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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 1 response by gregm

gregm
3,409 posts
 
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
From a business point of view, and assuming you don;t have a revolutionary business-model in mind, I would definitely join Rec's suggestion to keep yr present job (at least for now).
Highly fragmented market;
Higher margin products are very slow-moving;
The hi-end target clientele is small -- as opposed to consumer electronics. Worse, the advertising support is minimal -- as is the corporate equity manufacturers have compared to, say, Sony.
It's difficult to create and retain a loyal client-base;
Hi-end audio's value proposition is weak (the excitement of "good sound").
Do you have a value proposition (that hi-end clients will buy into)?

With your sales & marketing background, I am sure you've studied the issue extensively. However, I believe that trying this out as a "paying hobby" before you give up everything else would be more opportune!

As always, there's also lots of merit in pursuing a dream! Cheers
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