Independent record shop

Local music fans, collectors, students, gift shoppers and visitors browsing the neighbourhood.

Retail margins on new stock from distributors and higher margins on used records bought from the public, plus accessories, merch and event sales.

• Deep knowledge of music and customer taste
• Buying and pricing used stock
• Basic bookkeeping and stock control
• Friendly customer service

• Commercial general liability and contents insurance
• Lease terms and rent increases, ask for advice before signing
• Register for GST/HST and check provincial sales tax rules where you live
• Check municipal business licence and signage rules
• Tied-up cash in stock and seasonal slowdowns, with Christmas often the busiest period
• In Quebec, check French-language rules for signs and customer communication

Startup costs are typically estimated at around $25,000 to $100,000, depending on the premises, fit-out and how much stock you buy. Check lease terms and rent increases, and ask for advice before signing.

Monthly revenue is typically estimated at around $6,000 to $30,000, depending on location, stock and opening hours. Cash can be tied up in stock, and Christmas is often the busiest period, so plan around seasonal slowdowns.

Check municipal business licence and signage rules, GST/HST registration and provincial sales tax rules where you live, and commercial general liability and contents insurance. In Quebec, also check French-language rules for signs and customer communication.