How to Open a Retail Business
To run a retail business, you need to decide what type of merchandise you would like to sell. As long as you register all the right paperwork and make the right investments, you can get started in professional retail sales rather easily.
Other People Are Reading
Instructions
-
-
1
Contact your state tax department and register for a resale certificate. Sometimes called a tax ID, seller permit or wholesale ID, it allows you to legally collect sales tax from customers. You cannot operate a retail business without this very important certification.
-
2
Contact your county clerk to obtain a business name. This secures a name under which you can legally conduct business, such as "Mary's Hair Supplies" or "DVD Bonanza." Your county will ensure that the business name is not already in use and may ask you to pay a small fee to register the name.
-
-
3
Contact factory-authorized wholesalers. As a retailer, you will want to purchase stock from the best wholesale providers available, so you must find out the best wholesalers for your products and get in contact with them. To find factory-authorized wholesalers, contact the manufacturers of the products you wish to sell and ask them for a list of the wholesalers with whom they conduct business.
-
4
Begin ordering stock. With your new wholesale accounts established, figure out how much merchandise you will need--as well as how much you can afford--to get started, and order it.
-
5
Open your shop. If you plan to operate solely online, then you need only set up a website and begin listing your items. Provide your buyers with convenient payment methods and always include photos of the items you sell. If you plan to operate a brick-and-mortar shop, you will need to rent space in a mall, shopping center or other available building.
-
6
Determine your prices. Figure out how much profit you need to earn for each item in order to maintain your business while keeping customers happy, and price them accordingly. If certain items sell very well, you may be able to raise your prices slightly. If they sell poorly, consider lowering your prices. You will likely find the best balance through trial and error.
-
1
