Di Bros Piano | Application Preview
Di Bros Piano is applying for government grants to support their family-owned business, which has been operational for over 45 years. The funding will be used to hire additional staff and secure parts for future piano restorations, allowing them to maintain working capital without straining their finances. The business has experienced a consistent 20% growth over the last five years, despite challenges such as increased costs for parts and labor, as well as a temporary decline in sales due to the pandemic. They have adapted by raising prices, finding competitive pricing on parts, and offering financing options to customers.
The need for funding is urgent, as the piano restoration market has significantly declined, with the number of such businesses dropping from hundreds to fewer than fifty post-COVID. Di Bros Piano, a respected name in the industry since 1976, aims to enhance its efficiency to overcome rising costs and continue providing high-quality service. Their growth over the past five years demonstrates their commitment to improving service delivery.
In terms of competition, their primary rival is Piano Gallery, a non-family owned chain that focuses solely on sales, lacking the service component. Another competitor, Steinway & Sons, has shifted focus to restoring their own pianos, making parts harder to secure. Di Bros Piano's competitive advantage lies in its full-service model, catering to all brands and types of pianos, distinguishing them from most piano retailers who only sell instruments. This comprehensive approach positions them to thrive and sustain their legacy for future generations.
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General Information
Business Registration Number: 832068078
Location: Corpus Christi, TX, United States
Length of Operation: 6-10
Number of Employees: 1-10 Employees
Annual Gross Income: $100k to $250k
Annual Gross Expense: $100k to $250k
Open to Loans: YES
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Funding Usage
This will be used to hire new helpers and to also secure parts for future piano restoration so we can have some working capital without affecting our bottom line. Without this funding our family owned business of 45+ years will find it very hard to move forward.
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Business Plan
Our business has seen a 20% increase each of the last 5 years. But the ability to charge more with parts and the cost of labor almost doubled is hard to cope with. We have been increasing our prices to stay with the cost of parts and labor and labor. Since covid we also have seen a decline in sales but the last year has shown growth in that department. We have slimmed out bottom line, found more competitive pricing on parts , offer financing to help customers and need the additional funding to hire more help so we can turn over product more efficiently so we can turn over restorations more so we can make more and stay positive. Our business is dying off, that may sound bad but for us that are still here it is kind of good. Before covid there were 100's of piano restoration stores in the U.S. now that number is less than 50. We are a well known and established piano restoration shop as my family has been doing this since 1976. We need some help getting ahead of the rise of cost of everything. By increasing our efficiency we can not only survive but thrive and continue to provide our specialty service to the public. Pur numbers the last 5years shoes how we have been getting better at what we do and how we provide service to our customers and I hope to continue this for the next generation.
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Self Identified Competition
Our only close competition is Piano Gallery. They are not a family owned operation and are what we call the Walmart of piano stores with several locations around the country. They only sell pianos and don't offer any services so they only compete with us on sales. Only other competition is the company Steinway & Sons as they stopped selling there products to the public and started to restore there own pianos so that one brand is hard to restore for us and get parts for but that's only on one brand. We are everything pianos. We work on and restore all brands and types of pianos. So while 90% of piano stores in America only sell pianos we are a full service one stop pianos shop offering everything piano to our customers.
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Contact Applicant
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