Play Records: A Business Plan for an Independent Record Store
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The story of a retail store does not begin on opening day. Instead, it begins humbly on paper. Long before a store opens, a business plan must be developed to describe every aspect of the store before a single dollar is spent. This plan describes the venture Play Records, a record store located in Waco, Texas that will capitalize on the recent repopularization of vinyl records. Play Records store sells recorded music, related electronics, and board games. Due to its focus on customer experience, this store will house a small coffee shop with a study area to cater to local college students. To provide customers the opportunity to fully experience recorded music, the store will sell both new and used media in several different formats, as well as provide areas for customers to listen to music before purchasing. Play Records will not only help customers find music by artists they like, but foster an environment in which they can develop a love for new music. Unfortunately, the financial statements project a net loss due to lack of demand. This business plan then serves as an indication that a record store of this scope would be an unwise investment in this particular area.