How to Open a Retail Business in South Carolina
Opening a retail business is a dream for many people. In South Carolina, the path to achieving your goal is straightforward--you can have your new retail business up and running in a short time. The state has several helpful websites filled with information, checklists, and links to many online business applications for new entrepreneurs. With the legal work accomplished, you can find the perfect location and products to launch your retail store.
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Instructions
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Choose a business name and the type of products that you want to sell. The business name should relate to the products to make the name memorable. Check with the South Carolina Secretary of State to make sure that the business name is not already in use. After you have decided on a name, hire a graphic designer to design a business logo, business cards and stationary.
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Choose a business structure and register the business with the state. For most business structures you must register with the South Carolina Secretary of the State. Retail businesses must also register for a Retail (Sales Tax) License and for Business Personal Property Tax. The South Carolina Business One Stop website provides links to online registration and information for these licenses and registrations.
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Obtain an Employer Identification Number (EIN) from the Internal Revenue Service for the business. To complete the legal work, contact the city and county and file for any necessary local licenses or registrations. The South Carolina Business One Stop website provides links to counties and cities in the state.
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Prepare a business plan. The plan does not have to be elaborate if you will not be applying for funding from a bank. The SCORE website has business plan templates that are available for download. Consider the business plan as your road map for opening and running the business for at least the first year. Update your business plan regularly.
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Find a location for your new retail business and negotiate a lease for the store. Consider your potential customer base, foot traffic, and parking when deciding on a store location.
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Purchase wholesale inventory for the business and enough display furniture to fill the space and properly display the products. To find the perfect mix of products, you can search for inventory at tradeshows, on the internet and in trade publications.
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Hire employees and establish routine store policies such as how you will handle returns and exchanges and if you will offer customer incentives. Keep your policies somewhat flexible at first until your store is established and you have had time to evaluate the policies that work well for you. Train your new employees to understand the store policies and procedures.
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Launch your new retail business with a grand opening.
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Tips & Warnings
Before your retail store opens, use social media and marketing to advertise that your business will soon be open.
References
Resources
- Photo Credit victorian style store image by Pierrette Guertin from Fotolia.com
