What steps should be taken in order to start a cd/dvd store?

Question

Me and a friend of mine have been tossing around an idea for an entertainment store in our city that would sell cd's, dvd's, and games. What should we do in order to accomplish this?

Answer 1

You may want to start by enrolling in an entrepeneurship course at your local college. They will teach you all the basics of running your own business as well as standard business practices like bookeeping, tax laws, etc. which you will have to know. Gather up as many magazines and books as you can on starting and running a business and study, study, study. Check to see if there are any grants or loans for starting up small businesses in your area. I know in Canada there are many sponsored through the provincial and federal government. Go to your local employment office and they should have all of the information on government funding available there ( and they can usually set an appointment up with an employment councellor who will go over all the options with you) or look up the government listings in the phone book and ask them to send you the neccessary information and application forms. If you decide to go the grant route they will ask you to put together a business plan and do a market research study. If you plan to apply for a business loan through the bank you will have to be prepared with detailed listings of the all of your expenses including estimates of the costs of stocking your store, rent, utilities, payroll, taxes, business licences, gas, advertising, etc. Contact suppliers of dvd's, videos, etc. and compare their prices and check to see if they are listed with the Better Business Bureau. Make sure they are a reliable company to deal with. Most companies offer special rates to businesses ( office supply stores, etc. ) so make sure to ask if they do this. Don't be a fraid to ask people in your area what they would like to see in your store, things that are not offered in other locations and use their imput and suggestions to your advantage when setting up your business plan. Location is one of the most important factors to the success of your business. Research possible locations for your business in a high traffic area, in or near a mall, beside a coffee shop hangout ( there's one in every town), near a 24 hour corner store or take out restaurant. Once you have your fundings in place and are ready to open the doors make sure to use every avenue to advertise. Hire a graphic designer to design a logo and business cards, posters, flyers etc.for your store and advertise your grand opening on bulliten boards, newspaper ads, deliver flyers to homes, ask local businesses if you can leave some on the counter near the till, stick them under windshield wipers of cars in parking lots and any other way you can think of. Put up a website so people can check out the newest releases, specials, etc. Contact a local pizza parlour and see if you can work out a special in conjunction with them for your opening...pizza and a movie deal or something like that, hold door prize draws, etc. to get people into your new store. The main thing is to do your research, know who your target audience is and what you will need to offer to keep them coming back. I hope this helps a bit. Good luck with your business.
Sorry about the spelling errors...spell check not working.

Answer 2

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Start and Run a Profitable Retail Business by Jim Dion, Ted Topping
* Retail Business Kit for Dummies by Rick Segel
* Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder
* So You Want To Own The Store: Secrets to Running a Successful Retail Operation by Mort Brown
* Goldmine Record Album Price Guide by Tim Neely
* The Industry Yellow Pages: The Official Radio, Retail and Distribution Music Directory. A Directory, listing over 2000 Radio Stations, 660+ Record Stores ... World-Wide? (On CD-ROM. PC & Mac compatible) by Platinum Millennium

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!