How do I get started opening my own small store?

Question

I've been debating with the idea of going out on my own - or continuing to work under someone else. My thoughts have leaned towards opening a school supply store, which would carry everything for students/teachers both. I live in a very small town - the only decent store we have is Wal-Mart. I used to be Asst. Mgr of a dollar store here, and alot of the parents/teachers/students would come in complaining because they needed to complete a project, or just needed one more thing off their school list, and Wal-Mart didn't have it. So, they would have to drive 40-60 minutes just to get what they needed. I think this idea would take off in a small town that's centered around its children and education, and it would be helpful to the parents as well. How do I get started? I have NO idea!!

Answer 1

The first step is to do your research. Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.

Some things you need to consider:

- "How can I support my family while I build up by business?"
- How long will it take this business to reach the financial goal you have?
- How big is the school/student population in your area?
- Do you think the size of the market is enough to keep your business profitable?
- If not, what other things can you sell that this market would want?
- Do you have the resources to lease a store, buy inventories, and jumpstart the business?
- If none, are there resources that you may be able to get, keeping in mind that loan programs even that of SBA requires collateral and equity investment

You may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:

1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success (your business plan)
6. Market, market, market

To give you ideas on what exactly do you need to start your own business, here are ten things you need to know before launching your own business “10 Things You Need to Know When Starting Your Own Home Business” http://www.powerhomebiz.com/052006/startingbiz.htm .

Here are some resources that can help you learn more about your business:

Gift store business plan (not exactly what you said, but you may want to consider gift inventories for your store) http://www.referenceforbusiness.com/business-plans/Business-Plans-Volume-05/Gift-Store-Business-Plan.html
Novelty Shop Business Plan http://www.referenceforbusiness.com/business-plans/Business-Plans-Volume-05/Novelty-Shop-Business-Plan.html
How to Start a Retail Business Guide http://www.entrepreneur.com/howto/retail/0,7167,,00.html
Small Store Retailing http://retailindustry.about.com/od/seg_smallstores/

It may help you a lot to consult with a small business guide or expert. There are organizations where you can find a mentor who can help and guide you as you think through your business:

- Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women's Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
- Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
- Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/HEMP/ , or The Aspen Institute MicroMentor Program http://www.micromentor.org
- Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
- Industry and trade associations
- Local business groups, such as the chamber of commerce
- Local chapters of business groups

If you wish to get in-depth information on starting your own retail store, I recommend the following books:

- Retail Business Kit for Dummies by Rick Segel
- Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder
- Start and Run a Profitable Retail Business (Start & Run a) (Paperback) by Jim Dion, Ted Topping
- Retail Success! by George Whalin
- So You Want To Own The Store : Secrets to Running a Successful Retail Operation by Mort Brown

You may also find a wealth of information from the following associations:

National Retail Federation
http://www.nrf.com/content/default.asp?folder=home&file=main.htm
Retail Industry Leaders Association http://www.retail-leaders.org/new/index.aspx
In Store Marketing Institute http://www.instoremarketer.org/
Check for retail or merchant association in your state

Answer 2

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Start and Run a Profitable Retail Business by Jim Dion, Ted Topping
* Retail Business Kit for Dummies by Rick Segel
* Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder
* So You Want To Own The Store: Secrets to Running a Successful Retail Operation by Mort Brown

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

Well you are on the right track. It sounds like you have a feasible idea. You should look into organizations and programs in your area which will aid you with your endeavor. The department of commerce is a good one. They have statistics of your town/county, which you will need for a business plan. A business plan is what you will need to put together. When you go to get financial backing, you will need to present a business plan. You can go on-line to get sample business plans or computer programs to help you generate one. But don't think you can go on-line and steal a business plan, because a bank will see right through it. Your business plan is targeted to the customers in your area. The Small Business Administration has employees who can also help you write up a business plan. But for real...I would go to college and study small business management or business management. I am a business major and I don't have enough space on this page to tell you everything I have learned in order to become an entrepreneur myself. Good luck in whatever you decide to do!

Answer 4

Hey, I hope that this will help you out!

Would you be interested in working from home??
I work from home. I do not sell, stock, pick-up or deliver anything.
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All I do is set up wholesale accounts for a catalog company.
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And if you are not satisfied, you get ALL your money back within 90 days.
This company is set apart from ALL other companies.
In two short years my mom, who is a stay at home mom, and home schools her kids,
is making VERY reliable, residual income.

More than $9000.00 a month.

For more info e-mail me
[e-mail]