MUSICAL INSTRUMENT STORE BUSINESS PLAN TEMPLATE
If you have passion for music or a vast experience of the music industry, then you should consider starting a music related business.
One of the music related businesses you can start is a music store. A music store business is very lucrative and requires a low capital to start up.
However, if you really want the business to be successful, then you must make adequate plans before starting it. One of the ways you can do this is by creating a business plan.
If you are intending to create a music store business plan and don’t know how to go it, then this post is for you. The post is a music store business plan sample that you can use to as a template to easily create your own.
Here is a sample business plan for starting a music retail business.
BUSINESS NAME: Bubbling Music Store
Table of Content
- Executive Summary
- Vision Statement
- Mission Statement
- Business Structure
- Products and Services
- Startup Cost
- Sources of Capital
Bubbling Music Store is a registered company that will be established very close to South Carolina University in the United States. After carrying out an intensive research, we discovered that the residents of our selected location comprise majorly of students of South Carolina University who are passionate about music and there is no standard music store to cater for their music needs. We decided to tap into this opportunity by opening a top notch music store in the heart of South Carolina University.
The aim of Bubbling Music Store is to meet the needs of our customers while making good profits in the process. And to achieve this aim, we will ensure all our products are of the very best quality. Also, we will make sure that we deliver excellent services to our customers in a conducive environment.
We will also make sure that beyond products and services, we sell amazing experience that will make our customers feel special and make them not only to keep coming back but also refer our business to other people.
In order to make things super easy for our customers, we have decided to have an online ecommerce store where they can make orders for our products and have it deliver to them anywhere they are. None of our competitors is has an ecommerce store. So introducing this concept will make Bubbling Music Store stand out and favorably compete with its competitors.
Bubbling Music Store will be owned by Mr. Danny Fred and a partner, Mr. Bob Donald. Mr. Danny is a savvy retail store manager who has the experience of over 20 years working for different music retail store all over United States.
His superpower is running highly converting ecommerce music store business for his clients. He intends to employ this superpower in creating a stellar ecommerce music store for Bubbling Music Store which will serve as the company USP.
Mr. Bob is a business administrator who has carved a niche in the music industry. He has worked with various Music Companies and helped them to accelerate their business growth. His experience in this area will greatly aid the growth of Bubbling Music Store.
To be become one of the leading music store in the music industry in the United States. We also have vision 2020 which is to have 20 music stores all over Universities in the United States within 20 years.
To establish a solid reputation for selling affordable but quality products. We also intend to always come up with creative ways of serving our customers that will always make us be on top of the game.
We know that to fully realize our vision we have for Bubbling Music Store; we need to put a solid business structure on ground. To this end, we are going to making sure we hire workers who are not only dedicated and passionate about the business but also competent and excellent. Our business structure will comprise of:
- Chief Executive Officers
- Information Technologists
- Human Resource Manager
- Marketing Executive
- Sales Representatives
- Security Guards
Products and Services
In order to fully satisfy our customers, Bubbling Music Store will provide a wide range of products and services which will include:
- Sales of music audio CDs and DVDs
- Sales of music video CDs and DVDs
- Sales of Audio Books
- Sales of Video Games
- Sales of Cartoons and Animation CDs
- Sales of Empty CDs
- Sales of Music Accessories
- Sales and Renting of Music Instruments
- Renting of Music CDs and DVDs
The amount of money needed to start up the kind of music Store business we are projecting is estimated to be $250,000. This will cover everything ranging from cost of acquiring a business facility to cost of equipment, cost of marketing both online and offline. It will also cover the salaries of staff for the first three months of operation.
Sources of Capital
The founders have already pooled their resources together and raised the total sum of $100,000. They are already working on raising $50,000 soft loans from friends and family and applying for bank loan to raise the remaining $100,000.
The business plan above is a Music Store business plan sample which use can use as a guideline when you want to start your own music store business.