November 5Ć5 Night at Start Garden
Voting Closes:
November 18, 2024 11:59 pm
Impact
Those who love music and art will benefit from Della Soul Records. My space will be decorated with art and music memorabilia full of bright, bold colors and light. I want people to feel energized when they enter the store. I want them to hear their favorite music, learn about new artists, and mix and mingle with people with whom they have commonalities. Music has healing power, and I want to unite people with music. The target market is vinyl record collectors of all ages. Vinyl records are nostalgic and this "classic" listening approach is incomparable. Many people are again searching for simplicity in the way music sounds and feels and vinyl records allow for that.
Vinyl record sales have surpassed CD sales by 50%. According to www.BusinessInsider.com (2020), āUS record sales in the first half of 2020 totaled $232.1 million, nearly double the $129.9 million raked in from CD sales, according to estimates from the Record industry Association of America.ā John (2022) reports that āThere is something special about records, something satisfying about opening the album jacket, seeing the fantastic artwork, and studying the linear notes while listening to the album.ā
The Company has researched competitors' pricing. Keeping in mind our competition's pricing and the costs of customer acquisition, Della Soul Records has decided on the following pricing strategy: Competitive item pricing with other brick and mortar and e-commerce vinyl and cultural merchandise businesses, as well as market rate store rental fees for listening and viewing sessions.
It will take time to build my brand; however, profits will be generated from vinyl and cultural merchandise sales, as well as rental fees for small listening and viewing sessions for local artists. As time progresses and more people become aware of the space, profits will gradually increase.
References
John, S. (2022). Why Vinyl Records Are Making a Comeback in 2022. Retrieved from
Why Vinyl Records Are Making a Comeback in 2022 | The Manual
BusinessInsider.com. (2020). Americans are spending more on vinyl records than CDs for the
first time since the 1980s. Retrieved from
https://www.businessinsider.com/americans-spending-vinyl-records-cds-2020-data-2020-9?amp
What I'll do with $5,000
The funds will be used to invest in vinyl records in order to build a diverse stock. Additionally, funds will be used to purchase a point-of-sale register, cultural merchandise, marketing materials, and signage. These are a few of the important items necessary to begin my startup business. If there is additional money after purchasing the aforementioned items, dollars will be used to purchase a computer and vinyl music catalog access in order to search for and competitively price items. The funds would be greatly appreciated to make my dream come true.