Sister Ray Records | Application Preview
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General Information
Business Registration Number: 202311081738937
Location: Jeffersonville, IN, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
We plan to use this money as working capital to purchase new inventory and expand our current products we sell. Right now we are only selling used and older records. We will use this grant to purchase new vinyl from wholesalers, turntables, record cleaning products and apparel.
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Business Plan
The city of Jeffersonville, Indiana is rapidly growing with new local businesses. There are currently no other music stores in the area and even with being right across the bridge from Louisville, KY; there are only 2 other record stores that offer limited selections. We are currently operating out of a rent free space that is owned by the city, that they are trying to make into a popular spot for arts and live music. Our plan is to work closely with our other established local businesses and the city, to grow with limited expenses until we can gain our own footing to lease a bigger space. Once we are able to secure new inventory, we plan to expand to other products (CDs, turntables, apparel), offer record cleaning services, as well as take customer requested orders of the music we do not regularly carry in stock. We have a great relationship with the city and we haven't even be open for more than 6 months. Our current customer base is eagerly waiting for us to open a bigger spot, with a bigger selection. We have a very unique opportunity to start a business with no overhead costs and limited risks. Our current location is rent free and only in operation when there are city events, and guaranteed foot traffic. Just in 6 months, with only 5 events, we have made $757 which could have been more if we had new product and more working capital. As much as digital music and streaming services have become more popular over the years, people are finding that they can lose those digital purchases on services like Spotify or Apple if the Artist chooses to remove their music from the platform. The only way to truly own music is to buy a record or CD. That's where we come in to provide them with physical music they can hold onto for a lifetime. We are in the works of partnering with a well established local bar, that is opening a secondary location two doors down from their current brick and mortar that will be a late night karaoke bar. The owners want Sister Ray Records to operate out of this location during the day before the karaoke bar opens at night, giving us two rent free locations to make a profit and get our business off the ground. This would also mean that we would have the City of Jeffersonville advertising for us at the event space, and the karaoke bar advertising their new location with us in mind.
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Self Identified Competition
There are no other record stores in southern Indiana. The closest one to our location would be in Bloomington, Indiana which is Landlocked Music. We are right across the bridge from Louisville, KY which hosts two record stores; Better Days and Matt Anthony's. The bridges are tolled and the traffic is not ideal for those traveling from Indiana to Kentucky. Jeffersonville, IN was ranked in the top 50 best places to live in 2023. The city is growing rapidly and the local government is relying heavily on their local businesses to attract people from Louisville, KY. The record stores in Louisville have been around for some time now and have shown no growth. We will be able to offer convenience to those consumers living in southern Indiana, and offer a new place to shop for those tired of the same locations in Louisville. Our current location also has 3 other vendors to shop as well as live entertainment and a bar. We will also offer record cleaning services, which is not something you can find in this area and will have a heavy focus on hip hop music, which the other stores nearby lack in selection.
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