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Frequently Asked Questions
What does a Music Go Round franchise cost?
The average total investment to open a Music Go Round store is approximately $350,000. In order to financially qualify, you’ll need to have at least 30% ($105,000) of the investment in non-borrowed personal resources (liquid assets, i.e. cash, stock or marketable securities) and enough equity to collateralize the balance. The total cost will vary based on size and location.
Will Winmark provide financing for my store?
No. Financing is to be secured through third party lending sources. Winmark will assist you in preparing a comprehensive business plan to obtain SBA or other financing once you are a franchisee. All Winmark brands are listed on the SBA’s Franchise Registry which helps streamline the process.
How much cash do I need to obtain a loan?
A minimum of $105,000, however having more cash may increase your ability to obtain financing.
How much money can I make as a Music Go Round franchisee?
The financial return you will realize as an owner of any small business will depend on many factors including, but not limited to, how well you perform and follow the franchise system, your plan for advertising the business and your ability to integrate the business into your community. Starting a new business involves some level of risk, so we encourage you to speak with our franchisees to learn about their experience and satisfaction with the business – both personally and financially. By talking with franchisees you will be able to understand the business potential and what is necessary to be successful. To hear from a few of them now, click here.
What are the average annual gross sales for a Music Go Round?
In 2012, the average Music Go Round store had sales of $787,532 with an average gross profit of $392,964 (49.90%).
What are the annual average gross sales fro the top performing Music Go Round stores?
In 2012, the top quartile representing 7 Music Go Round stores had average sales of $1,343,088 with an average gross profit of $675,758 (50.31%).
How do I find a site?
Winmark has established guidelines and criteria for site selection. You’ll learn about the process during your first week of training. Your selection process is supported by a team of people including Winmark staff and local and national brokers.
What kind of training does Winmark provide?
Winmark provides over 75 hours of classroom instruction and in-store training on the following: business planning, retail site selection, store set-up, computer training, advertising and marketing, and store operations. Our computer support center offers access to technicians who provide assistance with hardware, software and operational questions seven days a week.
Is there any ongoing training once my store is open?
Ongoing training is provided by Field Operations Managers, online via the extranet and annual franchise conferences. You’re also welcome to return for any portion of the classroom training you’d like to repeat at no additional cost.
How will I acquire my initial inventory?
During training you will learn how to utilize our proprietary computer system to purchase and price inventory. Your store may be open to buy gently used items (without selling it) for a period of approximately six weeks before your grand opening.
Can I operate this business part time?
Not initially. For the first year we recommend you work full time in the store. After that you may hire a manager to oversee the day-to-day operations of the store, but we recommend that you remain actively involved in your business.
What type of individual is best suited to become a Music Go Round franchisee?
To be a successful Music Go Round franchisee requires proper capitalization, hard work and people skills. It isn’t for everyone. While having knowledge of musical instruments is helpful, our comprehensive training program will provide you with the tools and skills you need to be successful. If you are motivated, organized, enjoy working with the public, and can diligently follow our proven system, you are a good candidate for a Music Go Round franchise.
How long does it take to open the store?
The typical time frame to open a Music Go Round store is approximately nine months.
I’m interested in pursuing this further. What should I do next?
To start the process, complete our online franchise application. A franchise developer will contact you to discuss next steps. If you would like more information prior to completing an application, contact us toll-free at 800-592-8049.