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Entrepreneur Press - Start Your Own Retail Business and More: Brick-and-Mortar Stores, Online, Mail Order, Kiosks

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In every community large and small, youre likely to see a variety of stores: clothing boutiques, gift shops, bookstores, specialty food shops, hardware stores. Their inventory may be totally different, but the steps involved in running them are much the same. Whether you want your own storefront, a kiosk in a mall, an e-commerce store or anything in between, this essential guide covers everything you need to know. Learn how to discover your niche, establish inventory, set pricing, create policies, reach customers, and more! Plus, gain priceless tips, tricks, and insight from successful retailers sharing hard-won advice and cautionary notes. Learn how to: Choose from popular retail nichesspecialty items, clothing store, gift shop, kiosk, and more Discover the right sales avenue for your products Select merchandise that flies off the shelves Set prices to maximize profits Boost brand recognition using social media, public relations and other marketing strategies Efficiently manage inventory and supplies for easy order fulfillment Hire a staff that will help you succeed And more Retailing is a trillion-dollar industrygrab your share today!

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Table of Contents Additional titles in Entrepreneurs Startup Series Start - photo 1
Table of Contents Additional titles in Entrepreneurs Startup Series Start - photo 2
Table of Contents

Additional titles in Entrepreneurs Startup Series
Start Your Own
Arts and Crafts Business
Automobile Detailing Business
Bar and Club
Bed and Breakfast
Blogging Business
Business of eBay
Business Support Service
Car Wash
Child-Care Service
Cleaning Service
Clothing Store and More
Coaching Business
Coin-Operated Laundry
Construction and Contracting Business
Consulting Business
Crafts Business
Day Spa and More
e-Business
e-Learning Business
Event Planning Business
Executive Recruiting Business
Fashion Accessories Business
Florist Shop and Other Floral Businesses
Freelance Writing Business and More
Freight Brokerage Business
Gift Basket Service
Grant-Writing Business
Graphic Design Business
Green Business
Growing and Selling Herbs and Herbal Products
Hair Salon and Say Spa
Home Inspection Service
Import/Export Business
Information Consultant Business
Information Marketing Business
Kid-Focused Business
Lawn Care or Landscaping Business
Mail Order Business
Medical Claims Billing Service
Net Services Business
Online Education Business
Personal Concierge Service
Personal Training Business
Pet Business and More
Pet-Sitting Business and More
Photography Business
Public Relations Business
Restaurant and More
Self-Publishing Business
Seminar Production Business
Senior Services Business
Specialty Travel and Tour Business
Staffing Service
Tutoring and Test Prep Business
Vending Business
Wedding Consultant Business
Wholesale Distribution Business
Preface
Were assuming youve picked up this retail business startup guide because:
youve worked in someone elses business and are ready to take charge of your own;
youre an extrovert and enjoy constant contact with people;
youre comfortable with the unexpected and are a problemsolver;
you enjoy sales and dont mind working long hours indoors; and
you know where you want your retail business to be in five years.
Our goal is to tell you everything you need to know to:
decide if a retail business is right for you;
get your doors open for business;
limit the number of mistakes you make; and
keep your retail enterprise running successfully.
Weve tried to make this guide as user-friendly as possible. Experts across the country share their experiences and insights with you to show you what really works and to help you avoid the pitfalls theyve encountered. Well tell you retailers stories and give you some hard-won advice and cautionary notes. We hope youll consult the useful contacts in the Appendix as often as you need to for answers and direction.
Weve broken this guides chapters into manageable sections on every aspect of starting and operating a retail product or service business. Weve even included some brainstorming questions to ask yourself to stimulate creative solutions to the particular problems you may face.
The tip boxes sprinkled throughout this guide will give you useful information you can use right away to make decisions. We begin with an overview of the dynamic world of retailing, and each chapter thereafter addresses an important area of responsibility youll want to master.
Many people dream of running their own bookstore, gift boutique, or antiques/ collectibles shops, but they dont know where to start, or they get lost along the way. Maybe you see a dinner theater, secondhand store, or craft cart in your future. Running a retail store is very different from other kinds of businesses. This easy-to-read guide leads you through the steps any retail business owner must take to be successful.
Retailers have prospered in America since the early trappers of the 1800s. Today, retailing still requires quick-witted and sure-footed responses to dangers in the environment, so weve organized this guide to give you the navigational tools youll need.
Now lets get started on your adventure. Happy trails!
Introduction to Retailing
The retail industry provides an exciting way of life for the more than 23 million people who earn their livelihoods in this sector of the U.S. economy. Retailers provide the goods and services you and I needfrom food, auto parts, apparel, home furnishings, appliances, and electronics to advice, home improvement, and skilled labor. Lets take a look behind the scenes at the many facets of this exciting business.
Welcome to the Big Leagues
Retailing is one of the fastest-growing segments of the economy. As one of the nations largest employers, the retail industry provides excellent business opportunities. About 12 percent of the approximately 750,000 new enterprises launched between 2001 and 2002 (the latest years for which data is available) were retail operations. The entrepreneurs behind these ventures risk their capital, invest their time, and make a living by offering consumers something they need or want. Youll meet several of them in this guide and learn how they created a niche for themselves.
Who Are Your Competitors?
Want to know where shoppers go? According to Chain Store Age magazine, heres how the top 100 retailers break down in sales by retail category:
Supermarkets19.2%
Super centers11.3%
Hard-lines stores10.3%
Discount stores10.1%
Home centers8.9%
Drugstores7.8%
Warehouse wholesale clubs6%
Department stores5.1%
Electronic retailers3.5%
Apparel stores3.3%
Sears, J.C. Penney2.7%
Mail order catalogs2.4%
Convenience stores2.1%
Military exchanges.6%
Shoe stores.6%
Most retailing involves buying merchandise or a service from a manufacturer, wholesaler, agent, importer, or other retailer and selling it to consumers for their personal use. The price charged for the goods or services covers the retailers expenses and includes a profit. Each year, this vital sector of our economy accounts for approximately two-thirds of all economic activity. The National Retail Federation (NRF)the worlds largest retail trade associationreported that economic activity generated by retail sales in America reached 1.3 trillion in 2007.
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