While happy thoughts of becoming a business owner may whirl around in your head, the realities of everyday life may suggest something else. You may be wondering if now is even the time to consider launching a business in this uncertain economic environment.Undoubtedly, starting a retail business is a bold move in any economic climate. However, it can also be one of the most exciting and rewarding opportunities that you can have in life. < The mindset
There is a certain mindset that’s required for success. Passion, determination, and sheer will- whether it stems from a burning desire to be your own boss, realize your dream, or simply out of economic necessity – are the requisite traits. There is a huge swath of territory between your ‘idea’ and actually turning it into a business. This is why planning is so critical for your success, regardless of the type of business that you’re going to start. Planning runs the gamut from getting the right experience, writing a plan, pitching investors (whether it’s Uncle or the bank), setting up the business, hiring staff and implementing a marketing strategy to attract customers.
Given that retail sales and consumer confidence are once again on the rise, retail businesses should see some bright light in the new year. Regardless of your business type, here are some tips to help you start a successful retail operation:
1-What is your product?

What is the specialty product or line of products that you’re going to sell? To put it another way, is there a particular product that you’re just crazy about… one that you can see yourself selling 24/7? If so, then you’ve got yourself to the starting block. The next question to consider: Is there is a market for your product? If you see similar products in other malls or in other parts of the country that are selling well, you might think there is a strong likelihood that you can make a solid business out of it. Finally, how are you going to make money from this product? Are you making the product yourself or buying it wholesale and then reselling it? In either case, determine how much your costs are and then see how much you can sell it to a customer for.
2-Industry know-how
Think about your practical experience in a retail environment. If you’ve worked retail, especially at a management level, then you have a sense of how business operates, from customer service to inventory management. Before you strike out on your own, get experience. One of the key reasons businesses fail is lack of experience. While you’re at it, find a mentor—someone who has significant experience in the business area that you’re entering. A mentor can share insights and experiences so you can apply them to your business.

3-Business structure
The business structure dictates how you’re going to set up your business legally. While you should consult a professional, consider what type of business you’ll be operating and what your budget is likely to be. If you’ll be self-funding a business that has a low risk for a customer getting injured, you might consider a sole proprietorship, which is easy and practically free to set up. If you plan on selling food or exercise equipment, or will be getting money from investors, the Limited Liability Company or LLC is a better fit. While it may cost more to set up, it could offer you liability protections and tax benefits. There are other business structure options, but these are generally recommended for startups. Register the business in your state so you can legally do business. If you’re concerned about trademark your name or logo down the road, you can do a quick search on www.mca.gov.in website to make sure that no one else is using your name. If in doubt, consult a professional.

4-Business planning
Create a road map to profitability. Figure out your start up costs remembering to include all the costs of your product, POS systems, signage, printed materials, insurance and any wages for employees and consultants. How are your costs stacking up? If you don’t have enough money to fund this business yourself, you’ll need investments, so craft a business plan to show how you’re going to run the operation, including how you’re going to market your business. Even if you don’t seek outside investment, this can be a great idea to document your game plan so you have it writing and can share it with key employees or partners.
5-Funding

For many start-ups, you’ll need to secure funding. Sometimes if you’re franchising, the franchiser may give you a loan. In many cases though, you’ll need to raise money. The easiest way is to ask friends and family for a loan to help get you started. You could also consider a Small loan from a community bank as the government is trying to make those more widely available to early stage businesses.
6-Retail location; set-up permits
Setting up the retail location is important.,make sure that you are comfortable with the terms of the lease, including length and annual payments.Remember, everything is negotiable. As always, you can consult a legal professional if you’re not sure what to do. At this point, you’ll need to make sure that you have a bank and merchant account so you can accept credit cards. This can generally be connected directly to your POS system. Most banks offer these business services so they’re not difficult to get, but there is an application process so be sure to allow two to three weeks before you open the doors for business. Finally, make sure you have the necessary legal permits from your city/state to do business.
7-Building the team: Staffing

While you may be operating the business as a sole proprietor, you may need staff to help you operate your business. Find people who are motivated and offer incentives so that they can be as excited about your product as possible. You’ll need to provide solid direction, so an employee handbook is a must. If it’s a franchise, you’re going to get a handbook from the franchiser, which will spell out dos and don’t in detail. Also, make sure you have a job description that explicitly addresses job responsibilities. Finally, remember to check references for any potential hire. If you’re thinking about a business partner, make sure that you both agree to job descriptions with accountability so that each party knows what is expected. This will minimize friction down the road.
8-Inventory management
You’ll need to figure out how much to invest in inventory at the time you launch your business (and then think about ongoing time and costs for maintaining inventory). It helps to buy in bulk, but then you’ll need storage. Based on your start-up cost budget, how much can you purchase at any one give time? Is this enough to fill your shelves? You want to make sure that your shelves are stocked, as it looks better and you’re more likely to sell more, too. Your POS system can be a great tool for managing inventory, so take advantage of those features as it will save you time from having to track and manage inventory manually.
9-Branding
Branding is how you’re going to differentiate yourself from your competitors. Think about your product’s value proposition. It’s what you do that’s unique, whether it’s the actual look of the product, the customer service, or a combination of both. Create your logo, signage, uniforms (if applicable) and packaging. Remember, you want branding to form the entire customer experience from the time they see your store, interact with you or your team and purchase a product. You want to delight your customer.

10 -Ready for opening day

There are many strong marketing strategies you can implement at low cost. First, create a website that describes your product and has contact information. You can even think about allowing customers to make purchases online.
Create coupons and promotions that can be passed out to potential customers letting them know that you’re open. Host an opening night party at a nearby venue or even at the store itself – just make sure to spend a little bit on refreshments for attendees. Contact the press to let them know that you’re open and make sure to invite them to the party. At the end of the day, if you provide a great product and service, customers will come back and they’ll tell their friends about you.

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