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> Making Extra Money With Music?, Any experiences with flipping equipment or online work?
Jim S.
post May 4 2014, 03:43 PM
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Hey guys/gals I'm looking to possibly start some kind of business in music. I have an Automotive shop, it's just my wife and I. Sometimes we get slow and I start scrambling a bit. When I look back on my experiences there is a bit of carpentry, electrical, wood work and Music. I think that I would be good at fixing or refinishing guitars and selling them but Id like some input from anyone else in this area.

Are high end guitars in demand? What other ways can you make money in the Music Field? Thanks for any advice
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SeeJay
post May 4 2014, 11:31 PM
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I have had SUCH great luck over the years buying and flipping. (I usually end up hanging on to stuff longer than I intend though, ha)

Here's some things to think about:

  • Buy low, sell high. DUH, but really really be militant about this. It's not worth your time if the margin is next to nothing. If something is $100 new, don't buy for more than $50 and don't expect to sell for more than $75.
  • Do things like, buy from craigslist and sell on ebay. Then try it the other way around
  • As you are buying gear, try and make a local community out of it. Tell people what you are looking to buy, ask them what their wishlist is. I have made a buddy in town who buys and sells drum equipment. I started giving him cheap parts and snares for free and he gives them to local school. Because of this, he likes me and ALWAYS gives me deals.
  • yardsales and garage sales can be great. Local auctions and estate sales too. If you're looking at adds online, always look past the items posted and get a good feel for what else the person might sell. See an estate sale with a lot of old country records? they might have a nice old guitar.
  • Don't be afraid to cut your losses. Sometimes you end up with an item you've put a little money in that just no one wants. Just sell it for cheap and get it out of your life. It's funny how quickly this stuff will clutter up your life.



Good luck.


QUOTE (Jim Seekford @ May 4 2014, 02:43 PM) *
Hey guys/gals I'm looking to possibly start some kind of business in music. I have an Automotive shop, it's just my wife and I. Sometimes we get slow and I start scrambling a bit. When I look back on my experiences there is a bit of carpentry, electrical, wood work and Music. I think that I would be good at fixing or refinishing guitars and selling them but Id like some input from anyone else in this area.

Are high end guitars in demand? What other ways can you make money in the Music Field? Thanks for any advice


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Jim S.
post May 5 2014, 01:57 PM
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First of all thank you for taking the time and answering my question. I do realize the importance of margin. We flip cars too and the principal is the same.

I've always felt a place for music equipment or as my wife would csll it "speakers and wires!" She won't go in with me until I can make it work so ill start scouring the area for a good deal and start there. One thing about me is I love to root for things, my cousins and I would junk pick every week. It's been a long time since then but it's still there. Estate sales seem like a good place too. Thanks again man!
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SeeJay
post May 5 2014, 06:32 PM
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Sounds like you know what you're doing.

I think flipping guitars would be tricky. It has been hard for me to feel out what people want. And maybe that just my area. And maybe it's that people don't have the $$$ for it.

But get that network going. At the very least, you might end up with a new rig and come out even.

Wifey can't be mad about that.


Ok, actually for some reason they do get a little mad about that.

rolleyes.gif rolleyes.gif rolleyes.gif

QUOTE (Jim Seekford @ May 5 2014, 12:57 PM) *
First of all thank you for taking the time and answering my question. I do realize the importance of margin. We flip cars too and the principal is the same.

I've always felt a place for music equipment or as my wife would csll it "speakers and wires!" She won't go in with me until I can make it work so ill start scouring the area for a good deal and start there. One thing about me is I love to root for things, my cousins and I would junk pick every week. It's been a long time since then but it's still there. Estate sales seem like a good place too. Thanks again man!



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Todd Simpson
post May 6 2014, 02:58 AM
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Flipping gear on Ebay can be tough simply because the fees (paypal/ebay) usually are about 25% of your final selling price!

So if you sold a guitar for $1000, plan on $250 going (in total, given all, ALL, feels added up) towards fees.

Then you have to consider returns. If you offer a standard 15 day return, that guitar might come back.

The good thing about craigs list selling, is that deals are usually somewhat final, especially if you make sure to say "all sales final" smile.gif

You can usually find stuff at garage sales/craigs list from folks who could really use the money. Your helping them out by buying their stuff in many cases, but as mentioned make sure to buy it as cheaply as you can. Usually for about half what you could sell it for or about a quarter of what it goes for new. But you already know this from cars I'm guessing smile.gif

The "margin" is in the higher end stuff obviously, just like cars. But that of course requires a higher buy in, and higher committed resources. E.G. being a used ferrari dealer is more expensive than being a used ford dealer smile.gif

If you can learn about working on amps/guitars, especially fixing high end amps (MATCHLESS, etc.) then you can sell stuff to the same folks you fix for. Folks that have money to spend on high end stuff smile.gif Ebay has the low end covered, and there's no margin in it.



QUOTE (Jim Seekford @ May 4 2014, 10:43 AM) *
Hey guys/gals I'm looking to possibly start some kind of business in music. I have an Automotive shop, it's just my wife and I. Sometimes we get slow and I start scrambling a bit. When I look back on my experiences there is a bit of carpentry, electrical, wood work and Music. I think that I would be good at fixing or refinishing guitars and selling them but Id like some input from anyone else in this area.

Are high end guitars in demand? What other ways can you make money in the Music Field? Thanks for any advice


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klasaine
post May 6 2014, 04:03 AM
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Yeah, 'flipping' gear is in a way, a full time job. You really gotta KNOW what to buy cheap and then be able to sell for at least 100% markup to actually make any money at it. Remember your time finding and selling the stuff (not too mention all the ebay crap) is part of the job.

That being said I do not buy guitars or amps (anymore) that I can't at least recoup on easily should I decide to sell it.

Consistent quality guitar and amp repair is always in demand.


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