The first thing anyone going into business must do is to WRITE A BUSINESS PLAN.
After that is done, you have to determine your LOCATION. That will be one of the most important decisions you will make.
Is there ample parking?Be familiar with the neighborhood: the levels of income, buying habits and ethnic makeup.Check out the traffic patterns, both pedestrian and vehicular.Who is your competition? Check out their proximity.How long is your travel time between home and your store?Where should I look: free standing store, a strip mall, or a shopping center.Look for the space that you can afford. You may have to choose a place less than your ideal location. You can always move once the business is established.How is the storage? Does it have a basement? What is involved in repairs? Check out the condition of the building or space: the roof, floors, power requirements and parking lot conditions.Check the zoning ordinances and Health Department requirements.Approvals are required for outdoor signs.Importance of a lease: negotiate with a reliable lessor. Use an Attorney who is familiar with retail leases.
Before you go any further you must ESTABLISH A LINE OF CREDIT with a local bank.
How much money will you need? Whatever amount you planned for, add an additional 10% for unseen expenses.
- Find a name that identifies with the products you are selling. The outside sign must be descriptive of your store.
- You must register that name with the State and County, and obtain an ID number for taxes.
- Order your initial stock. Try to buy on consignment and at the right price.
- Be distinctive with window and floor displays. You may need professional help.
- Hire the staff and train them thoroughly. Establish pricing policies. All the goods must be marked and priced.
- Advertise your Grand Opening. Use a local agency, they are familiar with your area.
The beginning is the toughest. Work hard and you will prosper.
This article was prepared by Milton Malkin. A Fifty year veteran of the Appliance Industry. He owned and operated three Appliance stores. He is a member of the Small Business Advisory Committee, a voluntary organization of the Huntington NY Chamber of Commerce. Business advice is available free to everyone. Call 631-423-6100 for an appointment.