Local music shop

Students and their parents, hobby players, school music teachers, local bands and gift buyers.

Profit on the difference between what you pay suppliers and your shelf price, plus add-ons like string changes, set-ups and accessories that bring people back often.

• Knowing instruments and how to play at least one
• Friendly, patient customer service
• Stock buying and pricing

• Lease terms, rent reviews and fit-out costs, ideally have a lawyer read it first
• Stock is expensive to hold, so start small and avoid buying slow-moving items
• Price competition from big chains and online stores, so think about what you offer that they do not
• Australian Consumer Law on refunds and warranties, check what applies to you
• Public liability and stock/contents insurance, ABN and GST registration once you reach the threshold
• Check the licensing rules for selling or copying printed sheet music

Startup costs are estimated at typically around $30,000 to $120,000, depending on your premises, fit-out and opening stock. Stock is expensive to hold, so starting small and avoiding slow-moving items can help.

Monthly revenue is estimated at typically around $10,000 to $45,000, depending on your location, range and customer base. Big chains and online stores compete on price, so think about what you offer that they do not.

Check lease terms, rent reviews and fit-out costs, ideally with a lawyer. Also check Australian Consumer Law on refunds and warranties, insurance, ABN and GST registration, and the licensing rules for selling or copying printed sheet music.