10 Things I Learned Selling Records in Ten Days
Plus your exclusive sneak peek at the next Latin Gold Records sale, some updates and future teases, and some random things for fun
It’s been one week since you looked at me ten days since I held for my first sale for Latin Gold Records, yet it feels like I’ve been doing this for ten years. I mean that in the best way possible.
Maybe that’s what you’re supposed to feel when you do something that is so intrinsically tied to your passions, interests, and values. The idea of launching a record store has been percolating in my head for so long that it’s a bit of a shock to see it unfold in real life. I’m noticing how different this type of ‘work’ feels - the type of work doesn’t feel like work. I actually look forward to selecting which records I’m going to sell, taking photos of them, digging through collections to purchase, pricing new inventory, repairing and restoring covers, boxing up shipments, tracking budget and expenses, and all the in-between. I still have daydreams about owning that brick-and-mortar shop, sweeping the floor and wiping down the counter after a long day of selling records. I look forward to the minutia of running a small business because of how much joy and pride it has brought me in only ten days. I’m able to say, “I’m doing it. I’m figuring it out along the way, but I’m doing it.”
While it’s only been ten days since launching my side hustle Latin Gold Records, I’ve learned quite a bit, and I wanted to document it in case it is valuable to aspiring side hustlers. After that, as a subscriber to First Pressing, check out the exclusive sneak peek at the next Latin Gold Records sale (this Friday, 4/12 at 9AM PST!), Lastly for today’s newsletter update, I wanted to share some news about upcoming projects and sales, and some fun recommendations to check out.
10 Things I Learned Selling Records in Ten Days
The difference between a sole proprietorship, LLC, and S-Corp
There are multiple ways businesses can be structured - sole proprietorship, LLC, and S-Corp - and each one has different tax implications because if you open a small business and earn additional income over $400, you have to pay taxes. I researched various articles and subreddits and learned that choosing the right structure depends on what you need and want. I would highly recommend speaking with your tax account or financial advisor if you are considering what works best, but what I took away from research and conversations is that a sole proprietorship was the best and easiest way to go because California does not require paperwork to start, there is no annual fee, and works well if your small business does not have employees. You can start operating as one immediately but make sure to keep track of your business expenses, save at least 20-30% for taxes, and submit a DBA (doing business as) if you plan on operating under your business name.
However, the sole proprietorship is also connected to your personal Social Security Number, meaning that you and the business are indistinguishable a.k.a. one and the same. Therefore, what happens to the business makes you personally liable (like if you get sued). If you file an LLC, though, you separate the business from yourself and it becomes its own entity. An S-Corp is a tax classification whereas an LLC is a legal business structure. With an S-Corp, you can get certain benefits like dividends for shareholders and not paying federal taxes at the corporate level.
Business expenses and tax deductions
It was really interesting to learn what can be deducted or considered a business expense such as your internet and phone if you use it for business, your home office if you work out of home, office supplies, subscriptions for advertising services, half of your self-employment taxes, and mileage (FYI, in California it’s $0.67/mile).
The customer experience
My wife inspired me to really think about the entire customer experience, down to the shipping and packing materials, too. Can you recall receiving a great package in the mail (like the iPhone) from a terrible one (like a crumbled up package from Etsy)? The way something is packaged demonstrates the care and consideration that the shipper took for your purchase. Often, this is the only interaction a customer will have with your business and you want to make it memorable. I decided to invest in this, all my vinyl shipments not only utilize ideal LP mailer boxes, but I also personally wrap the records in gold tissue and then pad that with bubble wrap or corrugated cardboard. I also write a personal thank you note because record buying should be personal. It’s more than a transaction - it should be an experience.
The logistics of shipping
I’ve also learned about shipping vinyl, specially about the various types of LP shipping mailers available online. Buying them individually at the post office or a boutique shop is very costly, so I had to look online for some bulk prices. I just ordered my first batch that I’m going to test on the next sale, so if you have any feedback or tips on the ideal LP shipping mailer, feel free to reach out.
I also learned about shipping prices and how to gauge it by weight. By my calculations,
when this baby hits 88 mph,on average, 1-2 LPs will $5 to ship, but it will increase if people order more than 3 LPs. If you go to the ‘shipping’ highlight on my Instagram, you’ll see the new shipping prices reflected. I made them as cheap but fair as possible.Tracking inventory
I’m curious how others keep track of their inventory, but so far, I’ve been customizing and adding it as I go in a Google sheet. I’ve been documenting not only Media and Sleeve conditions but also the relevant Discogs marketplace listing as a reference for comparison. In addition, I note specific conditions of record and sleeve, date of sale, cost, and shipping details so that I always have a record for future learnings.
Square payments
I was a little confused between Square (for individuals) and Square for Retail (for businesses), but ultimately figured it out. You should be able to buy a used Square swiper like I did and set it up to your account via Bluetooth seamlessly, but if someone wants to pay you via Square, there is a tax and credit card fee that occurs. If you ever have the option to send payments via Venmo, Zelle, or Cash, most vendors prefer that because it avoids the extra credit card fee that you will be charged.
Productivity is contagious (but contingent on self-care)
I began noticing how the productivity I was putting into the record business was spilling over into other elements of my life. By having more tasks and projects to complete, the more productive I became in all aspects of my life. I’m still debating whether this productivity is a result of the unhealthy mental attachment we have towards work as a society, or if humans innately need to work. However, I have identified that I am a person who complexly thrives in busier moments and environments while also simultaneously advocating and making room for balance and space. Hard work and self-care must co-exist to be productive and happy.
