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Ask Jane Applegate
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January 3, 2000: 3:10 p.m. ET
Researching prospects for a music store; weighing experience vs. enthusiasm
By Jane Applegate
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NEW YORK (CNNfn) - Here are answers to your questions for CNNfn small-business columnist Jane Applegate:
Dear Jane: I am a musician and public school band teacher in a growing residential area. I’ve thought about opening up a music store, but don’t know how to do the market research. What questions should I be asking and how can I get some help?
Since you have the expertise and the following, you are a few steps ahead of anyone else thinking of opening a music store. But any retail business is very expensive and time-consuming to operate.
If you think you can handle your teaching job and run a business on the side, here are some thoughts:
1. Survey your students and their parents to find out where they are obtaining instruments and sheet music now.
2. Ask them if they would support a local music store if you decided to open one.
3. Contact instrument manufacturers to find out if they have local or regional distributors in your area. You may want start small by selling music and band instruments out of your home, rather than opening a retail store.
4. Ask a commercial real estate broker for a tour of local retail centers and other possible locations for the store.
5. Make sure you understand exactly how much you will have to spend on a lease and what you will be responsible for vs. what the landlord will cover.
6. If you decide to go ahead, work part-time in another music store to learn everything you can about the business.
7. Before opening your doors, make sure you have enough money saved to cover your personal expenses for at least six months. It always takes longer than you think to begin making any profit -- or to make enough to provide a steady paycheck.
Dear Jane: I am trying to hire a sales representative for my commercial sign company. One applicant is young, energetic and creative, but he has no sales experience. The other candidate is 45 years old and has held four sales positions in the past 10 years. Should I go with the younger, inexperienced person or the veteran sales person who has weak computer skills and may have some bad habits?
It’s very hard to say which person would be best for your company. If at all possible, give them both a try. You may be able to arrange a short probationary period to see who works out. If things go well, you may be able to hire both of them.
Sales people are a unique breed. They have to believe in your products and love to sell. They also have to be able to take constant rejection and bounce back quickly. No matter who you hire, be sure to offer an attractive compensation package aimed at motivating them to work hard.
Provide them with all the tools and support they need to focus on selling. Make sure you provide them with plenty of help back in the office so their sales are closed quickly and efficiently. Sales people generally dislike doing paperwork and often overlook the details, so make sure someone else is backing them up.
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