How To Start a Retail Business, Essay Example

“Retailers risk their time, energy and money anticipating the need for their offered product to consumers in hopes of gaining a profit somewhere down the line.” (“Entrepreneur”). When deciding if starting a retail business is right for you one should do some research into the market trends for the product or products he or she is thinking about offering to the public and look into financing opportunities and the anticipated yield of profits. Further one should determine his or her strengths that are available to offer the public consumer. You should decide if you are better suited to be a wholesaler, retailer or distributor. You might make this decision by asking some of the following questions:

• Are you a self-starter?
• Do you rely on a pay check to support yourself?
• What is your level of risk tolerance
• What is your personality with relation to customer service?

Since the current economy is slow a new retail business owner must possess a good finance knowledge as well has great enthusiasm, perseverance and flexibility. The next decision to make is to establish if you will build your own business or purchase an existing business. Franchises offer greater opportunities of wealth than do new entrepreneur businesses however they are very expensive to buy into. Network marketing businesses are excellent ways to start a new business because you have to only invest in initial stock of inventory. Purchasing an existent stable business allows one to gain profits much quicker. Keeping low overhead is essential for a new business entrepreneur to succeed. Whether you are a competitor to Wal-Mart or a new snowball stand there is money to be made if you start the business professionally and your marketing scheme is advertised actively. Repeat business is the key to profitability.

References

Entrepreneur (2009) How to Start a Retail Business Retrieved December 21, 2009 from, http://www.entrepreneur.com/startingabusiness/businessideas/startupkits/article75912-4.html