ATTN:Shop owners

[Randy Savage 5,000+ posts]

I know there are a few guys here that own their own shops...anyone wanna be a pal and take some time and talk about things with me....? //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

In reference to this:

http://www.caraudio.com/vb/showthread.php?t=123511

Click to read more...

 

[audiolife 5,000+ posts]

befoe you get into it too far try to see what car dealer accounts you can get and what seems to be the normal income/system people get. also if you are starting small i wouldnt look to rake in money from your shop for a good 6 months to a year. also dont get tied up in product that the shops down the street have

 

[Randy Savage 5,000+ posts]

befoe you get into it too far try to see what car dealer accounts you can get and what seems to be the normal income/system people get. also if you are starting small i wouldnt look to rake in money from your shop for a good 6 months to a year. also dont get tied up in product that the shops down the street have

I know I know //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

I wanted to talk about financing and whatnot. Good thing is I won't have to drop ANY money into the shop, unless I want to make some renovations (which aren't really necessary).

 

[analogkid]

the most important thing is to have the startup capital. help from the businesses you will deal with are nice too, but make sure you have the money to do it with no help at all.

 

[audiolife 5,000+ posts]

about terms or banking? i know terms but not the banking i know 2 guys though that did our shops didnt have a loan. to do a business plan for the bank i do know you will need to show where steady income can come from. thats why i suggested trying out a few small lots to see what kind of weekly business you can get from there.

 

[Randy Savage 5,000+ posts]

about terms or banking? i know terms but not the banking i know 2 guys though that did our shops didnt have a loan. to do a business plan for the bank i do know you will need to show where steady income can come from. thats why i suggested trying out a few small lots to see what kind of weekly business you can get from there.

Both.

The terms I'm somewhat familair with. Tomorrow I'm going to be talking to a few accountants and see what I can gather from them.

I may have also found a venture capitalist...//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[audiolife 5,000+ posts]

lol terms give you 30-90 days to pay for item do on time they usually take 5-10% off be late by very much the manufacturers may/can cut you off and may require everything be pre paid with no discount

 

[johnecon2001 5,000+ posts]

Honestly? Start small. Force yourself to get bigger. Right now from your experience working at Circuit City, you probably have a pretty good customer base. If you tell them you do installs on the side and carry a few lines of product, they'll start coming to you for future installs.

You obviously need to carry brands that the public knows and calls for (Pioneer, sony, kenwood, rockford, MTX). But it would be good to throw in a few good ones as well (Eclipse, USamps, cdt). Keep all of your inventory floating (don't pre purchase in bulk) Maybe buy a few showroom pieces until you have the capital to support having more around.

Get a wholesalers license and create a LLC (Limited Liability Corp). Find a local wholesaler that you can get cabling and other install accesories from or obtain a dealers license to carry those types of products. That stuff you're going to want to have on hand (bulk wire, RCA's, fuse holders, fuses etc).

Really the hardest part will be setting up the business legally. You need to be state approved with a Tax ID and all that fun stuff. Other than that, stay simple with what you know.. and that way if things happen to not work out.. you really don't lose any money. If things start to get better.. carry more product on hand and find a building.

That's all I got for now.

 

[bimma85 5,000+ posts]

How are you gonna open a shop with little to no money between advertising, operating expenses, products etc ? What kind of credit limit you have to work with //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif. Unless you have some crazy hooks up its gonna cost a nice chunk just to get ready to open the doors //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif.

I've been thinking about a discount new/used stereo shop home/audio. I am in the opposite position and would need a person a little more electronically skilled //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif. I mean you truly know what the items are worth, especially when the raritys come in. You could test every item prior to purchase and get top dollar... (could be a couple head aches though, considering you'd prolly have to deal with the popo due to possible theft... fill out pawn type slips //content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif.) Trust me knowing 2 pawn shop owners, its not a big deal //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif. As for the new part... if you really look hard into stuff you can find it. Im sure you know it, but install acc. = $$.