STARTUPBIZHUB

How to Start a Shop

Starting a shop can be very easy, especially if you have the zeal and passion for it. But it also takes a lot of business know-how to keep your store afloat. So setting up a profit-making store requires that you: develop a business plan, choose what kind of "stuff" you would like to sell; and finally, you should check your finances.

Everyone just loves an entrepreneur.

These small business people are putting down the very ground work for many business ventures and many workers. Starting your own shop is a great idea if you want to join this money making band wagon. There are many benefits when it comes to starting your own store. Some of these benefits include: being your own boss; controlling what goes in and what goes out when it comes to expenses; having the free rein when it comes to decisions regarding fixing up your place of business or trying to expand your market base, etc.

One of the most important things before setting up a business is to have a plan of action. A business plan lets you see where you are actually starting, and what you hope to accomplish in a given amount of time. You can plot out your short term goals to meet your full time goals – and regular consultation with your business plan makes you see whether you are actually making money or not. However, a business plan is very limited. It is, after all, only a plan. When you create one, make sure that you make realistic goals which can actually be met in your allotted span of time. Planning to conquer all the viable territories of Northern America with your store’s franchises in 2 months is not a plan of action. It’s called wishful thinking. Be smart and be more specific when planning. For example: how will you make your store be so successful that people will actually want to buy a franchise from you? Do you beef up on customer service? Do you offer a unique service never offered before? What kind of service is that? How will that work? How much will it entail before you can actually make it work? Etc.

Do you know what kind of store would you like to put up? A store can sell both product and services. A grocery store sells products. A beauty saloon sells services. Deciding on what you actually want to sell is a matter of personal preference, passion and a lot of background information about how to sell these. Don’t choose to set up a store because you think it’s the easiest to set up. There is no such store in existence. All stores have their perks and down sides, so extensive knowledge and intensive research on your proposed business venture is more than necessary. Rather, if you think you have considerable knowledge in computer hardware and all its paraphernalia, you may want to open a computer store. If you have excellent baking skills, and you think that you can offer a different kind of “goods” to your would be customers, you may want to open a bake shop or a store that sells bread only or cakes only or specialty breads.

As all business ventures go, you need to compare your budget with your business plan. If you have enough finances then go ahead and start making all the necessary leg work to get you started. One: you need to find a suitable place of business – meaning you need to find an ideal location where there is enough of your prospective market “dropping in;” but at the same time, a place where the rent won’t kill your business in a few months time. Two: you need to work on acquiring all the necessary paperwork from municipal or county offices, state offices, Chamber of Commerce, etc. If you are planning on selling something like guns and liquor, you may also want to hire a lawyer for the necessary federal and state permits; there are also zoning restrictions to such businesses.

Only when the pre-requisites of your store are met can you actually think about store set-up, display set-up, contacting suppliers, hiring staff and everything else.

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8 Comments

  • Keith Jeffcoat said on June 16, 2009
    My partner and I want to start a ice cream-gift shop near a lake community. We want to start our own franchise. Any suggestions on top costs or business loans?
  • pournima jaguste said on September 7, 2010
    i want to set up optical shop in mumbai. i want to know how to build capital for it. what are the ways to get finance. i want your suggestions on finance. i will be grateful to you if you help me.
  • shiv kumar said on December 5, 2010
    I am shiv kumar and I am PG with Maths & I have interest optometry so I want to start optometry shop in malerkotla in punjab , So plz suggest me what will be preparation for this ,and I also want to do diploma in optometry .I will be very thankful to you if you give me the better suggestion for this .
  • Sunny Mahajan said on January 8, 2012
    i want to open the shop of snacks and i have an place in very good location so plz guide me how and when i can start my business as soon as possible
  • otter said on April 24, 2012
    i want to start a bait shop in a month or two with the fishing season changing over is this the time to cast or will i get skunked.
  • shashi kiran said on April 14, 2013
    Hi I want to start small pizza shop/outlet in hyderabad. please help me with sources to start the business.
  • JOHNSON said on May 27, 2013
    HOW TO START A PIZZA SHOP AT MADURAI AND WHERE I CAN PURCHASE THE FULL MATERIAL FOR THE SHOP. Madurai, Tamilnadu, India
  • dean ward said on February 6, 2014
    I want to start a $2.00 shop or something similar in my town I have no idea how to start it or where ones gets the stock from I DONT WANT TO BUY A FRANCHISE AS THEY ARE TOO EXPENSIVE CAN YOU GIVE US SOME ADVISE PLEASE

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