixing all levels of consumer electronics repairs, you could build a thriving repair business also involved in various levels of retail, custom items or retail distribution.
You will need a backup income source to support a high-end audio retail shop, and repairs is one way to do it.
Regards,
Eric.
the high end is alive and well
Where's Eddie Antar these days (perhaps only New Yorkers will know -- the Crazy Eddie of two decades ago.)
the internet and discount retailing have kicked the tar out of the low and mid-priced end.
otoh, the high end seems to do rather well, at least those places catering to an upscale clientele. i would first try to get a job in sales at a "high end" store. to make money you have to develop a clientele which will follow you, which will upgrade from time to time. as always in sales, you best prospects are your current customers.
even in the depression sales of high quality radios and victrolas did well !
Where's Eddie Antar these days (perhaps only New Yorkers will know -- the Crazy Eddie of two decades ago.)
the internet and discount retailing have kicked the tar out of the low and mid-priced end.
otoh, the high end seems to do rather well, at least those places catering to an upscale clientele. i would first try to get a job in sales at a "high end" store. to make money you have to develop a clientele which will follow you, which will upgrade from time to time. as always in sales, you best prospects are your current customers.
even in the depression sales of high quality radios and victrolas did well !
Eddie Antar was investigated by the SEC for suspicion of manipulation of financial books and earnings. Antar fled and lived as a fugitive for a while, during which time the government issued a $73 million judgement against him. He surfaced in Israel, and was extradited to the US in 1992. Eddie Antar finally pled guilty in 1996 for conspiracy and racketeering and spent seven years in prison.
It's eddie
It's eddie
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