Starting A Retail Store
Be Your Own Boss
Does the idea of Starting a Retail Store intrigue you? This is a great first step in creating a profitable brick and morar establishment.
Have you ever entered a retail store and thought, “I want to have one like this”? Once, thrice or more, you would say. Well, why not make your dream a reality?
A word of caution, though. As with all business ventures, starting a retail store will require you to eat, breathe and sleep WORK. It entails a lot of planning, legwork, and persistence. Before you even open your store, you would have already rendered countless hours zeroing in on a location, hiring your staff, choosing your merchandise, etc.
If you enjoy tossing retails business ideas back and forth (in your brain or with associates), this could be a avenue worth visiting. And if you feel the desire to be apart of the latest retail business news, than starting a retail store could inherently be in your blood
The path to retail business success is strewn with many challenges. Before you even start wading into the retail industry, you may want to asses if you’ve got what it takes to be a successful retailer. Please click on this link to see if you are willing to do what it takes to make it happen.
I'm In...What Now?
So, you’ve read the article and think you are equipped with all the qualities needed to make a fortune in the retail business? Congratulations. You’ve hurdled the first of about a thousand steps you have to take to get there. Don’t panic; that was a joke. Below are the steps and tips to get you to retail business nirvana.
- Before starting a retail store, ask yourself, what do you want to sell? Whether it’s clothes, jewelry, or children’s toys, you should have a clear idea of the items you want to sell in your store. More importantly, you should have some prior knowledge about the products before you start selling them. This is one way to carve your own niche in the retail business industry.
- Choose a legal structure for you business. Depending on whether it’s going to be sole, general, limited, or limited liability partnership, you may want to enlist the services of a lawyer before starting a retail store. You must also consult your tax advisor as to which structure is best for you. For more information about this aspect, about the business strycture which is best suited for you, follow this link.
- The next step in starting a retail store is to come up with a name for your store. Try to be creative in choosing a name for your business, and make sure it represents what your store will sell. Don’t choose a word or phrase that refers to food when you are going to sell cans of paint. The theme you’ve chosen for your store should guide you in selecting the appropriate name. For some tips on how pick the best name for your store, follow this link. Enjoy this proceess, and remember, how you present your business will reflect on your reputaion for years to come.
- Now, you may start applying for an Employer Identification Number (EIN), also known as a Federal Tax Identification Number. This is what the Federal Government uses in identifying a business. You need this before you can open a business checking account, and/or apply for credit from your suppliers.
- The next crucial step in starting a retail store is to create a business plan. It’s okay if you haven’t prepared one your whole life. The internet is a treasure trove of tips, free samples, and/or software for sale for this purpose. You can also look up the type of business plan appropriate for your business at www.entrepreneur.com
- Familiarize yourself with particular laws that apply to your type of business. Get information about business licenses and permits that you are going to need by contacting your city, county and state government offices. Hiring a lawyer and an accountant will help you through this aspect of starting a retail store.
- Decide on a perfect location for your retail store. Now, choosing your location is one of the most important decisions you will ever make in starting a retail store because it can spell the difference between profits and losses. Pick a site that has a high traffic count; go where the customers are. You may have the best priced, quality merchandise, but if your store is located on top of Mt. Timbuktu, how can you have customers? Know the demographics of the area you are eyeing for your business.
- Find the best wholesale sources for your merchandise. Selecting the items you want your store to sell has got to be the most time-consuming aspect of starting a retail business. It is also where most of the capital will be channelled. It pays to visit different wholesale marts to compare brands, quality, and prices.
- As with other business ventures, hiring the right people is crucial in starting a retail store. Choose someone that has a good dose of passion, optimism and enthusiasm. If you’re going to sell clothes, for instance, you would want your people to be passionate about clothes and fashion trends. And—we don’t want to discriminate against looks—but let’s face it, if you’re going to sell makeup or skincare products, for example, you would want your staff to have unblemished skin. Being the frontrunners in your business, your employees have the power to create the right or wrong impression about your store.
A Few Good Men...or Women
Now, having good people working for you has a price—literally! There is nothing worse than having a bunch of gloomy, underpaid employees to undermine your business. A case is point was a particular store clerk in a shoe retail store who incurred the wrath of a customer. The customer kept asking for different pairs of shoes to try on. Exasperated, the employee whined about how tired and underpaid she was. The customer demanded to see the manager and vowed never to set foot on the store again unless the employee is sacked.
- In starting a retail store, you should set in place security measures to prevent losses due to theft. Theft is almost unavoidable, but you can do two things: first, have a regular inventory of your merchandise to keep track how much you’re losing; second, reduce the risks by installing cameras within the store premises. Small items that can easily be slipped into pockets such as jewelry should be secured in glass cases. Someone must also be posted at the store’s entrance/exit to check employee’s purses upon leaving the establishment.
- Months before you open your store, you should already set your marketing biz into motion. You should have a strong marketing plan. Depending on the size of your store, you can have a separate department tasked to do the marketing and promotion of your store.
With persistence, careful planning, the right strategies, and lots of optimism, starting a retail store can be your ticket to good fortune. So, don’t give up on that dream yet! Equip yourself with the needed information now!
Check out informative and eye-opening tips about opening the following businesses:
Starting a Clothing Business
Starting a Spa
Starting a Flower Business
Starting a Restaurant
Start a Wine Business
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IA Few Good Men...or WomenNow, having good people working for you has a price—literally! There is nothing worse than having a bunch of gloomy, underpaid employees to undermine your business. A case is point was a particular store clerk in a shoe retail store who incurred the wrath of a customer. The customer kept asking for different pairs of shoes to try on. Exasperated, the employee whined about how tired and underpaid she was. The customer demanded to see thmanager and vowed never to set foot on the store again unless the employee is sacked. In starting a retail store, you should set in place security measures to prevent losses due to theft. Theft is almost unavoidable, but you can do two things: first, have a regular inventory of your merchandise to keep track how much you’re losing; second, reduce the risks by installing cameras within the store premises. Small items that can easily be slipped into pockets such