A small store can be opened on just about any budget. With careful consideration to budget and space, a small area can be transformed into a store that brings in customers and makes a name for itself against the big-box stores. Read on to learn open a small store.
Instructions
1. Start with a budget that includes inventory, fixtures, rent, advertising and other assorted fixed expenses. Each of these categories must be covered adequately before the store is opened. If there is not enough money in the budget for each one, apply for a small business loan with a local bank or the small business administration.
2. Look for a highly visible retail space. A small retail store should be in a spot that is easily accessible to both vehicle and foot traffic. To get the most customers, rent a retail space that is near a larger, better-known store.
3. Rent the space, asking for any improvements that need to be made before the papers are signed. Get the proper licenses before the store is opened. Call the local courthouse to find out what type of license you will need.
4. Set up a sign to bring in traffic. The sign should be large enough to be visible from as far away as possible. If you are near a road, a neon sign will be best seen from passing cars.
5. Get your inventory. If you want to set up a retail store, you likely already know what you want to sell. Make sure you have more than one way to get the items. If one distributor or manufacturer closes you should be able to continue business. Consider selling several different types of items to bring in a diverse customer base.
6. Call around for the best rate on insurance. Your inventory will have to be insured, but you will also need to insure the store against accidental falls by customers. Liability, inventory and renters' insurances may all be necessary.
7. Arrange the store so that it is both attractive and easy to navigate. Get in as much inventory as you can without making the store cluttered or dangerous for customers. If the space is very small, consider keeping some items in the back and posting pictures and details of items that can then be pulled from the back by employees whenever a customer is interested.
8. Advertise your retail store. This will largely depend on the budget you have available. Advertising is vital for introducing the community to your new store. Consider newspaper ads, TV commercials and fliers.
