Problem Statement and Business Description

Record Store Business Plan
Problem Statement

Many music consumers enjoy purchasing for collectability along with their passion for the music. I am one of these people. Many people have a hard time finding the things they want at existing chain and mall record stores. One major reason for this is that many record stores do not take the time to teach their employees to research the specialized nature of the market. These customers are also looking for convenience of location and fair market prices. Also, these people enjoy talking to someone who is knowledgeable, interested in the same types of music they want, and in what the store carries in general. In many cases, people will come from many miles away because there are few stores offering the same specific goods.

Business Description

Hidden Treasure Records will be a retail music shop designed to serve the increasing number of consumers interested in import and independent music products. The store will buy music and accessories from a variety of distributors that provide good quality and dependable service along with fair return policies. Hidden Treasure Records will resell them "as is" to our target market. Hidden Treasure Records will specialize in new records and compact discs that are current, and some that are hard to find at existing music stores. The store will only carry a limited amount of used records and compact discs. We will carry accessories like stickers and blank audio cassettes.

Hidden Treasure Records will advertise occasionally in the regional weekly and monthly publications. These newspapers will be widely distributed, and cover an expansive and diverse reading audience. Hidden Treasure will advertise sale items, as well as promote specialized items, so as to broaden our customer base. We will rely heavily on walk-in and drive-by traffic as opposed to relying on advertising. Hidden Treasure Records will schedule occasional in-store appearances, along with promotions and giveaways as marketing devices.

Hidden Treasure Records will offer a relaxed atmosphere with personalized attention, and listening stations for compact discs along with a record player behind the counter so potential customers can listen before purchasing. Our store will be decorated in a simple, comfortable style, with chairs to sit in while reading a magazine or listening to a compact disc. Hidden Treasure's future employees will be knowledgeable about music in general, but even more so about the specific nature of what we carry. Hidden Treasure Records will be located in approximately 1,000-1,500 square feet in the downtown Northbrook district. The store will maintain regular hours of Monday through Saturday from 10:00 a.m. to 8:00 p.m., with the possibility of staying open later Thursday, Friday, Saturday night, and Sunday from 11:00 a.m. to 6:00 p.m. This location and these hours will be convenient to our customer base. Hidden Treasure Records will offer the opportunity for customers to special-order specific items if they are not in stock. Our store will also have a fax machine available to send and receive orders. We will also have a personal computer to offer goods through the Internet and, more specifically, the Hidden Treasure Records official web site where everything we have in stock will be posted and available for purchase by mail order. We expect it will take a little longer to generate sales through this method, as it will take longer to set up than the general store. Hidden Treasure Records will offer mail order service via UPS throughout the United States, and the world, for both computer and non-computer generated sales.

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