There are several ways to add additional income streams to your teaching studio, but one of the most interesting ways is to open your own music store on a small scale and resell musical instruments, teaching materials and guitar accessories to your students. If your business is well-enough established, your guitar students can be a great internal source of music gear sales and those sales can help cover your business overhead and put more money into your pocket.
In this episode I’ll explain some of the pros and cons of reselling music gear to your students and I’ll give you some “best practices” to help you make sure you avoid some common mistakes a lot of teachers make. I’ll also give you some step-by-step instructions on how to plan out your new music store venture, how to get set up to handle the legal and business details, how to open a wholesale account with musical instrument distributors (including some links you can check out) and how to promote your musical instrument sales to your students effectively.
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