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How to Start a Music Store
- Choose a business structure
- Get licensing and insurance
- Sign a lease at a great location
- Calculate costs
- Define your niche
- Connect with the local music scene
Costs of Operating a Music Store
- Lease costs can range from $1,500 to $3,000 monthly
- Fixture and display costs range from $10,000 to $50,000
- Rent varies by region, with Manhattan being higher than Florida
- Singles typically cost $1.29-$1.99 while albums are around $10
- Launching a small music store costs between $50,000 to $150,000
Profits in the Music Industry
- If a $100,000 inventory turns six times yearly, annual sales could reach $840,000 with a gross profit of $240,000
- Rent and utilities may cost $3,000 monthly, while staffing could be $5,500
- Mainstream stars provide significant profits to music publishing companies
- Uploading music files benefits artists, but distributors still handle royalties and essential duties