Wednesday, February 5, 2014

How to Start a Retail Business; A Step-by-Step Guide

Source: http://sh.st/POkg

1. Determine which Type of Retail Business Model is Right You
You will need to decide which type of retail model is right for you. You may also want to consider whether you want to launch your own retail business or buy into a franchise opportunity.

2. Find the Right Location
As a new retail business you definitely need to be where your customers are - and almost certainly need to get it right first time.

3. Finance your Retail Venture
You will need funds to support start-up costs such as inventory, fixtures and fittings, marketing and advertising, as well as employee salaries, and so on.

4. Determine Your Business Structure - Do you want to go it Alone or in Partnership?
It's worth thinking about. If you don't have family or friends who can help out with the day-to-day logistics of running a retail operation, a business partner can help.

5. Take Care of the Regulatory Requirements involved in Starting and Operating a Business
It doesn't matter whether you are starting a retail business out of your home or on Main Street, there are several regulatory and legal fundamentals that you must attend to.