Saturday, October 9, 2010
Needing to get strategic...
Over the past few days it's become apparent I'll never really get the tuning & repair business off the ground unless I'm able to raise some additional capital. Everything I'm making by tuning is going into tools and equipment -- just the basics of the business. For example, a couple of clients who I've tuned for have broken strings in their instruments. And, while it's a good long term investment, my recent tuning fees were handily eaten up by the bare minimum assortment of piano wire & very basic stringing tools. There's enough wire there to do multiple instruments in the future; but for now it's inventory and cash out of my pocket.
Given the work schedule, the largest number of tuning jobs I can take on at the moment is 2-3 a week, which I'm getting without even trying, but that $200-300 a week is hardly enough to allow me to save the amount needed to rent a shop or take the plunge into the business full time especially since most of it continues to go toward tools, tuition & advertising. And the few disposable assets I do have I'm trying to sell simply aren't moving in this economy.
So today I realized the one major asset I have, both in terms of learning & potential finances, is Yuri, the 1908 5'1' Stieff baby grand. Called in its day, the poor man's Steinway, it could (I think) when restored be sold for between $6 to 8,000, just enough to secure a lease on a shop/showroom. The visibility of a shop would bring in tuning clients, plus it would give me a place to do repairs, which I totally enjoy (something about bringing things back to life), maybe even more than the tuning. And from what I've seen so far in my short career, there's a huge need for this sort of repair work. As of today I've now officially had 15 paying clients. Eleven of them needed work of some kind. The humidity and salt air of the Keys tend to take a toll on instruments here.
Today's decision then was to bite the bullet and complete the work on Yuri. As much as I'd like for personal reasons (i.e. I play her every day) to keep working on her, the repairs on Zelda are going to have to take a backseat for now. I'll keep her tuned; but otherwise I've decided to start shoveling what spare resources I have into Yuri's restoration.
Despite the fact that he's termite ridden and totally rusted -- strings, screws, tuning pins, balance rail pins, etc. -- the basics are sound. In addition to the very necessary case restoration, I'll at a minimum need to replace all the strings, hammers & tuning pins. The action and dampers, for the most part, seem salvageable. So today, I started working on Yuri's termite ridden keyframe once again.
The keyframe has been a real psychological stumbling block for me. Since it can't be reproduced, I'm rebuilding it out of epoxy -- something akin to a bionic piano -- part plastic, part organic. Today's decision was to give up on beauty in the repair in order to focus on strength and functionality. My assumption is that as long as it plays beautifully in the future and the case is stunningly restored, most folks won't care that the innards aren't beautiful as well.
I totaled up what I'm going to need to put into Yuri (assuming I can salvage most of the action & dampers). It'll be in the neighborhood of $1500, not including additional tools I still need to purchase so I can do the job. Since I got the old boy just for the cost of moving it (and totally excluding the hours & hours I'll need to put in to complete the job), I should -- if I'm lucky -- be able to clear $4 to $6,000 upon completion, enough to seed the business.
So today I took a deep breath and started working on Yuri once again. I took everything apart and got all the sections organized. Cleaned the old boy up and started back to work on the keyframe. Stay tuned. The next few editions of the blog are going to become "living with Yuri"!
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As always, can't wait to read more. And good luck with the long-term plan!
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