Opening up a small boutique HiFi shop in retirement?

[mhardy6647]

Local guy ran a used hi-fi store and repair shop in an old under-used shopping mall. I would bet that he made more $ fixing than selling.

Between the cost of parts and the value of labor -- while that's probably true, it's got to be difficult to make money repairing, too.
At my rate of throughput -- it'd be impossible.

 

[anmpr1]

...a friend of mine in high school never went back into retail after he had a gun shoved in his face one evening at work - PT at a video rental shop - nothing more valuable in that store than ~ USD $25, so how much possibly could’ve been in the register?

Know a guy who owns a record store--mostly used LPs, but some new. Rock and Roll memorabilia and so forth. A few years ago he told me he was a victim of the 'smash 'n grab'. I had no idea what that was. Turns out that the bad guys don't bother with actually entering the store during working hours, but wait until the shop is closed. Middle of the night they drive a stolen car right through the floor to ceiling glass window, run in and grab the register, then drive away. Quick and easy, I guess.

 

[RonK]

Ok, first off, I am far from retirement age. But I am day dreaming of what I will do in retirement should I be fortunate enough to be able to retire given the ridiculous cost of living.

One of the things that comes to mind is maybe I can open a small boutique HiFi shop. I would use this shop to (1) make new friends who shares the same interest in the hobby, generally a way to shoot the breeze and enjoy passing time (2) use the opportunity to educate others the technical how's of how audio equipment works, perhaps explain spinaroma, how speaker measurements correlates to listening experience; understanding I can only go so deep as I'm no expert in th field. But it gives me an opportunity to save a poor soul from the snake oil vultures, (3) make some extra money to subsidized retirement.

But starting any business is obviously not easy and there are of course risks.

For those who owns a shop, please share your experience, would you have chose the same path if you could do it all over again? What is the hardest part of owning and running a HiFi shop? What challenges and headwinds you foresee in the coming 10, 15, 20 years in the HiFi industry? What is the competitive landscape looks like? And how hard is it to keep your shop open and make a decent living?

This is simply a horrible idea. There is a reason brick and mortar shops are almost extinct. If you want to teach , why not consider starting a workshop. There is a terrible paucity and a great need.

 

[benanders]

Know a guy who owns a record store--mostly used LPs, but some new. Rock and Roll memorabilia and so forth. A few years ago he told me he was a victim of the 'smash 'n grab'. I had no idea what that was. Turns out that the bad guys don't bother with actually entering the store during working hours, but wait until the shop is closed. Middle of the night they drive a stolen car right through the floor to ceiling glass window, run in and grab the register, then drive away. Quick and easy, I guess.

Oof, that had to be a record bad day for business.
Thankfully no real physical safety issue past the broken glass.
Still…

 

[Doodski]

Know a guy who owns a record store--mostly used LPs, but some new. Rock and Roll memorabilia and so forth. A few years ago he told me he was a victim of the 'smash 'n grab'. I had no idea what that was. Turns out that the bad guys don't bother with actually entering the store during working hours, but wait until the shop is closed. Middle of the night they drive a stolen car right through the floor to ceiling glass window, run in and grab the register, then drive away. Quick and easy, I guess.

I had a seriously bad bad alcohol issue for decades I drank away my issues instead of dealing with them. I was a harsh binge drinker in public places. I had a lot of PTSD and baggage and I knew it. I made effort and intention to get as blasted as was possible as often as I was was able. I was harmless to the general population and simply hurt myself. I came to a head with my best best friend whom was better than a brother. I had keys and alarm pass to the electronics shop. I was unconscious at ~4am sleeping in cardboard sheets on the shop floor. My brother/owner of the shop was alerted by the alarm company and he came to investigate and found me sleeping under a sheet or cardboard. There had been dozens of break ins of electronic shops across the city for years. The MO was to steal a vehicle and use it to smash through the walls of the building and then take the gear. My "brother" came and as far as he was concerned saved me from organized crime. I was not fired for my issues. I never lost my privileges but I was made to feel very guilty for causing them to be so concerned. It was hell!

