Top Six Tips for Opening a Retail Store
Not everyone who works in retail gets to open their own shop. It takes drive, skill, luck, and an appetite for risk that not many people have. Starting a retail store is an amazing adventure, however, and well worth the investment of money and time for those who successfully make a go of owning their own business.
Most new businesses fail within the first year of operation, and that’s particularly true in the highly competitive world of retail. Getting off on solid footing is vital to the success of a new retail store. To ensure a smooth launch for your newfound career as a retail entrepreneur, consider these tips:
- Budget, then add some – Entrepreneurs starting a new business need a very firm grasp on the financial realities of their venture. New retail owners need a detailed plan concerning how much they intend to spend starting up their franchise, how long it will be before they break even, and potential costs that could come up along the way. Working with a more experienced entrepreneur or a small business advisor can help new retail store owners come up with a viable financial plan.
- Find financing – If you have the start-up capital for your business in the bank, congratulations. If not, you may need to seek out loans for your new business. Try local banks and credit unions to see what they have to offer. Also look into Small Business Administration loans. SBA Express Loans can help entrepreneurs get up to $350,000 in financing to start or expand a business.
- Find a steady supply of inventory – Your store may have great products, but if your suppliers are slow in replenishing your stock, it could drive customers to competitors with a more reliable selection. Make sure you have access to the stock you need, and have back up plans in case suppliers can’t fulfill orders.
- Get right and stay right with the tax collectors – Make sure you do everything necessary to report and pay all state, local, and federal taxes. Entrepreneurs who get in arrears on taxes often find themselves in a deep financial hole when the authorities finally notice their delinquency.
- Don’t be afraid to ask for help – There are a variety of organizations offering assistance to new business owners. Local Small Business Administration offices, community business incubators and Small Business Development Centers can all offer training and advice to prospective entrepreneurs. Seek them out.
Helbraun & Levey is a New York City law firm that primarily serves the needs of small business entrepreneurs. Whether it’s setting up a partnership or LLC, ensuring compliance with state and federal regulations, or advising on other business matters, Helbraun & Levey is the law firm New York’s businessmen and women trust.