Retail Small Business Options for Entrepreneurs
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Posted On :
Aug-02-2011
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Article Word Count :
509
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Making a life change from employee to business owner is the dream of many who strive for a higher income and the freedom to make decisions first-hand. A person can become a sole proprietor, go into a partnership, or become part of a corporation. The business model should reflect your personality, skills, lifestyle, resources, and energy level. This article lays out common popular retail business types and the differences between each.
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Planning to start a business invariably brings certain realities to the fore and reduces the wishful thinking of the potential retailer. Perhaps a good starting point is to start at the end and visualize an exit strategy: what can go wrong? What can go right? What will you do in each case? Ideally you want to make a large profit as the end game so you will have to determine when it's time to sell the business and retire. The type of business model you choose will have an effect on your exit strategy.
Making a life change from employee to business owner is the dream of many who strive for a higher income and the freedom to make decisions first-hand. A person can become a sole proprietor, go into a partnership, or become part of a corporation. The four major ways you would leave your business are: death, disability, divorce, and departing. There are legal preparations that must be kept up to date to cover all possibilities. There are many married couples who are in business together so conflict is inevitable at some point due to emotionality being tied into finances when spouses argue or get divorced.
Although there are businesses that you can enter into by purchasing a franchise or a dealership, less capital is needed to open a retail store. People who want to set their own rules for running a business would be attracted to this type of enterprise. Many would-be retailers have a special product or service that they would like to sell to the public that is not the exclusive domain of chain stores or big box stores.
When setting up a physical retail store you must obtain things like display fixtures, mirrors, mannequins, grid panels, or glass display cases. Large cities will have suppliers of these retail store fixtures, all you need to do is use a term like "Toronto mannequins" to search on the Internet for the nearest supplier of the required female mannequins and other necessary items like bust forms, bar coders, and tagging guns.
Retail store displays will include change rooms, clothes racks, hangers, dividers, and sales desks. The number of POP stands depends on the volume of customers. A large music store may have an upstairs with a sales station to process more customers. The window display is a very good advertisement that can be updated to provide an exciting enticement to enter your store to shop.
The drawbacks of retail business ownership are many: there is a large initial investment involved, there are long hours required, and you must survive through sparse months like January when everybody has spent their money at Christmas. Lately the slow sales figures of January extend into February also so it helps to have a reserve of resources without being forced to borrow. The new business owner won't get much time for vacation except for trade shows and buying events. It is more likely you will be cleaning out the bathrooms more than lying on the beach.
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Article Source :
http://www.articleseen.com/Article_Retail Small Business Options for Entrepreneurs_70730.aspx
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Author Resource :
SEO consultant Pat Boardman writes this in respect to Ideal Displays, a Toronto retail displays company who are suppliers of store display fixtures and mannequins for sale to retail store owners in Toronto, Mississauga, and the GTA.
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Keywords :
toronto retail displays, toronto mannequins, toronto display cases, toronto store fixtures, mannequins for sale, female manne,
Category :
Business
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Small Business
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