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    1 Reply Latest reply on Nov 1, 2008 4:48 PM by liveassistant

    I want to start a small retail business...

    shazila Newbie
      I would like to start a small wireless retail store. Where should i start????
        • Re: I want to start a small retail business...
          liveassistant Newbie
          Hi Shazila,

          When you say you wish to start a "small wireless retail store," what products do you have in mind specifically?

          1. Check out how many of this type of store is already present in the premises you are considering to lease or purchase.
          2. How are your potential competitors doing? - Market research is very important.
          3. What would set you apart from your competitors?
          4. Who is your target market? - age range, income range, demographics, buying patterns of potential clients-
          5. Check out what licenses, insurance, state and industry licenses are required for you to run your business.
          6. Check out how many employees you will need to run your store - employee skills, educational requirements, HR requirements, payroll requirements, etc.
          7. Complete a business plan and marketing strategy for your business.
          8. Seek advice from the Small Business Administration website and what other support you can get from them.
          9. Do you wish to concurrently operate an online store for your products which will also need a marketing and web strategy.
          10. When you have finished your business plan, it is time to pitch for funding from a bank unless you already have quite a nest egg to start with. Essentially if you do have funds of your own, in an ideal world it is better to start without owing any debt.

          There is a lot of work to do and owning a business is never an easy task.

          Please do let us know how you get on. Hope this is of help.

          Best regards.