Beginner’s Guide on Starting a Record Shop Business in the United Kingdom
Record shop businesses are for those who have a deep understanding of and passion for different kinds of music. Starting a record shop business has been the dream of many entrepreneurs. However, the rise in the internet has shrunk the record shop market, but doing it right can satiate your entrepreneurial dreams.
The business can be lucrative if you plan to sell your tapes both physically and through an online platform. In addition, stocking huge catalogues of music from different genres can attract a variety of customers. Or, you can also prefer to choose a specific niche for the record shop.
There are no must-be qualities to have for starting a record shop business. But, if you’re really up to setting up a record shop, it’s wise for you to have information about music, such as the creation of music and its importance, the singer or composer who created it. This sort of knowledge indirectly helps you to draw customers towards your shop.
As for the legalities, you can find many agencies providing company incorporation services. Such agencies help you with the registration of your business and acquiring necessary licenses. They also play a great role to bring potential customers to your business by applying appropriate marketing tools.
Steps to Set Up a Record Shop Business in the United Kingdom
Starting a record shop business is somewhat challenging due to freely available online music. However, providing vintage music taste to the customer can make your business competitive. Here are some of the important things you should consider to set up a record shop business.
Define Your Niche
Many businesses are profitable by doing business under a specific niche. It’ll surely help the record shop business too. Primarily, you need to research the market availability of different music genres. It prevents you from starting a shop that is already saturated in the market.
There are plenty of music genres like classical, jazz, rock, rap, grime, punk, etc. You should have interest and background knowledge of the genre that you want to start with. Be patient and drive yourself deep into the business.
Identify Your Business Entity
Choosing your business entity sets the idea of running your business. Either operate by yourself as a sole proprietorship or with a partner as a partnership or as an organization.
If you’re starting with low, it’s better to choose a sole business type. Later with the expansion of business, and additional brands and artists, you can prefer to opt for other business types.
Business Registration
It’s one way of complying with the local council regulations and laws of the state. Also, by registering your business, you can reach out to your target customers and suppliers easily.
Market Your Business
In the world of the internet, it’s not prudent to limit your business to physical selling only. Apply some marketing strategy and make your business known to a mass of people. Also, you can offer discounts to attract customers or keep the reward points and prizes on your record tapes.
Registration Process for Starting a Record Shop Business
There’s a very simple process to register your record shop business in the United Kingdom. Besides, you can seek help from 3E Accounting which provides you with complete company incorporation services.
Business registration is mandatory for all ventures, which include record shop businesses. You can obtain a business license from the local council. There are some application forms that you should fill out accurately and submit to the local authority. By registering your business, it’s easy for the local council to keep an eye on your business.
You can also apply to register your business online. Through an online business platform, you can reach out to a wide range of customers. Also, your registration process depends upon the type of business you prefer, like a sole proprietorship, partnership, or LLC.
Licenses and Permits you need for Starting a Record Shop Business
Unlike other businesses, there are no determined rules for starting a record shop business. However, you should comply with the general retail business criteria of the locality. Furthermore, you can contact your local council or local trading department to know the requirements for your business.
There are no specific licenses required for your record shop business. Still, if you prefer to play background music in your shop, you should get a music license. You can obtain this music license from PPL PRS Ltd. To obtain this license, you need to pay a certain charge and continue to pay annually.
Also, if you’re playing music videos in your record shop, you should acquire the VPL license. VPL is a division of PPL. Likewise, you may require additional licenses if you choose to incorporate CCTV, computer, etc., in your shop. For these licenses, you can contact your local authority and get the permits.
It’s simple to obtain the licenses and permits that are essential for starting your record shop business. Moreover, 3E Accounting is a corporate service provider that can guide you through the license-acquiring procedures.
Insurance that Benefits your Record Shop Business
There are many types of insurance available for different kinds of businesses. This is why you may be unsure about choosing the insurance types. Therefore, it’s wise to contact an insurance broker to help you to choose the insurance that your business requires.
From the different types of insurance, you might consider the following types for your business;
- Employers liability insurance
- Public liability insurance
- Premises and stock insurance
- Vehicle insurance
- Business interruption insurance
Get to know about the policies of all kinds of insurance before you apply it in your business. You can also contact 3E Accounting. It not only assists you with insurance issues but also all kinds of business deals.
Conclusion
The record shop business in the United Kingdom has experienced an enormous change in the past decades. If you want to get into the business, be updated with the changes and apply them to your business. The rise of eCommerce has somehow impacted the record shop business. But, by adopting a strategic plan, you can make your business competitive in the market.