Choosing a Music Shop
There are a number of factors to consider when choosing a music shop. A shop that specializes in only one instrument will tend to attract customers who play that instrument. However, a store that stocks the complete range of instruments will draw both professional musicians and keen amateurs. Here are some things to keep in mind:
Less lenient return policy
A lenient return policy may increase purchases and reduce returns, but how does this affect the bottom line? It all depends on the policy, though. Some aspects of return policies are more helpful for purchases, while others aren’t as helpful for returns. The more lenient a store is, the more likely customers will be to make a purchase. Ultimately, having a lenient policy is a good thing.
While a less lenient return policy may be the best choice for shoppers, many retailers have reformed their policies to avoid losing business. For example, Costco, which had an indefinite return policy, changed its policy to a 90-day window in 2012. And Sears recently changed its return policy to a thirty-day period. But what exactly does a lenient return policy mean for music stores?
Limited return policy
If you are not satisfied with the product you purchased, you can return it within 7 days. The store will issue store credit, not cash, and refund the purchase price within seven days. The policy is very reasonable and should be followed carefully. If you are unhappy with an item, you must provide photographic evidence of the defect. While L.A. Music is not the best option for returning broken items, it will make an exception at its discretion.
Depending on the shop, the return policy may be more flexible or more restrictive than what’s offered by some other stores. For example, a music shop’s return policy might include items you’ve downloaded and played. If you have already played or downloaded the product, however, you may not be able to return it. If this happens, you may have to wait until a manufacturer offers you an exchange policy for the item.
Partnerships with reliable manufacturers
Before choosing a music store manufacturer, it’s important to know how much you need to invest. Keeping up-to-date with product availability is essential. If you’re planning to sell expensive instruments, commission-based sales can be advantageous. However, you should be sure to set a firm policy up front. Music shop manufacturers should be able to help you predict how well certain items will perform. By evaluating current and future stock, you’ll be able to determine which items are hot and which ones are not.
When seeking a manufacturer for your music shop, it’s important to determine what kind of business entity you’ll need. Sole proprietorships are the most straightforward business structure, but all taxes are filed with the owner’s personal income taxes. Other options include LLCs, which are similar to partnerships but offer the owner additional protection for personal assets. Although a music shop doesn’t require many licenses, it’s crucial to obtain general liability insurance and property insurance. These policies cover any claims from customers or damage to property. Additionally, you should purchase workers compensation and commercial automobile insurance.