What does it take to open a hi-fi store?

[Umrswimr]

I've started to realize that spending my entire life in a cubicle working for "the man" is not what I want to do... So I started thinking about alternatives. Currently, the jobs for Electrical Engineers are pretty limited.
And I keep coming back to the to the fact that Little Rock seems to lack a good hi-fi and home theater shop.
But the truth is, I have no idea where to start. What does it take to get a loan to open a shop? How much money would I need?

Obviously, I'd have to become a distributor for certain brands- probably stick to those lines that offer everything from entry to high-end: Vandersteen, B&W, Paradigm, H/K, Yammie, etc.... What does it take to become a vendor?

So many questions.... Any help would be appreciated.

[karl k]

I've started to realize that spending my entire life in a cubicle working for "the man" is not what I want to do... So I started thinking about alternatives. Currently, the jobs for Electrical Engineers are pretty limited.
And I keep coming back to the to the fact that Little Rock seems to lack a good hi-fi and home theater shop.
But the truth is, I have no idea where to start. What does it take to get a loan to open a shop? How much money would I need?

Obviously, I'd have to become a distributor for certain brands- probably stick to those lines that offer everything from entry to high-end: Vandersteen, B&W, Paradigm, H/K, Yammie, etc.... What does it take to become a vendor?

So many questions.... Any help would be appreciated.

Firstly, I have no experience in this BUT, I believe you will find these ideas to have merit.

I would first talk to a realtor and find a prospect that would be on a main street and in a good end of town(dollar income potential). Find if it is for sale, or rent and if for rent, talk to the owner for a better lease agreement(less money/mth, longer term, utility expenses, ect)

Second, talk with an insurance co about liability and hazard insurance. I can't imagine a vendor "fronting" you the equipment w/o insurance coverage.

Between these two, you will have what you need to apply for a loan(private/gov't) or grant money. Next I would contact the vendors and start working something out for delivery and product line. Sometimes you may not be able to sell a product that competes with another vendor you carry so be aware of "exclusive" contracts. Others will insist on a special setup or space in the store for their products. You will probably want to do some marketing and see what your potential client base is and their spending habits. Also consider internet sales as well as local. It's not that expensive and reach's alot of shoppers.

Contact your small business administration and local chamber of commerce for details about business's in the city and what tax help you might receive.

[woodman]

I've started to realize that spending my entire life in a cubicle working for "the man" is not what I want to do... So I started thinking about alternatives. Currently, the jobs for Electrical Engineers are pretty limited.
And I keep coming back to the to the fact that Little Rock seems to lack a good hi-fi and home theater shop.
But the truth is, I have no idea where to start. What does it take to get a loan to open a shop? How much money would I need?

Obviously, I'd have to become a distributor for certain brands- probably stick to those lines that offer everything from entry to high-end: Vandersteen, B&W, Paradigm, H/K, Yammie, etc.... What does it take to become a vendor?

So many questions.... Any help would be appreciated.

After spending half a century in "the biz", I'd urge you in the strongest possible terms to focus your attention in a different direction than what you're asking about. Contrary to popular misconception, consumer electronics is now (and has been for many, many years) quite close to being a "non-profit" enterprise! The industry has been "shooting itself in the foot" for about as long as I can remember!

As an alternative, I'd suggest pursuing a career as an ISF-certified tech.

That's the best advice that you're likely to get from anyone, swimmin'-man