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Showing posts from May, 2020

Are You Paying Too Much for Credit Card Processing? (The answer is yes)

Part of the process of consulting is partnering with businesses that have been impactful for us at Springfield Music and sharing them with others.

We started using Merchant Cost Consulting earlier this year. These guys are former banking and credit card reps who go and negotiate your processing rates on your behalf. Now, like most of you, we are pretty aggressive about shopping our processing rate around, so I wasn't sure they would be able to save us much money. Boy, was I wrong.

On average they are saving us $600 per month. The deal is we split it 50/50 with them for so many months, after that all of the savings are ours to keep. Plus, they keep an eye on your fees during this time to make sure those @#$% credit card processors don't find a way to jack up your rate again.

They are good folks, and they actually do what they say they do. Actually, in our case, they under promised and over delivered. They estimated $500 per month in savings, and it's been closer to $600.

W…

Leslie Faltin - Instrumental Music Center - Tucson, AZ. How IMC is coping with COVID and more!

Leslie and I talk about how IMC came to be, the difficulties she has with dealing with all of the COVID stuff, the difficulties of starting a store from scratch, and so much more! Also, now available with video on YouTube! https://www.youtube.com/channel/UC4xTcg7_2h7p9AHY1L3fx6w
Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.

Chuck Surack - Sweetwater. How does one build a business that lasts - all starting from their home!

Sweetwater is on track to soon be a billion dollar business - one with almost no debt, a terrific reputation in the industry and with customers. How did Chuck do it? And how is he managing his business during the COVID pandemic of 2020? Plus, like a good box of Raisin Bran, there are TWO SCOOPS of new parts of the Sweetwater story unveiled in this episode! Listen and be the first to know what’s coming next for this super giant!
Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.

Frank Pampenella - PM Music Center. A former upstart becomes a major player in Chicago!

From humble beginnings to a major player in the school music scene in Chicago, Frank Pampenella has guided PM Music Center to annual growth year after year. Hosted by Donovan Bankhead, President at Springfield Music, Inc - a NAMM Top 100 Full-Line Instrumental Music Retail Business. Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.

Gabriel O’Brien - the Retail Rebel! This is an MBA in Retail Marketing. You’re Welcome. :)

Gabriel O’Brien - the Retail Rebel! This is an MBA in Retail Marketing. You’re Welcome. :)
This episode we discuss leadership, what to do when you've hit the ceiling, how to get the most out of your video content, and so much more. If you'd like video or marketing help, reach out to gabe at Gabriel@upperhandstudios.com or visit his website Upperhandstudios.com. Hosted by Donovan Bankhead, President at Springfield Music, Inc - a NAMM Top 100 Full-Line Instrumental Music Retail Business. Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.

Jonathan Shue - Dusty Strings. Group lessons, store culture, and more!

Why would you put an $8,000 guitar in a beginner's hands? What's the advantage of group lessons over private? When's the right time to close a lesson sale? Listen and learn!Hosted by Donovan Bankhead, President at Springfield Music, Inc - a NAMM Top 100 Full-Line Instrumental Music Retail Business. Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.

Palmer Music. Life of a new(er) music retailer, dealing with the Corona virus, fast track to success

I’m publishing this episode early due to the conversation about the Corona virus. While we share our thoughts about the hysteria behind the virus, this is not intended to downplay it’s importance, rather we are sharing our desire for people to remain calm and take reasonable precautions. I wanted to air this episode right after the previous one as kind of a book end - the end of one business and the beginning of another... We also discuss how he tripled his lesson program over the last two years, his thoughts on hiring, and why and when you should look at hiring a consultant.
Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.

Tim Pratt - President of Dietze Music in Nebraska

So, what’s it like for someone with only a high school education (and a guitar player, no less) to take over one of the top music retail businesses in Nebraska? What lessons did he learn along the way to pay off millions in debt and keep growing? Take a listen to find out!
Listen by searching for Music Retail Podcast on your favorite podcast app, or you can listen on the web.