To attract customers, your store should be filled with cool products that customers want and need. But finding out what customers want can be daunting. Over the years, I've learned to ask...
In my opinion, the No. 1 problem most music retailers face is inventory. They have too many things that aren’t moving and not enough of the things that are. This can be fixed by avoiding ...
Do you know what departments or product categories are profitable at your store and, more importantly, what are not? Having a hunch doesn’t count. You need profit and loss statements at t...
It’s hard not to notice the daily fluctuations in gas prices. A recent news report estimated that the average American household spends about 4 percent of its annual income on gasoline. P...
As a music store owner, you can’t escape budgeting. At The NAMM Show, Lori Supinie of Senseney Music urged retailers to view their companies’ budgets in a new light—as a plan for profits....
What are the warning signs that internal fraud or theft might be occurring at my store? Every year, statistics are compiled about internal fraud and theft that happens in U.S. retail sto...
How do I convince my bank to lend to me? There’s an old saying, “The time to get a banker is when you don’t need one.” That’s because most people wait until there’s a severe cash flow c...
Watch this video for an easy lesson on creating a budget and steering your music store toward profitability and success.
What's the best way to establish a budget for my store? The word ...
How much should I be spending on advertising? Advertising is an important expenditure for any retailer. Yet the field is always changing, which requires you to explore and consider new a...
How much should I be spending on rent? Everyone knows the old saying about rent and retailing: “It’s all about location, location and location.” As relevant as this statement is today, ...
How much should I be spending on sales salaries? Sales salaries are one of the most debated areas of the retail landscape because different types of music dealers (full-line, combo/MI, s...
How should I be reporting all of my store's revenues? “I laid off my repair technician three months ago because money was tight. We’ve been scrambling to catch up with the repairs and n...
