Things You'll Need:
- Business plan
- Funding
- Licenses
- Merchandise
- Fixtures
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Step 1
Make a 5-year business plan. Include expenses, expected income and goals. Create a description of you company, its organization and financials. Be realistic. Banks will want to see your business plan before they lend you money.
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Step 2
Line up your funding. Consider partners and investors as well as loans. Contact the Small Business Administration to find out how to qualify for its services. Open business bank accounts, and contact credit card companies about opening accounts to accept credit cards.
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Step 3
Contact state and local officials to see what licenses and permits you'll need to open your business. Leave time in your plan to apply for the permits and take care of any issues that might arise that could prevent you from opening your business.
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Step 4
Find a location. Stay within your budget for rent, or buy the building if you have the resources. Negotiate with your landlord for favorable terms in the lease. Research the neighborhood before you make a commitment. Talk with other business owners in the area.
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Step 5
Negotiate with vendors for the best price on merchandise. Discuss bulk discounts and discounts for invoices that are paid on time. Include shipping charges in your discussions.
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Step 6
Buy or build fixtures that are appropriate for your business. Include shelving, display fixtures and a cash wrap. Purchase supplies like cash register tape and paper towels in bulk to save money. Make sure you have enough storage for merchandise.
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Step 7
Hire employees with good skills who can be trained to operate your business if you're not there. Offer attractive benefits and wages that will encourage them to stay with you. Comply with laws on collecting and paying taxes.
