How to Open a Retail Store

Wondering how to open a retail store? If you've always dreamed of opening a retail store, it is possible to make your dream a reality. All you need is a little dose of know-how and a big helping of determination.

Decide what type of retail store you want to open.
First and foremost, you need an idea. What type of store do you want to open? Generally speaking, if your store offers the same goods and services as other stores, you'll need something special to set you apart. However, if you start with an original store idea, you'll have less competition and ideally be more successful from the beginning.

Select a location.
Location is the most important aspect of opening a business. If you're relying on walk-in traffic, you need a store in a good location with plenty of customers. On the other hand, you don't want to open your store right next to another store with the same products and services because you'll be fighting for customers. Finding the right location is often the most time-consuming part of the process, and you'll want to research the area well before you decide on a spot to open your retail business.

Put together a business and marketing plan.
As a small business owner, you'll want to get financing to help you start your business. However, no bank is going to give you money unless you can prove that you've got a good plan and you're going to be a good investment. Putting together a business and marketing plan gives you a roadmap for opening a business.

Account for all of your opening expenses, such as property leases, utilities, equipment, inventory and staff. Don't forget about insurance and any necessary licensing fees, taxes or registrations. If you need help with a business plan, you'll find many resources for a small business owner at your local chamber of commerce, or online at the home page of the Small Business Administration.

Look for financing.
Once you've got a comprehensive business and marketing plan prepared, you're ready to look for financing. Try your local bank, or consult the Small Business Administration for tips on where to go for financial backing. Most investors won't put up the cash unless you can put up some of your own, so be ready to show your commitment by having a chunk of cash ready to begin your business.

Fill out paperwork, order equipment and inventory and prepare your store.
Once you've got financing, it's time to dot the Is and cross the Ts. Fill out your leasing paperwork and any registrations or licenses, order the equipment you'll need for your store and don't forget to order your inventory. You'll want to consult with other retail business owners to find out what systems to use, where to find the best suppliers and how to lay out and design your store. Put out the preliminary word-of-mouth about your store opening, and prepare for the beginning of your new business venture.

Make sure everything is ready, and open your store.
Conduct a final audit to make sure everything is ready before you open your store. Again, consult with other retail business owners and your local city hall to ensure you have all the necessary paperwork in place. Once everything is ready, open your store and start selling!

Related Life123 Articles

Buying a business can be the answer to your dreams of independence. Make sure that you put together a support team to help you make the right decision. Get all of the facts about the business before you sign a contract.

If you are starting a small business and interested in acquiring a small company, you will need to understand the research and purchase processes. There are many small business resources where you can find useful small business advice. They can help you learn how to find appropriate small businesses, understand the legal terms and carry out the purchase of the business.

Frequently Asked Questions on
More Related Life123 Articles

If you want to own your own business, you have several options. First, you could start your business from scratch. Second, you could buy an existing business. Finally, you could buy a small business franchise.

If you are planning on buying a small business, it is important to know the different small business financing options available to you as you embark on this journey. Knowing small business finance options, like how to apply for a small business loan, for a small business purchase in advance can save you time and headaches.

A business franchise-what a perfect way to go into business for yourself. You get to own your own company without having to develop the market, advertise, build brand recognition, develop products, or even set up an accounting system. Instant entrepreneurship. For all those reasons, buying a business franchise can be a rewarding way to set out on your own.

© 2015 Life123, Inc. All rights reserved. An IAC Company