Marketing Strategy: Luthier Business

Below is a link to my Entrepreneurship Final, which includes examples of my budgeting skills. Highlights include how much to plan.

 Highlights include analyzing and calculating the required area to successfully run a business in Seattle and the equipment you may need, how much you will need to earn, pricing things to maintain a business, and what to allot for in times of struggle. Running anything in Seattle is going to be expensive, so planning out your business and calculating how much money you have and how to manage your time is vital.

https://docs.google.com/document/d/1kGUDuu_QlnQ9HHMPfcUkv0xhpqa0Snw0yRL7ADhebuk/edit?tab=t.0

Summary of Business Plan: 

My business idea will in having a variety of parts and instruments with the idea of instilling the knowledge to maintain them. Most in-person stores do not carry a large inventory of parts. When they do, they are usually the most common kinds without much illustrated difference. I want to not only house a large number of parts but also provide examples of them, so players can feel the differences and explanations as necessary. The mission of the business idea is to market more to people who are more experienced musicians. Outside of companies like  Sweetwater, there is not a large selection of parts or a place for people into customization. I want to be able to provide musicians with the gear they know they want and have options around the store to be able to experiment and try things out without having to search obscure places on the Internet and spend money on things they haven't tried yet. One quantitative revenue of success I would like to see is the number of customers who end up using a store more for parts. A lot of music stores tend to rely on newcomers to the instruments, and I want to know how viable the market is for focusing on established musicians.

 Summary of Financing:
To run a business, you need to acquire a business license, which costs around $90 in Washington state. You would also need a place to conduct business, and rent in Seattle costs around 17-30 dollars per square foot a year.  My building would need to be around 30x30 minimum to have the space required for a luthier business. That should be around 20-30,000 a year in rent plus the 2-month down payment. Having 3 employees working full-time at around minimum wage would be about 70 grand a year.  The initial startup would also have to factor in the cost to become a licensed dealer. This can range from having bought around 20,000 dollars of product to having around 100,000 dollars of product. A rough estimate to be a dealer for a variety of parts would most likely be  40,0000. So, to be comfortable and have the first month of pay for employees, the security deposit, and inventory, I will need at least 58,000 to get started on the business. I would be doing a sole proprietorship, so I most likely would need a loan from a bank. To get the word out, pay off the initial loan while paying rent and employees, if I had a 5000 profit a month, it could take 2-4 years for me to pay off completely, reaching true break-even after 5-6 years running the business. 

Music Business Skills

In addition to developing budgeting skills, I also gained extensive knowledge of music law and its applications in various other fields. Knowing about pros and how the licensing works, and that you can't just play music in public settings. If you are using a building as a place of business and playing music for your customers, you must pay the artist. Obtaining a public performance license and researching which CPOs and PROs license the music you want to use ensures your reputation and income are protected. After doing this, you should also research MLC and how to attain these licenses and make sure you are paying the musicians whose music you are playing. This is an example of the legal information I learned that can help a business. 

Some of the legal skills I learned in my class include 

knowledge of pros and cons, licensing, trademarks, domain length, legal terms, and how to sift through a contract, as well as what to include in contracts and when to negotiate when dealing with partners.

 Knowledge of copyright, trademark

Knowledge of communication skills

An annotated bibliography about business communication.

Critical Path Chart and Table

file:///C:/Users/Owner/Downloads/Copyright.pdf

Get In touch with me.

Email:kyan.p.adams@gmail.com

Phone Number:425-495-3110