Rentals (Financial Management for Music Retail)
Explore music instrument rental programs. It’s no secret that rentals can be a very profitable segment of your business, providing cash flow during slow months and accessory sales. Discover the three challenges music retailers need to address before jumping into music instrument rental programs. Be aware of the financial concepts and tax implications of not accurately tracking and reporting your rental income. Walk through the steps outlined to correctly establish and maintain a rental program. Also, avoid compliance problems, and work with your accountant, lawyer and banker to do it right.