Structure creates progress
I wouldn’t be able to do everything that needed to be done for Latin Gold Records or all my other responsibilities without structure. The most useful tool at the moment has been time blocking the calendar - quite literally documenting every task and assigning a specific time and meeting to it. This roadmap helps me turn off the procrastination voice in my head and keep moving forward.
That I wish I had done this sooner
One of my biggest learnings is also one of my biggest regrets - I sat too long on this idea and making it a real thing. I had this record store idea nearly ten years ago, but I was too afraid for the silliest and smallest reasons. I convinced myself over and over to not take the step. I’m learning from this and working to never letting it happen again. Learn from me - don’t wait on your dreams.
The immense joy and satisfaction of building and launching a passion project that you believe in, and how many people will believe in you
I think this one speaks for itself, but the self-joy, satisfaction, and pride in yourself is so addicting that it’s motivating. The belief from others, from loved ones to colleagues and associates to total strangers, is affirming. Ultimately, though, all you need is yourself and the belief that you can do it. You can.
MINI-DROP SALE: Friday, 4/12 at 9AM PST
I had such a blast with the last sale. In fact, the response was so overwhelmingly positive that I’ve decided to go even bigger with TWO SALES IN A ROW.
First, this Friday, 4/12, Latin Gold Records is having its SECOND SALE starting at 9AM PST on Instagram. It’s going to be a mini-drop sale where I put out a select batch of primo records: 3 Latin, 3 Rock, and 3 Jazz heavyweights.
Here’s your exclusive sneak peek at this Friday’s sale as a subscriber of First Pressing.
Same deal as last time. I’ll post to Instagram, and the first to comment SOLD on the post gets it. Shipping will vary depending on how many you buy, or we can schedule a free local LA pick-up. I’ll DM you payment instructions after you claim it. Payment due within 24 hours.
Then since next Saturday is RECORD STORE DAY 4/20, we’re going to celebrate my favorite holiday with and EPIC SALE so mark your calendars! Thank you so much for all your support. Excited to keep this train going.
Miscellaneous Things, Updates, and Links
RECORD STORE DAY 4/20 IS COMING
In honor of RSD 4/20, next week, not only will you get a sneak peek at the Latin Gold Records RSD Sale, but I’ll also be highlighting stores and vendors that are putting out all the stops to celebrate our vinyl community.
IRL Record Pop-Ups
Latin Gold Records was also invited to participate in its first Record Fair in May! I’m considering it our soft IRL launch / ‘friends and family’ test to see how the experience of selling in-person goes, but I’m so g-ddamn excited about this one. I’m working on some merch, stickers, and branding stuff and will share all the details soon.
Ray Barretto Radio Profile
of Emily’s Substack is co-hosting a profile on Ray Barretto this Sunday from 2-7PM on NYC’s WKCR 89.9 FM - tune-in!Beyoncé and Vampire Weekend have both launched contenders for Album of the Year in the last ten days.
Between these two and Music for Cats Album One, I think my Spotify Wrapped is already set for the year. BTW did you watch Vampire Weekend’s Total Solar Eclipse set in Austin on Monday? It was the stuff of legends, a tour through their entire career, including off-shoot songs with Phoenix and Chromeo, and even the song from the Twilight: Eclipse soundtrack.
JUSTICE also has a contender with their new album ‘Hyperdrama’.
Their latest singles have been a back to form / exciting step forward. Also, if you haven’t listened to it, one half of the duo Gaspard Augé released an INSANELY GOOD solo album in 2021. Also,
’s 24 Question Party People with Justice is widely entertaining (and inspirational with her talk of deep focus bonj).Must Watches
Have you watched this documentary yet about the world’s most insane stereo system? What about this TED Talk on record collecting? Or this AXS TV Show called Vinyl Obsession about musicians searching for records?
Year of the Tiger Records
“Year of the Tiger Records specializes in rare, used, and new vinyl by artists from Asia, the Pacific, and the diaspora.” You can find a curated selection from their collection at Yu and Me Books in Chinatown, NYC and follow them on Instagram.
Looking for your next vacation?
How about San Miguel de Allende in Mexico? Here’s what you can do in 36 hours there. FYI - we’re going to Greece this Summer! Any record shops you recommend?
\Am I the only one that didn’t know Anthony Valadez had left KCRW and Morning Becomes Eclectic?
Just me?
Are my wife and I the only ones that didn’t know Chobani bought La Colombe? Just us?
That’s it for this very random issue of First Pressing. Thanks for reading, and see you at the next one.
Until then, happy spinning,
Kadrian
P.S. It’s been almost 6 months since I launched this newsletter. I’d love to hear any feedback, constructive criticisms, or just general words about what you think so far. Drop us a line or leave a comment!
"It’s more than a transaction - it should be an experience."
I gotta say, my experience was 10/10--and I'm not just saying that to be nice. Every "best practice" box was checked: fast shipping, good communication/sharing the tracking info, durable packaging (my record survived a late season blizzard!), and more. We're both music nerds, so I expected the record itself and fast shipping to be top notch.
But I was not expecting to get a wrapped record and nice note. That's the sort of "surprise and delight" that keeps people coming back for more.
Love reading about the top 10 takeaways of starting your business. I bookmarked it as it is pertinent to any kind of business. And happy 4/20! I love the convergence of record store day, stoner day and earth day (a couple days later).