 

[DanielT]

I had a seriously bad bad alcohol issue for decades I drank away my issues instead of dealing with them. I was a harsh binge drinker in public places. I had a lot of PTSD and baggage and I knew it. I made effort and intention to get as blasted as was possible as often as I was was able. I was harmless to the general population and simply hurt myself. I came to a head with my best best friend whom was better than a brother. I had keys and alarm pass to the electronics shop. I was unconscious at ~4am sleeping in cardboard sheets on the shop floor. My brother/owner of the shop was alerted by the alarm company and he came to investigate and found me sleeping under a sheet or cardboard. There had been dozens of break ins of electronic shops across the city for years. The MO was to steal a vehicle and use it to smash through the walls of the building and then take the gear. My "brother" came and as far as he was concerned saved me from organized crime. I was not fired for my issues. I never lost my privileges but I was made to feel very guilty for causing them to be so concerned. It was hell!

Sad, but you are on the right track now? Good luck fighting the alcohol craving. Maybe it has disappeared now? The cravings, that is.

 

[Doodski]

Sad, but you are on the right track now? Good luck fighting the alcohol craving. Maybe it has disappeared now? The cravings, that is.

Oh... It's not a craving. I do not crave. I binge. I can go months without and I feel fine. Not the same as being a alcoholic. I still binge although it happens rarely as compared to when I was younger it was every week or multiple times a week. I was a party hardy kind of person. Guzzling competitions and shooter races etc where sometimes everyday. Like a university party with extreme levels of consumption using as many fun methods of drinking as they can dream up and getting staggering impaired. That was me.

 

[DSJR]

Oh... It's not a craving. I do not crave. I binge. I can go months without and I feel fine. Not the same as being a alcoholic. I still binge although it happens rarely as compared to when I was younger it was every week or multiple times a week. I was a party hardy kind of person. Guzzling competitions and shooter races etc where sometimes everyday. Like a university party with extreme levels of consumption using as many fun methods of drinking as they can dream up and getting staggering impaired. That was me.

I never worked on commission which arguably saved me to be honest... The small business I worked in had us demming, selling, light servicing, installing and making up dedicated cabling etc. Simply being on a commission based selling situation would have been too limiting and aggressive I think.

You know the best way to deal with a possible alcoholic drink issue? Not having enough money to furnish the bingeing!!! I look back in abject horror at my life forty years ago and how I 'dealt' with depression with more booze than ideal.

Three things weaned me off - The first was having a chunky mortgage limiting my finances and limiting my binges. The second was my mother's passing and having to drive 'home' in the early hours in a state of shock, grief and numbness (I'd had a pal round for a meal and music session and bloody good job I'd not drunk much as happened when he'd visited before and I can't remember him leaving!). Third occasion was the removal of the need to get myself drunk once I met my better half and she agreed to marry me (silly lady ) back in the mid 90's. I still have a can or two, also maybe a pint when out, but I don't feel the *need* now - music deals with the highs rather than drugs/smokes etc...


Back to the OP and apologies again for the UK stance. Apart from a small handful of reasonably sized specialists who sell a small portfolio (such as the trio of Linn, Naim and Rega plus maybe a couple of others to sell up from), B&O franchises who don't know anything about the industry outside of the core product - intentionally I was told, the rest is basically chain stores I believe (from the top of my head, Audio T, Sevenoaks and Richer Sounds, the latter seemingly moving more upmarket). Maybe one or two small independents survive, but I'd suggest they're few and far between.

 

[Polard7861]

LoL... If some of you guys think I am sooper stoked about audio gear sales you would have really found intriguing the guys and gals that created me, gave me the opportunity and let me take that opportunity, gave me encouragement and praise and then made me this way in their image..LoL.. I'm talking very very intense people from all sorts of backgrounds. The best leaders, movers and shakers that retail sales has to offer anywhere from anywhere in the world. That's what it takes if you wanna make the dough, be popular with customers and have enough money to afford the lifestyle because making money is required to sustain the life you will lead. You gotta make the money and be very comfortable and healthy like I said before.

Sounds like you're reflecting on the drive and determination instilled in you by your creators. It's evident that they've fostered a culture of ambition and success, setting the stage for your own enthusiasm in audio gear sales.