Starting a high-end audio shop... Am I crazy?


In my mid 40's reaching that mid-life crisis, which is not a myth. Many of my friends are leaving good jobs to start all kinds of wacky businesses. I am actually thinking of giving up a $120,000 yr job and starting a high-end audio retail biz - both online and hopefully later on a brick & mortar store. Have 20 years experience in sales and marketing, and/or design of software, electronics, multimedia, video and financial products including a few years in music retail and production.

Who can share their experience, or advice? Is the markup, distribution, etc of high end electronics similar to that of regular electronics? Any sources of info or pointers, tips, horror stories etc are appreciated.
gdoodle

Showing 2 responses by gdoodle

Sdcambell,

I'm familiar with the 2-3 high end guys in town and bought from them but not sure I would want to approach them. I really need to start online and would love to find someone online who would not be threatened my presence, like the local guys might. I do understand they are going into home theater quite a bit and there is probably a lot of money in that which is OK by me. There are more Ferraris/Porshe/Maserati's dealerships in my neighborhood than decent high end audio shops - if that is worth anything... there is plenty of disposable income round these parts.
Thank you all for your comments (and keep them coming if you have more to add).

I think high end is another business where the internet will continue to move ahead of brick and mortar - so starting online would be key - a retail store may or may not ever materialize. More manufactureres will continue to allow/embrace online sales. There are so many brands that have very limited distribution - I don't think I'll have trouble finding 10-20 good brands (good/mediocre...?)

I have no intention of quitting a good day job until a side busines sarts flourishing. But I have been very underhappy in the high pressure field of insurance and finance. But I do have this sinking feeling that its a little crazy to enter a field that seems to not be too financially healthy to begin with. Hi end audio is in general poorly marketed, poorly understood by consumers.

I understand I would have to subsidize the high end stuff with home theater installs, mid-fi stuff and even an ipod or two (and even continuing to sell insurance on the side) Anyboy need life insurance out there? (Like insurance salesman aren't a dime a dozen.)

I think the first step is to think about builind g a website and lining up some good brands that need distribution - my wife can fulfill mailorder/internet orders while I'm at work!! Just wait till I give her the good news...!!!!