Whether the economy is strong or sluggish, it’s wise to keep a fiscal tight rein on your business. This will protect you during downturns and maximize your profitability in more stable times. Establishing a fiscally sound operation requires simple and long-term changes, but rest assured: There are steps you can take today to get started. Tracy Leenman of Musical Innovations shows you how.
Want more Facebook “Likes,” “Shares” and traffic? At the 2014 NAMM Show, Cris Behrens, sales, marketing and store manager for Summerhays Music Center, presented creative ways to make that happen. Like most music retailers, Behrens wears multiple hats at his store, so he passed along ideas that don’t require lots of time or money. Watch the entire session.
Brian Reardon of Monster Music keeps a steady stream of students coming through his lesson program during the summer months. His secret? A spring promotion that couples a discount on summer music lessons with a free acoustic guitar. The promotion also keeps his teachers busy during the slow time and has been a major source of students year-round.
Just as you can’t build a house without a plan, you can’t build a profitable music retail operation without a roadmap. Lori Supinie, president of Senseney Music in Wichita, Kan., offers her 10 best "do's" for stress-free financial operations. Use this as a checklist to keep your music retail business in the black, create a fiscally minded staff and prevent employee theft.
In less than one minute, Tracy Leenman of Musical Innovations shares her big idea: Get involved in your local chamber of commerce. Leenman hosted a business after-hours event through her chamber of commerce in August 2012. The event brought 200 people to her store’s parking lot. “One band director ended up bringing his whole marching band,” she says.
Many independent music retailers feel hopelessly outgunned by large chain stores and Internet-only retailers. How can you possibly compete, given your other responsibilities and limited budget? The first step is to take advantage of Google, so customers and potential customers can find you online. Gabriel O'Brien of Larry's Music Center in Wooster, Ohio, offers simple tips to help you get started.
With 89 billion business emails sent each day, it’s tough to guarantee that any one email gets read—even one that has great content like yours. What’s a music retailer to do? At the 2014 NAMM Show, small-business guru Barry Moltz offered 10 ideas to help music stores stand out and ensure their emails get seen. Here are those 10 tips.