Opening a store in a mall may be time-consuming, but you can complete the task if you do research and ask questions. Start out by reading information about the subject. Most of the information can be found on the Internet. Make phone calls to store owners that currently have a business in a mall and interview them to find out how they got started. Ask them what steps they had to take to open their store in the mall. Listen and follow their instructions and take notes. This process will help you get started.
Things You'll Need
- Business Plan
- A computer
- Office supplies and equipment
- Rental space
- Products to sell
Decide exactly what type of store you want to open in the mall. Call the mall’s leasing agent or rental agent. Inform the agent that you want to open a store in the mall. Find out all the required qualifications from the agent.
After you have qualified to rent or lease space, schedule a meeting with the agent to visit vacant storefronts that are available. Select the storefront that is best for your type of store. Negotiate with the agent to hold the storefront for 45 days.
Visit your local city hall and apply for the business license and all the permits you will need to operate your store in the mall. Log on to http://www.govspot/tax/staterevenue.htm and use the pull-down menu to locate the state in which you will operate your store and click.
Apply for your state tax ID number. Then call 1-800-829-4933 and apply for your federal tax ID number.
Formulate a business plan by going to the Small Business Administration (SBA) website for help at www.sba.gov and (see Resources section).
First, write a 200-word summary about yourself and the store you plan to operate. Next, you will develop a marketing plan that will state exactly how you will get customers to buy your products or services in the mall. Then, you’ll need the management plan to explain how you intend to operate the store each day. Finally, you need to project your expenses and income for each month; therefore, you will need to prepare the store’s financial statements in the business plan.
Examine your business plan and determine if you have a reasonable chance of success. Make sure you analyze every section of the business plan. If there is a reasonable chance of success, go back to the agent and lease or rent the storefront within the agreed-upon 45-day period.
Get ready for business. Purchase all the store office furniture or equipment that you may need. Buy the products or the goods that you will be selling. If you are providing a service, hire individuals to help you. Go to your local print shop and purchase business cards and signage along with any other office supplies you may need. This information should help you open your store in the mall.
Tips & Warnings
- Research the industry you plan to operate
- Learn new business trends and read their publications
- Learn from your competitors
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