Before seeking out funds for your store, it’s beneficial to think about the needs of consumers in your community and where you want the store to be located. If you’re doing research on local consumers’ needs and find out that there are a few affordable supermarkets that are lacking in the city’s low-income neighborhoods, consider opening this type of store. Also, examine if you have the time, commitment, and support necessary to start and maintain the business, because the first few years can be difficult for new business owners.
Develop unique ideas for your store. For example, if you know that there are a lot of clothing stores in your neighborhood, do something different and open a store where customers can purchase vintage toys and games for their children. Talk to relatives, friends, and neighbours to gain insight and ideas. Read local business magazines to get an idea of what consumers are currently seeking.
Research your product and your target market. If you plan to open a wholesale restaurant supply store, read food service trade magazines, such as Food Business News, Food Manufacturing, and FoodService Director, to get the latest information in the food service industry. Speak with local restaurant owners or head chefs and ask what they look for in a restaurant supply store.
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Create a well-researched business plan. Talk about who you want to sell to, what you want to do with the store, what you’ve learned about the industry your business is in, how much money you’ll need, your future plans, and any experience you’ve had that has prepared you to own a store.If you worked as a college professor, mention how that job prepared you to open a college textbook store.
Promote your business. If you’re opening a plus-sized men’s clothing store, create flyers that describe your business and include your contact information as well as the store’s address. Take the flyers to local radio stations, supermarkets, hardware stores, churches, local retail trade shows, campus events, and local fashion shows. Contact your public access television station and offer to do an interview on a program. Ask your male relatives or friends to model some of the clothes in the program.