Where can I find out detailed information on how to open a retail store?

Question

I would like to open a clothing store, but I need a lot of info on how to do it, besides getting a loan. For example, how to process payments, how to do payroll, and etc.

Answer 1

in my line of work I consult small business owners.

i am sorry if what I am about to tell you may seem negative but i ask you to consider what i am saying:

it is really really tough to make money in retail and the hours are long. if you look around your area and really pay attention you will probably see a lot of small retail locations change names frequently. it's because they went out of business.

in the past year, i have had 2 retails clients go out out business and lose about $200k in total. even if you end up making money, retail stores are hard to sell.

i often tell new clients that starting a retail business is liking buying a bad job.

i realize there are exceptions but please do a lot of research before incurring debt or lease commitments.

best of luck to you!

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 Your Own Clothing Store (Entrepreneur Magazine's Start Up) by Entrepreneur Press
* 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

Check out the link below for a load of resources...

http://websearch.entrepreneur.com/cgi-bin/texis/webinator/newsearch/?pr=entrepreneur&query=open+a+retail+store

Answer 4

Depending on your state, your local chamber of commerce or secretary of states office is usually very helpful. Make sure you look into corporations status with your sec. of states office as well. You may also want to talk with an accountant and/or a business lawyer. take your time and do your homework.