Retailing Sutra
1. Choose a Business Legal Structure
Choosing the proper legal organizational structure for your business is one of the most important decisions you will make. While it is possible to change your structure at a later date, it can be a difficult and expensive process. Therefore it's better to make the right decision before you start your own business.
2. Choose a Name for Your Retail Business
Dreaming up a moniker may come easy for some, but others struggle with the task. Here are some do's and don'ts for naming your own retail business.
3. Apply for an EIN
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Here's why you need one and how to apply online for an EIN before you start your own business.
4. Decide What Products to Sell
Before you commit to a product or product line, consider these factors while deciding what to resell.
5. Write a Business Plan
The importance of a business plan is no longer a doubt after writing so many articles on the same topic. Business plan will surely guarantee you at least the start point of your success and taking to the ultimate apex are your efforts.
6. Learn the Laws
Not known of the laws will not be considered an excuse in the court of law. You will have to bear all the consequences for not abiding the laws of govt. Hence possessing a in depth knowledge regards the laws that relates to your business directly or indirectly is essential.
7. Find a Location
The location of the retail business that you have decided matters lots, being justifiable a good location is like the first lucky charm a retailer would ever receive. Selecting the wrong location and the right site could be the difference between business failure and success
8. Buy Wholesale Products to Resell
Try hard to provide the right product at the right time and at the right place. The success of your business to be able to locate the best sources for those products.
9. Establish Store Policies
During the planning stage do not forget to plan the policies of your retail store, this can be done by anticipating problems and corresponding solutions to handle those problems can be thought of simultaneously. This will enable you avoid misfortunes with customers
10. Spread the Word
Create a retail plan and before opening a company start spreading the word of its existence to be sort in future. Brainstorm sales promotion ideas, begin branding and advertising of your retail store can be done in these ways.
Sharing a few secrets with you about retail could most probably be
Always look for something new and profitable. [/i][/b][/i][/b]
Ownership thinking is important. [/i][/b][/i][/b]
If your business is retail, keep an eye on youthful employees. [/i][/b][/i][/b]
Don't gossip. Good businesspeople are very careful about what they say, and to whom.[/i][/b][/i][/b]
[/i][/b][/i][/b]
But do not forget to take into consideration the pros and cons of retailing:[/b][/b]
Pros of Retailing and Business Ownership[/b][/b]
Holiday sales figures
Research and assistance from trade associations
Satisfaction of building something from the ground up
Attending trade shows and buying events
Meeting new people
Having on hand exactly what your customers want
Cash transactions
You get to set all the rules
Selling merchandise you love and have an interest in
Creating a pleasant atmosphere and receiving compliments about your shop
Hiring and training wonderful employees
Cons of Retailing and Business Ownership[/b][/b]
January sales figures
Large cash investment at startup
Long hours and little (or no) pay to start
Only vacation is attending trade shows and buying events
Meeting difficult customers
Not having what your customers want
Bounced checks
Having to do it all yourself
Too little profit on the merchandise you love to sell
Finding damaged merchandise, empty packages and open food on your shelves
Firing and disciplining lazy or rude employees
Qualities of Successful Owners[/b][/b]
Sometimes asking few of the questions to self can help in analyzing self easily few of which are as follows:
Are you willing to risk losing all of your capital? If you're uncomfortable with risking money or time on things you're not absolutely sure of, then you may not be entrepreneurial.
Are you willing to put in long hours, be the last to be paid, and give up those yearly vacations? Start-ups generally take up any and all personal time you once had.
Do you have the ability to lead others? Retail ownership is all about being able to manage customers, employees and even suppliers. Many people will be looking towards you to answer questions.
Can you organize your personal and business life? Successful owners must be able to keep track with every aspect of their business.
Do you have knowledge of the type of business you want to own? To obtain financing, it helps to have some solid business experience. Consider working part-time or volunteer at the type of business you hope to own one day.
Things that are a must for a retailer are[/b][/b]
They Will Come[/b][/b]
The right product mix, pricing strategy and store atmosphere will do no good if your customers don't know you exist. The lack of funds or the wrong advertising campaign can keep your message from being heard.
Compete With Chain Stores[/b][/b]
While it is true that smaller stores cannot generally compete strictly on price with the large chain stores, they can still compete. By maximizing the uniqueness of their business, exceptional customer service and cozy atmosphere, the small retailer can take a fair share of the market.
Customer Spends the Most[/b][/b]
. Referrals and repeat customers are highly valuable and may add up to much more than the big-spending customer who shops with you twice a year.
Online[/b] Shopping[/b]
E-commerce is making big strides in the world of retail. But while it is important for brick and mortar retailers to have an online presence, there will always be consumers who want to try things on, feel and inspect the quality of the merchandise and some shoppers still prefer the security of paying for products in person.
Moving Your Store [/b][/b]
Relocating a business can be expensive and possibly disruptive, but with some planning it can be the best thing for your bottom line. Start early and make a checklist to keep the move organized. Be sure to plan your relocation marketing focus around retaining your existing customers, as well as making new customers in the new location.
Free Money For Your Business[/b][/b]
Television commercials, website ads and general false information has distorted the half-truth in this statement. There are grants available from the government for particular projects but these are generally for non-profits and educational business, not for individuals who will use the proceeds to start their own retail business.
Good Help [/b][/b]
It may take a little longer, but it is possible to find excellent employees. Start by writing a thorough job description. Establish a review system to weed out candidates that don't fit the bill. Learn interviewing techniques and prepare a comprehensive training program. To keep good help once you've found it, learn how to motivate your employees through pay and promotion. Staffing your store is easy if you have a plan.
