Starting A New Small Business In Ireland

J.Ball

Hi

Looking for a bit of advice. I've had this idea to open up a music instruments shop/School for the last year or more. I have a business plan almost complete and seem to be above board on where to start and ultimately end up with the business.

But would it be worth my while opening up a new business in Ireland with the way Ireland's economy has been the last while or would i just sink.

Basically would i be better off emigrating and trying in a more stable country????????

byrne0f56789

It comes down to the demand in your area. If there is a lot of demand then start here.

J.Ball

There is demand for what i want to do i think my problem is with the irish economy itself i just dont think its stable enough to let the little guy win at the moment

smellslikeshoes

Being honest there isn't much of a business selling musical instruments anymore, online shops like Thomann and Musicstore have more selection and better prices than a small business ever could. After saying that though if it's a supplementary thing to lessons/classes etc. it can be a good thing but is definitely not something you can rely on to bring regular money in.

If you go ahead with it my best advice would be to make sure you have a nice selection of strings, straps, guitar leads etc.
People are likely to go online for a instrument but if they are stuck for a set of strings or a lead or something small there is a good chance they will pick up from your shop rather than going through the hassle of going online and waiting a day or two for it.

Mozart1986

You've a good chance of sinking with a conventional retail outlet. Not definitely, but things are precarious for conventional businesses that can't adapt. I firmly believe that this is the most exciiting and interesting time to start a business, but you have to be innovative and adaptable. Give your business a web-presence at the very least. Sponsor local music events, organise music classes in schools and give discounts for students beginning to learn instruments. Then you'll definitely have their custom when the small minority take it up as a serious passion and you'll have recurring income. Don't just sell instruments, sell the experience of playing music and the culture around it. Be part of the community.

My 2c
Goodluck:)

antoinolachtnai

I don't know the business, but I think it will be hard to make money in music retail. Unless you have the money to really invest in having a better retail operation than anybody else, I don't know if you can do it. Why not concentrate on the classes part of it, selling the small 'consumables' on the side? You could also source stuff like instruments for students, if that was what they wanted, but without having to commit to a lot of inventory.

J.Ball

The whole point of the idea is the school i believe that music isn't tought right in this country and wanna try and make some form of a change. I'm a music teacher at the moment.

The selling instruments is just a small maybe even the smallest aspect of the plan there will also be sound hire and the ability to record on the premesis. Im not gonna open one of those small time music shops that only sell instruments.

But again it will be more of a school then a shop

antoinolachtnai

Well, that sounds like a good idea. The thing is, why bother with the shop? You have to staff it all day, and you have to locate somewhere reasonably prominent and expensive to get enough customers to cover the overhead. It is much easier to find a premises for the music school, I would have thought.

As a general rule, I think it make sense for new businesses to concentrate on providing a service rather than selling products.

J.Ball

I know the selling instruments part wont be a big hitter but personally i love going into a music shop seeing all the instruments and messing about with them.

I think that part is just for me to be honest i probably could stand to lose that bit. I just think ill sink easier in ireland and was thinking of starting somewhere else and coming back if/when the business goes somewhere

Dr C

With any new venture, it is essential that you perform a feasibility analysis prior to even writing the business plan. Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an you with a more secure notion that a business idea is feasible or viable. Neither I nor any of the other posters can give you this insight - you must perform a fully-fledged feasibility analysis. As a start, I'd recommend writing a one page concept statement outlines they key aspects of your business and distribute this to potential customers. The statement should describe the following:

a) A description of the product or service being offered
b) The intended target market.
c) The benefits of the product or service
d) A description of how the product will be positioned relative to similar ones in the market.
e) A description of how the product or service will be sold and distributed.

antoinolachtnai

It depends where you want to be.

If you want to be in Dublin, there is no point in opening up a shop in London or Glasgow. It's not the sort of business you can transplant. It's all about local contacts and recommendations.

I have heard about people teaching music on a small scale, who are doing well at it in the current environment. That said, it is not the primary family income.

This will sound ridiculous, but the key might be to make friends with a few music shops, maybe do a few shifts for them here and there. They can be part of your sales channel. By doing this, you get some of the joy, but without any of the risk!

mikefm

It's actually a good time to start. Costs have not been lower for 5 years and people are open to new ideas. People open doors when you say you have a new business.

91011

as mikefm says, its a great time to start. You have a choice of locations, musch reduced rents, rent free periods etc etc.

As for location of business, knowledge of local market is very important - so just walking into another country and setting up will almost certainly end in failure.

Also, a specialist shop doesn't need a prime location - just an easy to get to location. Example - Naas Drum Centre in Toughers business Park, Naas, located on the first floor at the end of a line of furniture / beauty shops, yet gets plenty of business.

In fact in that park, there are plenty of units available that would probably suit your business down to the ground - one recently went for just 12k / year and it was a prime corner unit.

Dr C

mikefm wrote: »

It's actually a good time to start. Costs have not been lower for 5 years and people are open to new ideas. People open doors when you say you have a new business.

Yes, it is true that costs are lower, but consumers' willingness to pay is also low. You have to think through the economic logic of your business model i.e. how you will a) convince consumers to pay (your value proposition) and b) how you will convert that consumer value into profit.

However, I disagree with Mike's statement that people will be open to your initiative. You need to test that in tuition with a feasibility initiative.

One additional thought - I agree with the poster who suggest that you get some experience. Most new ventures fail, and a lack of experience is a key predictor of failure. Getting a job in a music store and learning about the intricate nature of the industry will serve you well.