Forums: Discussions for entrepreneurs and small business.

Hi everyone!

This is my FIRST post and i`m happy to have found this community. I`ve read a lot of posts here and everything looks really informative. I have started a business online a few years back which sold custom jewelry and what not and it did pretty decent. I was in high school when I decided to build something like that. Now I have just finished my first year of correspondence university and would like to open a retail boutique. This is something that I have a strong passion for - I wouldn`t complain about staying in the store all day. However, all of my previous ventures were mostly online. How do I even begin to start thinking of how to get the plan off the ground and get funding for it? I have looked into Grants and what not and I just want to be over prepared for anything rather than under.

Any insight from anyone who`s started a retail store would help.

Thanks!!

Step 1, start with a business plan. ;-) Welcome to the Startup Nation community, where having a business plan is always Step 1. Well....sometimes it`s Step 2, after developing a Life Plan. But you seem to have that.

In all seriousness, a business plan is a way for you to sit down with a piece of paper or a spreadsheet, and put your idea into real actions and consequences. For example, suppose you want to have a retail boutique. I`m not sure if you`d ever want that....Oh..! Wait! You DO want one! :-D

How many items would you sell, in their overall "model" type? How many specific packages of each model would you want to keep on hand? For how long? What would your "danger point" be, where you`d have to re-order those items?

The point here is that although a business plan is often used to attract investors and lenders, there`s more to it than that. It`s a way to turn "somehow" into "This is exactly how!"

How many counters would you have in this store? Where would you buy them, for how much? How long and wide would they be? Add those up, add in room for people to stand in front of each counter: How much room (square feet) would you need to make that happen?

Think of it as a really complicated To Do list. Start with "I want a store on Main Street." Good. How much do stores on Main Street rent for? How long is the minimum lease? What`s your downpayment, then your rental contract?

You can begin to research these questions by talking with other shop owners, or potential landlords. Find out. :-) Then go on to the next questions.