Table of Contents
Introduction xiii
1 How the Retail Business Works 1
What You Already Know about Retail 1
Retailing 101 3
The Merchandising Process 4
The Back Room 6
How Independent Retailers Beat Big Stores 7
Retailing in the Computer Age 9
Is Retailing Right for You? 12
2 Deciding What Retail Store Fits You 15
Your Personal Goals 15
High-End Merchandise Retailers 18
Low-End Merchandise Retailers 20
Specialty Merchandise Retailers 22
Merchandise Sources 24
3 Analyzing Your Assets 27
Defining Success in Independent Retailing 27
Assess Your Personal Assets 30
Calculate Your Financial Assets 32
Resources for Additional Assets 34
Your Asset Worksheet: Liabilities 36
Your Point of No Return 37
4 Franchises and Existing Stores 39
Retail Franchises 101 39
Popular Retail Franchise Categories 42
Finding a Franchise 43
Evaluating a Business Franchise 45
Evaluating a Product Franchise 46
Business Franchise Costs 48
Buying An Existing Store 51
5 Planning for Success 55
Pulling Out the Sharp Pencil 55
Analyzing Retail Costs 57
Calculating Target Profits 59
Figuring Rate of Return 60
Estimating Inventory Requirements 62
Adjusting Your Business Concept 64
6 Writing Your Business Plan 67
Business Plan Basics 67
Planning Your Marketing 70
Gathering Financials 72
Sample Business Plan 75
7 Selecting a Profitable Location 79
Location, Location, Location 79
Shopping Centers 82
Store Types 85
Landlords and Leases 86
Negotiating the Lease 89
8 Setting Up Your Business 91
Logistics of Retail Start-Up 91
Business Structures 94
Sales Taxes 97
Employees 99
Business Banking 101
Merchant Account 102
Business Insurance 103
9 Planning Your Retail Store Layout 105
The Process of Selling 105
Designing for Your Customers 108
Directing Traffic 109
Signage 112
Working Around Limitations 113
Planning for Utilities 114
10 Furnishing Your Retail Store 117
Make Your Store Sell for Itself 117
Select Primary Fixtures 120
Select Secondary Fixtures 122
Support Equipment 123
Making Your Own Fixtures 126
Computerizing Your Store 129
11 Selecting initial Inventory 131
Define Your Primary Lines 131
Consider Line Profitability 134
Contact Wholesalers 136
Set Up Wholesale Accounts 138
Freight and Delivery 140
Prepare for Opening Day 142
12 Restocking Inventory 145
Keep Good inventory Records 145
Working with Wholesalers 148
Multiple Wholesalers 151
Clearance Dead Stock 152
Handling Returns 154
Special-Order Profits 155
13 Hiring and Training Great Employees 157
Employees: Assets or Liabilities? 157
Finding Valuable Employees 159
Hiring Profitable Employees 162
Dealing with Payroll 164
Using Co-Employment Services 166
Investing in Employees 167
14 Smart Store Management 171
Reviewing Your Retail Goals 171
Defining Your Retail Process 173
Keeping Smart Store Hours 177
Helping Customers Buy 180
Building Customer Relations 182
15 Keeping Good Records 183
Basic Retail Recordkeeping 183
Computers for Retailers 185
Accounting Software for Retailers 188
Specialized Software Programs 190
Inventory Tracking 192
Customer Tracking 193
16 Promoting Your Retail Store 197
Word-of-Mouth Isn't Enough 197
Retail Advertising 101 199
Which Media? 202
Event Planning 206
17 Adding Profitable Lines 209
What Do Your Customers Want? 209
Where Are Your Profits Coming From? 212
Encouraging Impulse Buying 213
Developing Secondary Lines 215
Upgrading Lines 217
Adding Risk-Free Lines 218
18 Expanding Your Retail Store 221
Analyzing Your Sales Floor 221
Cutting Unprofitable Lines 224
Expanding Your Sales Floor 226
Moving to a Bigger Store 228
Opening a Second Store 229
19 Selling Merchandise Online 231
Online Retailing Opportunities 231
Supplementing Sales 233
Building Targeted Online Sales 235
Where to Build Your Online Store 237
How Online Stores Operate 240
How to Profitably Compete with Yourself 242
20 Solving Growing Challenges 243
Growth Isn't Always Good 243
Growing in the Right Direction 246
Reducing Operating Costs 247
Reducing Losses 249
Beating Your Competition 251
21 Enjoying Your Retail Store 253
Are You Having Fun Yet? 253
Measuring Success 255
Avoiding Retailer Burnout 257
Making Your Store Fun for Others 258
22 Selling Your Retail Store 261
Good Reasons to Sell 261
Bad Reasons to Sell 263
How Much Is It Worth? 265
Finding a Buyer 268
The Paperwork 270
Appendix A Retailing Resources 274
Appendix B Retailing Glossary 277
Index 287
Get Free eBook Sample