1. Choose a Business Legal Structure
Choosing the proper legal organizational structure for your business is one of the most important decisions you will make. While it is possible to change your structure at a later date, it can be a difficult and expensive process. Therefore it's better to make the right decision before you start your own business.
2. Choose a Name for Your Retail Business
Dreaming up a moniker may come easy for some, but others struggle with the task. Here are some do's and don'ts for naming your own retail business.
3. Apply for an EIN
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Here's why you need one and how to apply online for an EIN before you start your own business.
4. Decide What Products to Sell
Before you commit to a product or product line, consider these factors while deciding what to resell.
5. Write a Business Plan
The importance of a business plan is no longer a doubt after writing so many articles on the same topic. Business plan will surely guarantee you at least the start point of your success and taking to the ultimate apex are your efforts.
6. Learn the Laws
Not known of the laws will not be considered an excuse in the court of law. You will have to bear all the consequences for not abiding the laws of govt. Hence possessing a in depth knowledge regards the laws that relates to your business directly or indirectly is essential.
7. Find a Location
The location of the retail business that you have decided matters lots, being justifiable a good location is like the first lucky charm a retailer would ever receive. Selecting the wrong location and the right site could be the difference between business failure and success
8. Buy Wholesale Products to Resell
Try hard to provide the right product at the right time and at the right place. The success of your business to be able to locate the best sources for those products.
9. Establish Store Policies
During the planning stage do not forget to plan the policies of your retail store, this can be done by anticipating problems and corresponding solutions to handle those problems can be thought of simultaneously. This will enable you avoid misfortunes with customers
10. Spread the Word
Create a retail plan and before opening a company start spreading the word of its existence to be sort in future. Brainstorm sales promotion ideas, begin branding and advertising of your retail store can be done in these ways.
Sharing a few secrets with you about retail could most probably be
Always look for something new and profitable. [/i][/b][/i][/b]
Ownership thinking is important. [/i][/b][/i][/b]
If your business is retail, keep an eye on youthful employees. [/i][/b][/i][/b]
Don't gossip. Good businesspeople are very careful about what they say, and to whom.[/i][/b][/i][/b]
[/i][/b][/i][/b]
But do not forget to take into consideration the pros and cons of retailing:[/b][/b]
Pros of Retailing and Business Ownership[/b][/b]
Holiday sales figures
Research and assistance from trade associations
Satisfaction of building something from the ground up
Attending trade shows and buying events
Meeting new people
Having on hand exactly what your customers want
Cash transactions
You get to set all the rules
Selling merchandise you love and have an interest in
Creating a pleasant atmosphere and receiving compliments about your shop
Hiring and training wonderful employees
Cons of Retailing and Business Ownership[/b][/b]
January sales figures
Large cash investment at startup
Long hours and little (or no) pay to start
Only vacation is attending trade shows and buying events
Meeting difficult customers
Not having what your customers want
Bounced checks
Having to do it all yourself
Too little profit on the merchandise you love to sell
Finding damaged merchandise, empty packages and open food on your shelves
Firing and disciplining lazy or rude employees
Qualities of Successful Owners[/b][/b]
Sometimes asking few of the questions to self can help in analyzing self easily few of which are as follows:
Are you willing to risk losing all of your capital? If you're uncomfortable with risking money or time on things you're not absolutely sure of, then you may not be entrepreneurial.
Are you willing to put in long hours, be the last to be paid, and give up those yearly vacations? Start-ups generally take up any and all personal time you once had.
Do you have the ability to lead others? Retail ownership is all about being able to manage customers, employees and even suppliers. Many people will be looking towards you to answer questions.
Can you organize your personal and business life? Successful owners must be able to keep track with every aspect of their business.
Do you have knowledge of the type of business you want to own? To obtain financing, it helps to have some solid business experience. Consider working part-time or volunteer at the type of business you hope to own one day.
Things that are a must for a retailer are[/b][/b]
They Will Come[/b][/b]
The right product mix, pricing strategy and store atmosphere will do no good if your customers don't know you exist. The lack of funds or the wrong advertising campaign can keep your message from being heard.
Compete With Chain Stores[/b][/b]
While it is true that smaller stores cannot generally compete strictly on price with the large chain stores, they can still compete. By maximizing the uniqueness of their business, exceptional customer service and cozy atmosphere, the small retailer can take a fair share of the market.
Customer Spends the Most[/b][/b]
. Referrals and repeat customers are highly valuable and may add up to much more than the big-spending customer who shops with you twice a year.
Online[/b] Shopping[/b]
E-commerce is making big strides in the world of retail. But while it is important for brick and mortar retailers to have an online presence, there will always be consumers who want to try things on, feel and inspect the quality of the merchandise and some shoppers still prefer the security of paying for products in person.
Moving Your Store [/b][/b]
Relocating a business can be expensive and possibly disruptive, but with some planning it can be the best thing for your bottom line. Start early and make a checklist to keep the move organized. Be sure to plan your relocation marketing focus around retaining your existing customers, as well as making new customers in the new location.
Free Money For Your Business[/b][/b]
Television commercials, website ads and general false information has distorted the half-truth in this statement. There are grants available from the government for particular projects but these are generally for non-profits and educational business, not for individuals who will use the proceeds to start their own retail business.
Good Help [/b][/b]
It may take a little longer, but it is possible to find excellent employees. Start by writing a thorough job description. Establish a review system to weed out candidates that don't fit the bill. Learn interviewing techniques and prepare a comprehensive training program. To keep good help once you've found it, learn how to motivate your employees through pay and promotion. Staffing your store is easy if you have a plan.