Q:

How do you start a retail business?

A:

Quick Answer

An entrepreneur can start a retail business by choosing a familiar product he wants to sell, finding a location for his retail business, and registering his business. He must have a business plan to guide business decisions, such as how much to spend on marketing or supplies.

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Full Answer

An entrepreneur must choose a central location in an area with high traffic for his retail business; such locations are easily accessible and have visibility. The lease terms for his retail location must be affordable and commercially viable over the long term. An entrepreneur can finance his retail business by applying for loans from banks or through the Small Business Administration. The SBA typically provides a guarantee to lenders that give loans to small businesses, but never gives grants to for-profit business.

An entrepreneur should choose the right legal structure for his retail business at the start, if he wants to have partners. He must acquire all the necessary permits and licences for his retail business to comply with regulations.

Before starting a retail business an entrepreneur should assess his personality to determine if he can thrive in the retail industry. He can choose to buy an existing business, such as a franchise or an independent business, or he can launch an online retail business.

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