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How to Start a Small Retail Business

We all want to be our bosses and live the way we want. Being your own boss is one way to approach that requirement. First of all you have to do lots of research and planning and come to a final conclusion of the type of business you want start.

So here are some tips on how to start a small retail business and manage it without any glitches.

small business

1)      Identify the retails stores of same calibre you are going to invest in and do a thorough research about them. Find out what element are missing in those business and how you can offer a better service that will make the consumers drawn to you. Research on the potential suppliers, the intended inventory costs.

2)      Prepare a business plan for your intended business. Make a list of the retail products and services that has a demand and that you intend to offer. Select few local stores that are in the same standard of your business and compare how the services and product you offer can stand out among the existing businesses. Find out the channels of marketing and advertising they use. Analyse how they have approached the targeted customer base and if the advertising campaigns have proven to be fruitful.

3)      Meet your banker or a lender and show your business plan and get the financing that you need. If you are not aware of preparing a proper business plan hire someone to do it. Even though it may cost you some money, when you sit down with a banker and show the professionally prepared business plan it will send a strong message to the banker that you really do mean “business”.  Remember, all your future plans depend on the financing. If you fail to receive financing for your business you will not be able proceed with your business plan. So do your best to convince the bank or the lender and sign the loan agreement.

4)      Find a suitable location that is best for a retail business. You can do a small research around the shopping malls, near landmarks and traffic hubs etc. Find the owners and contact them and discuss your need. When you come to an agreement, sign the lease or rental agreement.

5)      Register your business and obtain all the required licenses to run your retail business. It is always good to make a clean start and complete all the require paper work and obtain all the licenses, tax permits etc.

6)      Set up the retail store. Contact the suppliers and order the products you intend to sell. Also the same time you have to order the business supplies. If you do not have the showcases and racks you will not be able to store the products you ordered. Also the cash register and credit card machine also take a place of high importance of things to be ordered.

7)      Place an advertisement in a newspaper or online in order to hire the required staff. Interview the candidates and hire those who have some experience who are fit for the bill. Never cut corners in recruiting staff members for your retail business. Since the whole business is a new concept for you, you will have a smooth start when you have experienced staff members who know how to get the ball rolling.

Author’s Bio: Joanna Robinson is a creative writer and a blogger. She loves to write articles in many different genres. Currently she is writing about self employment and about virtual offices in Hong Kong

Categories:   Business

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