Mojo Music offers popular new CDs, used CDs, DVD rentals, and CD/DVD recording media. The target customers for the store are the 23,000 students of the State University. The store is located one half block from the major entrance to the university. The student group represents a unique music buying and DVD rental group that is not being served by the area's existing CD stores or video rental outlets.
The start-up cost of Mojo Music will consist primarily of inventory and display equipment. Karl Payne will invest $50,000. In addition to securing a $100,000 SBA loan, Karl has also obtained an investment of $100,000 from a silent partner.
The store owner is Karl Payne who has worked in CD stores for over ten years. Most recently, he was the store manager for CD Warehouse for seven years supervising a staff 10.