How to Start a Musical Instrument Repair Business

Start a musical instrument repair business by following these 10 steps:

1. Plan your Musical Instrument Repair Business
2. Form your Musical Instrument Repair Business into a Legal Entity
3. Register your Musical Instrument Repair Business for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Musical Instrument Repair Business
6. Get the Necessary Permits & Licenses for your Musical Instrument Repair Business
7. Get Musical Instrument Repair Business Insurance
8. Define your Musical Instrument Repair Business Brand
9. Create your Musical Instrument Repair Business Website
10. Set up your Business Phone System

We have put together this simple guide to starting your musical instrument repair business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out othersmall business ideas.

圣EP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

What will you name your business?

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit ourHow to Name a Business指南或得到帮助与我们头脑风暴一个名称Musical Instrument Repair Business Name Generator

If you operate asole proprietorship, you might want to operate under a business name other than your own name. Visit ourDBAguide to learn more.

Whenregistering a business name, we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability.

It's very important to secure your domain name before someone else does.

What are the costs involved in opening a musical instrument repair business?

The startup costs for a musical instrument repair business are manageable. Some of the biggest expenses include:

• Securing a space for repairing instruments
• Purchasing tools for making repairs
• Advertising the business’ repair services

Business owners who have limited initial capital can keep these costs minimal by setting up a repair workshop in their home and using tools they already own. A few specialty tools may be needed, but a good set of screwdrivers and variously sized pliers will do a lot of the work. Many of the specialty tools that are required either don’t cost a lot new or are available used at a discounted price.

Business owners who don’t want to start their operation from scratch might purchase an existing musical instrument repair business. These businesses are often affordable compared to other businesses’ purchase prices. For instance, one instrument repair business is listed at $75,000.

What are the ongoing expenses for a musical instrument repair business?

The ongoing expenses for a musical instrument repair business are minimal. They primarily include utilities and rent. Parts costs are built into customers’ bills.

Who is the target market?

The target market for a musical instrument repair business is local musicians. Because musical instruments are large and valuable, musicians normally won’t ship them into repair facilities. Instead, they’ll bring them to a repair professional in the area.

How does a musical instrument repair business make money?

A musical instrument repair business makes money by charging customers for fixing their instruments. There aredifferent levels of repair:

• “Play condition” repairs mechanically fix an instrument but don’t make aesthetic improvements
• “Professional quality” repairs fix an instrument technically and aesthetically
• “Overhauls” completely rebuild an instrument so that it’s like-new

How much can you charge customers?

Most musical instrument repair businesses have a multi-tiered fee system. They might:

• Perform small, quick fixes for free
• Offer a basic service for a flat fee per instrument
• Offer common services (e.g. repadding woodwinds) for a flat fee per instrument
• Have an hourly rate for all other work

The Cayuga Music Shop has an hourly rate of $60, and most of their basic services range from $15 to $100. Repadding woodwinds costs several hundred dollars. These costs are representative of what other businesses charge.

How much profit can a musical instrument repair business make?

A musical instrument repair business can bring in a nice annual revenue for a small business. The business mentioned above as being for sale has an annual revenue of $88,160. Because ongoing expenses are low, most revenue is profit.

How can you make your business more profitable?

A musical instrument repair business may increase revenue by selling new and/or used instruments. Some businesses also rent instruments to students.

圣EP 2: Form a legal entity

The most commonbusiness structuretypes are thesole proprietorship,partnership,118bet金博宝 , andcorporation.

Establishing a legal business entity such as anLLCorcorporationprotects you from being held personally liable if your musical instrument repair business is sued.

You can金宝搏188是什么公司yourself and pay only the minimal stateLLC costsor hire one of the118金宝app for a small, additional fee.

圣EP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more aboutstate sales taxand franchise taxes in our state sales tax guides.

圣EP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to aspiercing your corporate veil.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting abusiness credit cardhelps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money later on.

圣EP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with ourLLC Expenses Cheat Sheet.

圣EP 6: Obtain necessary permits and licenses

未能获得必要的许可证和执照can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a musical instrument repair business. Learn more about licensing requirements in your state by visitingSBA’s reference to state licenses and permits.

Certificate of Occupancy

A musical instrument repair business is generally run out of a storefront. Businesses operating out of a physical location typically require aCertificate of Occupancy(CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

• If you plan to lease a location:
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a musical instrument repair business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening,it is recommendedto include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.

• If you plan to purchase or build a location:
• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your musical instrument repair business will be in compliance and able to obtain a CO.

圣EP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully.Business Insuranceprotects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face,begin withGeneral Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need isWorkers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Is this Business Right For You?

Anyone who enjoys music and is mechanically inclined might like running a musical instrument repair business. Business owners regularly interact with people who are passionate about music, and fixing instruments is a hands-on, mechanical process.

What happens during a typical day at a musical instrument repair business?

A typical day at a musical instrument repair business involves:

• talking to customers about issues their instruments are having
• ordering supplies needed for fixing instruments
• repairing and servicing instruments
• testing instruments after they’re repaired

What are some skills and experiences that will help you build a successful musical instrument repair business?

A successful business owner will be both an experienced musician and trained in the specifics of musical instrument repair.

Business owner’s don’t need to be Grammy-winning artists, but they ought to have studied music during college. Without this level of knowledge, business owner’s won’t be able to help professional musicians much.

To learn instrument repair, business owners should look for a local instrument repair class. Some vocational schools and junior colleges offer these classes, but they aren’t available everywhere. If attending a class isn’t possible, the next-best option is to find an instrument repair technician who’s willing to set up an apprenticeship. Online classes aren’t ideal because repairing instruments is a hands-on process.

After learning the basic skills of musical instrument repair, business owners should practice -- and a lot. Practice will help refine skills, and it will show business owners what they can and can’t do with their skill set.EBayis a good place to find inexpensive instruments that can be torn down and rebuilt.

Ultimately, business owners should aim to become certified. The National Association of Professional Band Instrument Repair Techniciansoffers certification in the field. More instrument-specific groups include theGuild of American Luthiersand theInternational Double Reed Society. Some instrument manufacturers, such asStraubinger, offer workshops and certifications for working on their particular instruments.

What is the growth potential for a musical instrument repair business?

A music instrument repair business can be a small, one-person operation that maintains part-time hours, or it can grow to have multiple locations in different states.The Cayuga Music Shopis an example of a local repair business.Sam Ashis a larger company that has locations in sixteen states. Sam Ash, like most larger companies, sells instruments and provides lessons in addition to making repairs.