Business advice needed. Am I nuts?

c.gymer · 20th May 2007

So due to circumstances beyond my control, I'm going to have to move out of the wonderful house I share with the rest of my band. We currently live and rehearse/record all in the same very big 6 bed house here in sunny Nottingham, but as we're moving out we won't be able to live and work in the same space.

As such, we're looking at renting a small industrial unit and building our own rehearsal space/studio.

Am I mad to be considering opening the space commercially? It would be on a part time basis to begin with, maybe 3 days a week. Does this sound silly?

Financially the space we're looking at right now would work out at £15 a week each including business rates between the five of us to have as a private space. If we opened to a select few clients then we would only need to open 4 days a month at £100 a day to pay rent and put £30 in my pocket per session.

This would put us below almost every other studio in the area for what I would expect to be considerably better facility (it's in the design phaseso it's only better on paper right now!).

I need to stress that to begin with at least this would be a private facility that would only take on a few clients a month to pay the bills.

Throw me some advice folks, because my head is swirling right now.

Protools Guy · 20th May 2007

I'm not sure I understand. Are you wanting to sell this as a rehearsal space or a recording facility?

c.gymer · 21st May 2007

We're building our own studio that will double up as our rehearsal space. Definately not the other way round!

We would be opening it to record a few bands a month to cover the cost of renting the space (four days a month would cover literally all the costs of the space and still be more competative than other studios in the area).

Any one want to throw some advice my way?

Glenn Kuras · 21st May 2007

If you have the equipment and skill then I can't see why not. Sometimes in life you have to make the jump. If you are unsure then I would contact a few bands and see if they would record. Kind of a marketing research.

Also are you tied to a lease?

Glenn

tommy pee · 21st May 2007

If it’s any help I am wanting to do the exact same thing sometime within the next 6-18 months. Literally, exactly the same. Im also in the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region w:st="on"><st1:place w:st="on">UK</st1:place></st1:country-region>. If possible, would you be able to PM me the details of the place you’d be renting? I’d be very interested to see. Thanks, and good luck!
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p>

20th May 2007	#1
c.gymer Gear maniac Joined: Dec 2006 Location: Kent, UK Posts: 220 Thread Starter	Business advice needed. Am I nuts? So due to circumstances beyond my control, I'm going to have to move out of the wonderful house I share with the rest of my band. We currently live and rehearse/record all in the same very big 6 bed house here in sunny Nottingham, but as we're moving out we won't be able to live and work in the same space. As such, we're looking at renting a small industrial unit and building our own rehearsal space/studio. Am I mad to be considering opening the space commercially? It would be on a part time basis to begin with, maybe 3 days a week. Does this sound silly? Financially the space we're looking at right now would work out at £15 a week each including business rates between the five of us to have as a private space. If we opened to a select few clients then we would only need to open 4 days a month at £100 a day to pay rent and put £30 in my pocket per session. This would put us below almost every other studio in the area for what I would expect to be considerably better facility (it's in the design phaseso it's only better on paper right now!). I need to stress that to begin with at least this would be a private facility that would only take on a few clients a month to pay the bills. Throw me some advice folks, because my head is swirling right now. __________________ Christopher J Gymer http://www.myspace.com/thefieldrecordingcompany

20th May 2007	#2
Protools Guy Lives for gear Joined: Nov 2006 Location: US of A Posts: 1,261	I'm not sure I understand. Are you wanting to sell this as a rehearsal space or a recording facility? __________________ I only need one more piece of gear...

21st May 2007	#4
Glenn Kuras Gear Guru Joined: Jul 2005 Location: Atlanta, GA Posts: 12,007	If you have the equipment and skill then I can't see why not. Sometimes in life you have to make the jump. If you are unsure then I would contact a few bands and see if they would record. Kind of a marketing research. Also are you tied to a lease? Glenn __________________ Glenn Kuras GIK Acoustics USA GIK Acoustics Europe 770 986 2789 (USA) +44 (0) 20 7558 8976 (UK) See the NEW Scopus Tuned Trap

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21st May 2007	#5
tommy pee Gear nut Joined: Apr 2007 Location: South Coast, UK Posts: 84	If it’s any help I am wanting to do the exact same thing sometime within the next 6-18 months. Literally, exactly the same. Im also in the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region w:st="on"><st1:place w:st="on">UK</st1:place></st1:country-region>. If possible, would you be able to PM me the details of the place you’d be renting? I’d be very interested to see. Thanks, and good luck! <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p>