Starting an audio and video store? Here's a quick reference to the most important things you should be think about.
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Best Practices for Audio & Video Store Business Plans
The idea of writing a business plan is intimidating to most aspiring audio and video store owners. If it's comprehensive and well-written, however, your business plan will serve as a strategic anchor point and a calling card for external stakeholders.
After the plan has been completed, its effectiveness will largely depend on what you do next.
A business plan distribution strategy represents the backend of your business planning requirements. Without exception, the most effective business plans also leverage an organized process for tracking business plan distribution.
Is a Local Customer Base Enough?
If you are similar to most audio and video stores, much of your customer base will be local community members. In making your business projections, don't assume that your business will immediately be popular with the local community. To survive, you need to be able to do well enough, even if business ramps much more slowly than expected.
Check Out Competitors
Long before you open an audio and video store in your town, it's a good idea to determine how many competitors you have. Try our link below to find competitors nearby. Complete the form by entering your city, state and zip code to get a list of audio and video stores that are close by.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
If you are seriously contemplating launching an audio and video store, the next step is to have a conversation with someone who is in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Fortunately, somebody who runs an audio and video store on the other side of the country may be more than happy to give you a few tips, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where can you find an owner of an audio and video store on the other side of the country to talk to?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Leveraging the Branding Benefits of an Audio & Video Store Acquisition
Startup audio and video stores typically suffer when it comes to brand recognition because unlike entrenched competitors, new brands lack visibility and history with their customers.
Buying a business to get an established brand is a common strategy among growth-minded audio and video store entrepreneurs. As a startup, the best you can hope for is to gradually develop brand awareness over a period of months and years.
But by buying an audio and video store that already has a strong brand identity, you can shorten the time requirements and reap brand benefits from the beginning of your ownership career.
Don't Rule Out Franchising
Too many new business owners fail simply because they didn't take the time to explore the possibility of a franchise. The benefit of joining a franchise network is that you gain access to a proven business model and the resources you need to survive beyond your critical first year of business ownership. With more and more franchise opportunities emerging everyday, you have lots of options to choose from.
Just click the link below to learn more about video photography franchise options.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own an audio and video store, these resources will come in handy:
If you sell to audio and video stores, you're in the wrong place. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.