Openning a hi fi shop

Retail and dealing with the public is a hard business. As per what was mentioned above it requires a ton of planning and a lot of money. There is a lot of risk too. I look a all business adventures in terms of what is my annual rate of return going to be and what risks do I encounter in trying to achieve that return. Then, (this is important), how does this rate of return and risk compare to other things that I can do with my money. There are always alternatives. Maybe you can make a better return with similar or less risk doing something else with your money and your time than opening a hifi shop. Plus here is a great quote from one of my former business managers: “Business would be great, if it weren’t for the people”. Please be careful. 

Tvad  I don't think so but I think it is interesting to hear what people think would be a good plan. 

ebm: bringing large brands into the store like Magico requires a ton of money, they want you to commit big time because they advertise and while you may think they sound great customers must also agree with that and of course if there are other hi fi shops that have the well advertised brands and people listen there they might think that brand X sounds better then your brands. 

georgehifi. has that model worked for you. I think you have a shop but I don't know the name and location.

chris_adair  I love what you did...when I started sell for a retailer in the 70's ( oh my god am I that old ) we had a full system for $300 with a turntable cartridge receiver and speakers and they went up in $100 increments for people that wanted a whole system. 

eric. I think it would be helpful to open in a church since you would spend most of your time praying for business.. 

rich-opp yes you do have to taylor your shop to your community for sure or you are done for. Probably done for anyway..

"Relax. Alright. My old man is a television repairman. He has an ultimate set of tools. I can fix it." Not sure that has anything to do with this discussion, but isn't that just awesome! It is just great all by itself.

I will sell only for Bezos, Gates and the one hundred others, if you sell to one you will attract the others like a magnet..... I will begin for first customer with the 50 th in the hundred most rich men list on the planet....

I will sell him amplifier and dac and speakers with no branded name only numbered one to 100 with the customer name inscribed with the limited number.... After the first one, the most difficult task is the first customer, the others will go like lemmings...

I will take a low cost Chinese wizard of Hi-FI to create them with spectacular design (very important) and with good sound.....10,000 dollars max for each component....

I will sell 100,000 dollars each component, with 3 components at least for each customer, X by 100, it is 300 electronic components... Then i will accumulate 30 millions dollars in possible selling, minus 9 million in cost and divide by 2, one part for me, one part for the Chinese designer....Possibly 11 millions and dust for me....


:)


Is there a chinese designer by chance reading this forum?