What Is The Most Economical Way To Start Running A Retail Business(but Not Online)?any Ideas?
By admin on Feb 08, 2010 with Comments 6
If I have a limited budget,say a grand, and would like to start a retail business,where can I rent a shop at a good price or any ideas or web links to help a new start up economically?
Filed Under: Business Ideas
You can’t do a lot with a grand, what I would suggest is finding a store for let in a busy area, research the market for the last 2 weeks, see what has increased in value, let’s say pharmaceuticals has increased, you find investors, get them to invest in your store, and allow them 40% of your store. No more than tha. Once you have found your shop and your investors are in place, you need to advertise, so use the newspapers, signs, magazines to sell your products, if it is pharmaceuticals you are wishing to sell and you are putting ads in newspapers, then you must print them near the front on the right hand side of the page, because people seldom look on the left, and woman read from the front. If your product is aimed at menprinting a whole page on the back of a magazine is good, because men generally tend to read from the back and then go through things they like.
Once your advertisement is complete, you need to set yourself milet=stones, for example; in January I wish to make £300 profit, in February £700 and in March £1400, and so on so forth. If you are not aceiving the goals you are setting yourself yu need to find way of acheivng them, and if you’re going too high over your goals, raise them a bit.
Last of all, know your competitors in the area. Do not try and compete with a supermarket, that’s how businesses get ruined.
I hope this will help you.
Dude, I have some really bad news for you. The only business your going to be able to open on a grand is dealing drugs on the street corner. Sorry but reality somtimes sucks. Talk to me when you have about $50,000 to spend on the business start up costs and another $50,000 to live off of for the next year.
Best thing is to get a buisness loan and buy an established business that has also some potential BUT always do homework and remember that you need a lot of cash flow for a business for overheads advance rents etc and a grand goes absolutely no-where!
clearly you don’t know the cost of commercial property. not assuming the difficulty for entry in the marketplace.. it is not going to work, sorry.
you can start from your Garage.
get the stuff that you want to sell, and do garage sale everyday, or every week end, and go from there..
You could try a market stall