The Everything Guide to Starting and Running a Retail Store: All you need to get started and succeed in your own retail adventure

by Dan Ramsey, Judy Ramsey

Overview

What are my start-up costs? How much will my store make? Should I sell online? How can I compete with larger stores?

If you've ever considered owning a store but don't know where to start, The Everything Guide to Starting and Running a Retail Store is perfect for you. This resource will help you recognize the importance of an independent retail store in community life and the opportunities it offers for a rewarding lifestyle.

This comprehensive guide shows you how to:

• Spot and capitalize on small retailer trends
• Conduct your own market analysis
• Research and select the most appropriate retailing software
• Run your business day to day
• Attract customers with effective advertising
• Make the leap to online selling

This helpful handbook offers practical advice on retail store planning and management with valuable guidelines and real-world examples that can make the difference between your store's success and failure. This guide provides all the tools you need to run a store that your customers—and you—will enjoy for many years to come!

Product Details

ISBN-13:	9781598697834
Publisher:	Adams Media
Publication date:	05/18/2010
Series:	Everything® Series
Pages:	304
Product dimensions:	8.30(w) x 5.50(h) x 0.40(d)

About the Author

An Adams Media author.

Table of Contents

Introduction xiii

1 How the Retail Business Works 1

What You Already Know about Retail 1

Retailing 101 3

The Merchandising Process 4

The Back Room 6

How Independent Retailers Beat Big Stores 7

Retailing in the Computer Age 9

Is Retailing Right for You? 12

2 Deciding What Retail Store Fits You 15

Your Personal Goals 15

High-End Merchandise Retailers 18

Low-End Merchandise Retailers 20

Specialty Merchandise Retailers 22

Merchandise Sources 24

3 Analyzing Your Assets 27

Defining Success in Independent Retailing 27

Assess Your Personal Assets 30

Calculate Your Financial Assets 32

Resources for Additional Assets 34

Your Asset Worksheet: Liabilities 36

Your Point of No Return 37

4 Franchises and Existing Stores 39

Retail Franchises 101 39

Popular Retail Franchise Categories 42

Finding a Franchise 43

Evaluating a Business Franchise 45

Evaluating a Product Franchise 46

Business Franchise Costs 48

Buying An Existing Store 51

5 Planning for Success 55

Pulling Out the Sharp Pencil 55

Analyzing Retail Costs 57

Calculating Target Profits 59

Figuring Rate of Return 60

Estimating Inventory Requirements 62

Adjusting Your Business Concept 64

6 Writing Your Business Plan 67

Business Plan Basics 67

Planning Your Marketing 70

Gathering Financials 72

Sample Business Plan 75

7 Selecting a Profitable Location 79

Location, Location, Location 79

Shopping Centers 82

Store Types 85

Landlords and Leases 86

Negotiating the Lease 89

8 Setting Up Your Business 91

Logistics of Retail Start-Up 91

Business Structures 94

Sales Taxes 97

Employees 99

Business Banking 101

Merchant Account 102

Business Insurance 103

9 Planning Your Retail Store Layout 105

The Process of Selling 105

Designing for Your Customers 108

Directing Traffic 109

Signage 112

Working Around Limitations 113

Planning for Utilities 114

10 Furnishing Your Retail Store 117

Make Your Store Sell for Itself 117

Select Primary Fixtures 120

Select Secondary Fixtures 122

Support Equipment 123

Making Your Own Fixtures 126

Computerizing Your Store 129

11 Selecting initial Inventory 131

Define Your Primary Lines 131

Consider Line Profitability 134

Contact Wholesalers 136

Set Up Wholesale Accounts 138

Freight and Delivery 140

Prepare for Opening Day 142

12 Restocking Inventory 145

Keep Good inventory Records 145

Working with Wholesalers 148

Multiple Wholesalers 151

Clearance Dead Stock 152

Handling Returns 154

Special-Order Profits 155

13 Hiring and Training Great Employees 157

Employees: Assets or Liabilities? 157

Finding Valuable Employees 159

Hiring Profitable Employees 162

Dealing with Payroll 164

Using Co-Employment Services 166

Investing in Employees 167

14 Smart Store Management 171

Reviewing Your Retail Goals 171

Defining Your Retail Process 173

Keeping Smart Store Hours 177

Helping Customers Buy 180

Building Customer Relations 182

15 Keeping Good Records 183

Basic Retail Recordkeeping 183

Computers for Retailers 185

Accounting Software for Retailers 188

Specialized Software Programs 190

Inventory Tracking 192

Customer Tracking 193

16 Promoting Your Retail Store 197

Word-of-Mouth Isn't Enough 197

Retail Advertising 101 199

Which Media? 202

Event Planning 206

17 Adding Profitable Lines 209

What Do Your Customers Want? 209

Where Are Your Profits Coming From? 212

Encouraging Impulse Buying 213

Developing Secondary Lines 215

Upgrading Lines 217

Adding Risk-Free Lines 218

18 Expanding Your Retail Store 221

Analyzing Your Sales Floor 221

Cutting Unprofitable Lines 224

Expanding Your Sales Floor 226

Moving to a Bigger Store 228

Opening a Second Store 229

19 Selling Merchandise Online 231

Online Retailing Opportunities 231

Supplementing Sales 233

Building Targeted Online Sales 235

Where to Build Your Online Store 237

How Online Stores Operate 240

How to Profitably Compete with Yourself 242

20 Solving Growing Challenges 243

Growth Isn't Always Good 243

Growing in the Right Direction 246

Reducing Operating Costs 247

Reducing Losses 249

Beating Your Competition 251

21 Enjoying Your Retail Store 253

Are You Having Fun Yet? 253

Measuring Success 255

Avoiding Retailer Burnout 257

Making Your Store Fun for Others 258

22 Selling Your Retail Store 261

Good Reasons to Sell 261

Bad Reasons to Sell 263

How Much Is It Worth? 265

Finding a Buyer 268

The Paperwork 270

Appendix A Retailing Resources 274

Appendix B Retailing Glossary 277

Index 287