James E. Dion - The Complete Idiots Guide to Starting and Running a Retail Store

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Table of Contents

Dear Reader,

I have been in the retail industry for a little over four decades. I started in retailing when I was 16 years old on the south side of Chicago. Why did I get into retail? Real simplethree reasons: 1) It was an easy job to get; 2) You could wear clean clothes; and 3) You could meet girls!

For a 16-year-old, that was all you needed to know about retail. I was hired by utilizing the same test that some retailers still use today. Its called the Pittsburgh Plate Glass Test. They put me up against a mirror, some breath appeared, out on the floor I went. Yes, I was likely the sales associate from hell. I had no training on how to sell and no product knowledge.

While some retailers may still do that, you certainly dont want to. Retail is an ever-changing, complex business today, and you can no longer count on the concept If you build it, they will come.

Before opening your store, you must find a unique concept that fills a niche in a way no one else is doing. That could mean a new product, a new service, a new brand, or something else that you think is missing in your community.

In this book, I take you through the steps of developing your idea, building your strategic plan, designing your store, picking your products, and marketing and promoting your concept. Then I give you the basics you need to run that store and the techniques and tools to analyze your business and make financial and business decisions that will make you profitable and thrive.

While it is true that when I started in retail I didnt know anything about it and I didnt think that I would like it, after over 40 years in this industry I can tell you that I have experienced some of the most exciting changes and opportunities any industry has to offer and I couldnt think of any other field I would want to work in. I have also seen a lot of retailers crash and burn, but I have seen a lot more succeed and love what they do. If you follow the rules, you can, too.

Good luck and happy retailing!

James E. Dion

This book is dedicated to my wife Stefania, who is also my invaluable business partner and every day gives me a new reason to love her. And to Julie, Marie, and Jamie, the best children a Dad could ever want.

ALPHA BOOKS

Published by the Penguin Group

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Contents at a Glance

Part 1: When I Grow Up, I Want to Be a Retailer 1

1 So You Want to Be a Retailer 3
Looks at what retail used to be, where it is today, and
where its going in the future

2 Retail LegendsCan You Be One? 11
Explores what it takes to become a retail legend and helps
you find out whether you have the courage, talent, hard
work, perseverance, and luck to be one.

Part 2: Sizing Up Your Options and Your Competition 27

3 Evaluate Your Idea 29
Helps you look at your idea strategically and evaluate its
strengths and weaknesses.

4 Know Thy Competition 41
Learn why it is important to research your competition if
you are going to have any chance to succeed and what to
look for.

5 Know Thy Industry 49
Learn why it is important to study your industry and the
laws that regulate it.

Part 3: What You Can Imagine, You Can Achieve 55

6 Define Your Vision and Determine Your Strategy 57
Explore how to articulate your vision and develop your
strategy.

7 Develop a Solid Business Plan 71
Youll need a business plan to raise money, attract partners, 71
negotiate with vendors, and guide you in your job of running
your business.

8 Raising Capital 79
You may have the greatest store concept in mind, but if you 79
dont have the capital to fund your idea, you are not going to
succeed.

Part 4: Running the Store, or Wearing Many Hats 87

9 Structuring Your Business and Protecting It 89
Setting up a business involves a lot of red tape.

10 Finding the Right Location and Its Costs 103
Just as when you buy a house, picking the right location
for your new store is crucial.

11 Buying the Right Stuff at the Right Price 121
Review the key steps you need to take to make sure you
buy the right product for your store and your customer.

12 Managing Your Inventory 137
Deciding how much of each product you should carry and
managing that inventory is key to keeping your store
profitable.

13 Designing the Store to Optimize Sales 153
Your stores appearance gets customers to come in, purchase 153
items, and come back for more.

14 Creating Product Displays That Sell 169
How you display your product can be a big factor in
generating sales.

Part 5: Nuts and Bolts of Opening and Running the Store 179

15 Market Your Store and Get Customers to Come Back 181
Discover how marketing can help you get the customer
through the door.

16 Find the Right People 197
Learn how to find the best people to work in your store and 197
help you thrive.

17 Training and Motivating Your Sales Associates 217
Get ideas for coaching and motivating techniques.

18 Serve Your Customers 225
Review the challenges retailers face today and the tools they 225
use to overcome them.

19 Picking the Right Technology 241
Explore what technology you need in order to deliver to your 241
customer what they need, the way they need it, and as fast as
they need it.

20 Using the Web 249
Learn the basics of setting up a website to sell your product 249
or just to promote your store.

21 Know Your Numbers 257
Review the key performance and financial figures that you 257
need to look at.

22 Negotiate Like a Pro 271
Learn the key negotiating techniques and how to work with 271
them to get the best deal and terms.

Part 6: On the Right Track 281

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