Starting a high-end audio shop... Am I crazy?

As a previous owner of a failed "passion" business, I would advise against it. The passion gets dilluted and the financial reality hits hard. Then again, if I hadn't tried I might always have wondered what might have been. And if I had succeeded, I certainly would have no regrets.

I have seen a number of High-End audio shops 'open-struggle-fail'. These were good people trying to serve the public with a great passion for the business. Keep your job and be thankful that you have the means to enjoy your hobby and know where your next meal is coming from!

I recall facing this turning point in my life several years ago. I was contemplating a retail establishment. At the time I was approaching my 50's wanting desperaltely to be self fullfilled from an endeavor created by myself for myself and family. As I talked it over with my wife, family and friends some key points stood out.
1 A business start up usually takes 3-5 yrs to be profitable.
2 During those yrs. someone has to mind the store, if it's not you, you have to pay someone to do it.
3 You'll have countless expenses without income.
4 Unless your very well healed you could create a financial strain at home putting your marriage to the test.
5 Then there is the physcological strain from dealing with all of it.

Myself and my wife decided with retirement so close to invest in real estate. We have several rental houses in an area thats ready to explode with growth opportunities. You do not have to babysit this business. There is no financial stress as it is profitable now. We'e avoided the phycological complexities by making a better decision (for us). Now in our early fifties we are entertaining the thought of early retirement. So we esentially postponed our endeavors of what we thought would be instant gratification to creating an income that would support our golden years allowing us to fullfill those endeavors in different ways. Wishing you the best!

Just a couple comments on starting up online.

Be aware that many (most) manufacturers have very strong no-internet sales policies. It defeats their dealership licensing agreements. That may restrict the pool of equipment you have the ability to sell. Also, internet sales are usually much lower margin than B&M.

Before you decide one way or another, prepare a thorough 5-year business plan to make sure you understand what it's going to take to do this. This will also help you identify what things you don't yet know. Finally, be VERY careful about assumptions in your plan. Be as conservative as you can be.

Best of luck!

Thank you all for your comments (and keep them coming if you have more to add).

I think high end is another business where the internet will continue to move ahead of brick and mortar - so starting online would be key - a retail store may or may not ever materialize. More manufactureres will continue to allow/embrace online sales. There are so many brands that have very limited distribution - I don't think I'll have trouble finding 10-20 good brands (good/mediocre...?)

I have no intention of quitting a good day job until a side busines sarts flourishing. But I have been very underhappy in the high pressure field of insurance and finance. But I do have this sinking feeling that its a little crazy to enter a field that seems to not be too financially healthy to begin with. Hi end audio is in general poorly marketed, poorly understood by consumers.

I understand I would have to subsidize the high end stuff with home theater installs, mid-fi stuff and even an ipod or two (and even continuing to sell insurance on the side) Anyboy need life insurance out there? (Like insurance salesman aren't a dime a dozen.)

I think the first step is to think about builind g a website and lining up some good brands that need distribution - my wife can fulfill mailorder/internet orders while I'm at work!! Just wait till I give her the good news...!!!!