How to Start Your Own Small Retail Store
If you are just starting out in the retail business, it is a smart strategy to start small. There are a few basic needs that you must purchase to open a small, simple retail store.
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Instructions
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Register as a business with your state. If the retail business will be selling food, you must have a license to serve it, which is commonly regulated by the state health department. Search for other regulations you may be held to according to the type of business you will be running.
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Get a location for your retail store, such as a small leased space, a vendor stand or a kiosk in a mall. You can also set up your retail store online with an ecommerce website. Keep in mind high-traffic areas and places where your goods are most likely going to be bought by passersby.
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Buy a cash register to hold money and a merchant account to accept credit card payments at your store. The register should be electronic and able to capture and report a history of your cash sales. You will be sent statements from the merchant services provider that contains your credit card sales history. Having credit card capability will make it easier for your customers to pay and will keep you from losing sales if you are a cash-only store.
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Find products to sell. Make an arrangement with a distributor or manufacturer to receive or create products to sell in your store. Look into creating your own products or selling those made by local artisans.
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Establish your price list. When customers are interested in a product in your small shop, you need a way to inform them of the price. This can be done verbally, by marking each item with a labeling machine or by posting a price list behind the register.
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Get a video surveillance camera to keep track of what happens in the store. This will protect you from shoplifters and secure your investment when the shop is closed and you are not around.
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References
- Photo Credit Pat Castaldo; Flickr.com
