My guitar teacher speaks very highly of those guitars - apparently he has the twelve string version. I don't know enough about guitars yet to offer anything productive other than they look and sound to be excellent instruments from your description.
As for the starting the store...there is a shop here in Boulder called WoodSongs that sells high-end acoustic instruments only. Now, we have multiple GC locations and another major music store across town called Robbs Music, but WoodSongs is a privately owned place and from what the owner tells me they are doing a decent business in exactly the niche you are talking about. Just thought I would share.
"Practice until you get a guitar welt on your chest...if it makes you
feel good, don't stop until you see the blood from your fingers.
Then you'll know you're on to something!"
- Ted Nugent
There's one of those by me too... Tobias Music in Downers Grove IL. When GC opened up some years ago in Lombard IL, they realized they couldn't compete with them - so they've focused on high end acoustics (I bought my Martin from them), top-notch acoustic repairs, and lessons from folks like Lee Murdock.
I'm leaning towards rentals over the long term, because decent instruments are often too expensive for beginners. If I could rent a good instrument out profitably for $30-40 per month or so, it could make a nice niche.
Guitar teacher offering lessons in Plainfield IL
Rentals are a great idea. There have been many times that I wished there was some sort of rental or rent to own program around here for instruments (at a substantial profit...I understand what these people would have to go through if people didnt end up keeping the instruments and they got damaged).
The only problem with it (as mentioned above) is that if someone rented it then tore it up, that would suck. I suppose insurance and having a credit card number from them would help, but I couldnt stand to see what others would do to guitars. I nearly got out of my car the other day when I saw some kids walking around with an acoustic guitar top (obviously from a broken guitar..it had a couple of chunks missing and they were swinging it by the strings which were still on it) and that wasn't even my guitar.
Our songs also have the standard pop format: Verse, chorus, verse, chorus, solo, bad solo. All in all, I think we sound like The Knack and the Bay City Rollers being molested by Black Flag and Black Sabbath.
Kurt Cobain
^ I know how ya feel. I absolutely hate it when an instrument gets destroyed (It's nothing but a ruined opportunity). I mean think of all the people who wish they could have a guitar but can't afford it...sad really. Anyways, this post has given me an idea...I'm thinking about going into the music business. I'm 18, and not currently going to school, trying to decide what to do with my life and the prospect of running a music store is an intriguing one (I love music and recently have been trying to think of a realistic career in it...understandably I'd have to get some money together to do this or borrow it but it's either this or university in the winter or fall of next year) . Few questions to everyone I guess but noteboat what with his specific experience in this, on opening a music store. What kind of start up costs are you looking at? What do you figure the odds of success are? What kind of profits did you make during your experience?
Guitarin' isn't a job, so don't make it one.
Startup costs are both fixed (one-time) and ongoing... you'll need showcases if you sell picks and stuff - I got mine at a commercial equipment auction, I think I paid about $400 each... but that was in the 1970s. You'll need to 'dress up' the space - whatever paneling, carpeting, etc. you need. And you'll need inventory. Getting terms is tough if you have no credit. A dozen guitars will easily set you back $3K or more. Other stuff is small - receipt books, a cigar box to make change from, etc.
Then you've got the ongoing: rent, insurance (don't forget separate insurance for your front windows!), advertising. Draw up a budget - you'll need to have about 6 months or more in the bank. Add on whatever you need to live on in the meantime.
Profits depend on sales - you'll have good months and bad. You also need to keep in mind what your 'nut' is - how much money you need to cover your expenses. If you make an average of $150 per guitar sale, and your overhead is $1500 per month, you only start making money when you sell guitar #11 in a given month.
Like most businesses, it's a tough one. It's about retail sales, not music... but you do get to play whatever instruments you get :)
Guitar teacher offering lessons in Plainfield IL
