Been there, done that.
First, you need $250,000 (MINIMUM!!!) in cash or credit plus another $50,000 CASH in first-year running costs (advertising, online presence, etc.).
Get that, and then start planning WHERE you will go. High-end audio does not sell in Gulfport, MI or Clarksburg, WV. Nice towns, but people there do not buy many $100,000 systems.
Once you have a place, make sure there are not other stores around as the better manufacturers do not sell to several stores within the same general area.
Once you have all that and a good business plan, you have to build out the location. Visit other high-end stores that have been around a while and you will see how to build out your space--2500 sq ft MINIMUM is required in a high-traffic area. You can be a "destination" store in Austin, but not in every town, so heavy traffic is needed.
If you go into a "center" you have to pay rent, overage (check with a business person to understand that little "gotcha" and maintenance, which goes up every year. PLUS, centers are not as popular as they used to be. Free-standing is nice, but expensive.
Finally, and there are a million steps in between the last one and this one, you need to find a local repair shop or one that is actually reliable. It ALL breaks eventually, and high-end customers are NOT patient when their $20,000 amp breaks and they want it fixed NOW! Loaners are often required, which means more up-front capital.
Tough business--make sure you know what you are doing before you do it, but good luck! I loved my shop and learned SO MUCH. One nice thing is that you have time to LISTEN to all the stuff and figure out what is REALLY the best and what is just hype...
Cheers!
First, you need $250,000 (MINIMUM!!!) in cash or credit plus another $50,000 CASH in first-year running costs (advertising, online presence, etc.).
Get that, and then start planning WHERE you will go. High-end audio does not sell in Gulfport, MI or Clarksburg, WV. Nice towns, but people there do not buy many $100,000 systems.
Once you have a place, make sure there are not other stores around as the better manufacturers do not sell to several stores within the same general area.
Once you have all that and a good business plan, you have to build out the location. Visit other high-end stores that have been around a while and you will see how to build out your space--2500 sq ft MINIMUM is required in a high-traffic area. You can be a "destination" store in Austin, but not in every town, so heavy traffic is needed.
If you go into a "center" you have to pay rent, overage (check with a business person to understand that little "gotcha" and maintenance, which goes up every year. PLUS, centers are not as popular as they used to be. Free-standing is nice, but expensive.
Finally, and there are a million steps in between the last one and this one, you need to find a local repair shop or one that is actually reliable. It ALL breaks eventually, and high-end customers are NOT patient when their $20,000 amp breaks and they want it fixed NOW! Loaners are often required, which means more up-front capital.
Tough business--make sure you know what you are doing before you do it, but good luck! I loved my shop and learned SO MUCH. One nice thing is that you have time to LISTEN to all the stuff and figure out what is REALLY the best and what is just hype...
Cheers!