After you have decided that you want to start a piano tuning business, the next step is to write a business plan. This document will outline your business goals, strategies, and how you plan on achieving them. It is important to have a clear and concise business plan before starting any new venture.

Not only will a bank require you to have a business plan, but multiple studies have shown that a business plan helps increase the odds of starting a successful business.

Related: How to write a business plan

A business entity (also referred to as a business structure) refers to how a business is legally organized to operate. There are four primary business structures to choose from, which include the sole proprietorship, partnership, corporation, and Limited Liability Company (LLC). Each type of entity has its own pros and cons, such as liability exposure, costs, and administrative requirements.

When deciding on which business entity is best for a piano tuning business, it normally comes down to the sole proprietorship and Limited Liability Company.

A partnership opens the owners up to unnecessary personal liability because if a partner does something to get the business sued, or runs off with cash from the business, the other partners are personally liable to repay.
 
The corporation can be a good choice to minimize liability risk because it separates the business assets from the owner’s assets. If the corporation is sued or certain business debts can’t be paid back, the owners aren’t personally responsible to repay them. The downside to the corporation is that it is more complicated than all the other entities and requires more administration than the LLC. If you plan on raising a lot of investment though, the corporation is usually the better choice.

That leaves the sole proprietorship and LLC.

The sole proprietorship is the least expensive and easiest entity to start which is appealing. The downside is that the owner is personally liable should anything happen to the business, which is an important consideration. The LLC offers the ability to operate as a sole proprietorship with the liability protection of a corporation. Depending on the state, the cost to form an LLC runs from $40 – $500, which is pretty inexpensive for protecting the owners from business-related lawsuits and certain debts.

Related: Guide to forming your LLC
 

The next step in starting your own piano tuning business is to choose a name for the company. This name will represent your brand and be how customers identify your business. Choose a name that is easy to remember and pronounce, as well as one that represents the quality of your service.

While most piano tuning services don’t need an expensive storefront, the business will need a place to operate from.  Many smaller operations operate out of their home, so be sure to check zoning and covenants in case you have a neighbor that doesn’t approve of your venture.

Related: Choosing a business location

Like any business, a piano tuning business owner will likely need to obtain a variety of business licenses and permits in order to operate.  Some local governments also require that carpet cleaners hold specific cleaning business licenses due to wastewater disposal; however, that is not common.

Related: Common business licenses, permits, and registrations by state

Coming up with a good business idea and having the skills to run it are one thing, but getting the funding to start a piano tuning business is another.  Fortunately, the cost to start a new piano tuning business is relatively low; however, funding to start a business can be difficult.  Banks are typically going to want the borrower to have good credit and be able to invest 15-25% of their money towards the total start-up costs.

Related: Finding the money to start a business

Keeping your small business and personal finances in separate bank accounts is important to track the income and expenses of your business and identify trends.
 
Many banks offer free business checking accounts, so be sure to find a cost-effective option for your business.

Marketing for a piano tuning business doesn’t have to be difficult or expensive. There are a number of simple and effective ways to reach your target market. By using a combination of online and offline marketing techniques, you can effectively promote your business without breaking the bank.

Most importantly, before you start marketing your piano tuning business, it is important to have a solid plan in place. This plan should outline your target market, as well as the methods you will use to reach them.

Related: Low-cost ways to market a new business

Before you start your piano tuning business, it is important to purchase the necessary insurance. This will protect you and your business in the event of an accident or damage to property. There are a number of different types of insurance available, so be sure to research the options and choose the coverage that is right for your business.

A few types of important insurance include:
– Liability insurance: This type of insurance will protect you in the event that someone is injured on your property or if you damage someone’s property.
– Property insurance: This type of insurance will protect your business equipment and supplies in the event of theft, fire, or other damage.
– Workers’ compensation insurance: This type of insurance will protect you in the event that an employee is injured while working for your business.

The cost to insure a piano tuning business will differ according to factors like a business’ location, the value of the equipment to be insured, and the number of employees on staff. To get a more accurate idea of potential insurance costs, request quotes from multiple insurance companies. Compare the policies and consider factors like deductibles and coverage limits to find the policy that’s best for a business.
 
Related: Types of insurance your business may need

While many piano tuning businesses are owner-operated, having staff will allow you to expand the business and focus on the more important issues.

When hiring employees for your piano tuning business, it is important to consider the skills and experience they will need to effectively do their job. You may also want to conduct background checks and drug tests to ensure that your employees are reliable and trustworthy. Additionally, be sure to have a clear job description and set of expectations for each employee.

Related: Hiring your first employee

Setting up an accounting system for your piano tuning business is critical to your business’s long-term success.

It is important to keep accurate financial records for your piano tuning business. This will allow you to track income and expenses, as well as to measure the financial health of your business. There are a number of software programs available that can help you with bookkeeping, or you may want to hire an accountant.

Related: Setting up the accounting for your business