I started a Hifi Shop back in 1986, as a Student with £10K, my business partner had £10K and off we went - highly specialised niche market to begin with £300 system, and a £1000 system. Aimed at non-audiophiles, and we installed everything for free in their homes. We lost money for the first year, but gained a great reputation. The shop was memorably named "The Cornflake Shop" and it's still going strong...though moved from hifi to Custom install and Home Cinema.
Above all else what you need is customers, and you have to work out what you can do that special in your area that is going to connect you to these people.
Start specialist - really be ultra specialist rather than generalist, then you establish a very clear brand, and following for your individual talents. Its a people thing.
But to sell Hifi means comparisons, and you do need some money to have the right stock. Hard work for years, but such good years ! Good luck ! (It is a bit of a religion I have to say I liked erik's idea..)
Above all else what you need is customers, and you have to work out what you can do that special in your area that is going to connect you to these people.
Start specialist - really be ultra specialist rather than generalist, then you establish a very clear brand, and following for your individual talents. Its a people thing.
But to sell Hifi means comparisons, and you do need some money to have the right stock. Hard work for years, but such good years ! Good luck ! (It is a bit of a religion I have to say I liked erik's idea..)