

| The retail business can have many variations. Some people will start selling product from their homes until they grow large enough to require a store front. Some types of retail products are much too large to sell from home so a warehouse is needed and possibly a store front also. A good retail business is one that the owner is passionate about and often that they make themselves. It could be plants, pottery, clothing, baby gear, sheds, or bathing suits as long as you are involved in the product and know enough about it to sell it. The move from selling out of your home to a store is a big decision. Your expenses will go from just the cost of the product to employees, insurance, rent, telephone service, utilities, and advertising. Do not underestimate the advantages of having low overhead. Many businesses don't make it simply because their monthly expenses are too high. There are lots of creative ideas that can be used if you are not tied down to high overhead. You can sell on consignment where you put your product in someone else's store and they don't have to pay you for it until it sells. You can market to stores and try to sell a large amount of your product instead of just selling one by one. Trade shows in the field that your product comes from will help your exposure as will advertising in magazines that are distributed to your target customers. Identifying your customers in necessary and will help you to not spend your energy in the wrong direction. Once there is a demand for your product, finding a store to sell from is the next logical move. You should assess the traffic flow and if the traffic is the type of customer that is going to buy your product. Negotiating a lease should be done very carefully. If you have a friend that has done it before, bring them with you. The Retail Owners Institute has some great information on starting and operating your own retail store. |








