MusicWest is a retailer of musical instruments and their accessories, located on Albuquerque's Westside. MusicWest will differentiate itself from its direct competitors by marketing the store's educational approach, and one of the most hands-on store layouts of its type in Albuquerque. In addition, we will offer a wider selection of products, and more services to reward customer loyalty, than our competitors.
2.1 Start-up Summary
Start up costs will cover all inventory, site modification, website creation, necessary equipment and the necessary capital to fund operation of the business through the first year. In particular, we foresee a need for substantial initial working capital with a large purchase of initial inventory to sufficiently maintain and grow the business. We intend to secure financing through conventional lending sources or with a (7A) conventional SBA loan guarantee. The balance of the funds will be covered by owners investment.
2.2 Company Locations and Facilities
We have chosen a site at Ladera Shopping Center on Coors Blvd. near I-40 for several reasons:
- Close proximity to Interstate 40.
- Safe and plentiful parking area.
- Near high-traffic tenants such as Home Depot and Staples, and anchored by a WalMart Supercenter.
- Beneficial demographics: over 150,000 households within a 5-mile radius, 85,000+ cars per day on the two cross-streets, and no direct competitors within 10 miles.
All of the above qualities are consistent with MusicWest's goal of providing a fresh approach to musical instrument retailing. We are looking at leasing approximately 3,500 sq.ft. of space, which will allow sufficient room for up to six lesson studios, a repair area and necessary storage and office space. We expect usable selling space to end up being around 2,400 sq.ft.
2.3 Company Ownership
MusicWest will be a partnership. The principles of the business are Kayle and David Moore. Kayle Moore will assume the position of President/Office Manager, while David Moore will assume the duties of Store Manager.