CHECK LIST FOR STARTING A STORE

(WHAT ONE MUST DO)

POINT TO CHECK-OUT

Know Your Customers Get Starting Building Equipments & Supplies Merchandise Records Store Security Buying a business Make it Go Advertisement and Publicity Pricing Buying and selling Employees Customer credits Additional questions to be answered

Thinking about your Customers

Do stores in your location do very well? Do your proposed retail model do well in your location and in the country? What kind of customer would buy what you indent to sell? Do you find enough customers who would like to buy from you? Do they need a store like yours? If they dont like, will you open other kind of store or will move to other location?

Getting started 1. Your Building

Have you located a good building or space for your business? Did you check other locations before choosing the present one? Will you more space if you do better? Can you alter the building acc.to your need without spending too much? Is it convenient for parking and public transportation? Have you done layout plan for office/work-area to ease customer flow? Does legal opinion support your lease/buy of space?

GET STARTED
2. EQUIPMENTS AND SUPPLIES Do you have an idea of the cost of Equipment and supplies? Can you save money by buying second- hand equipments? Is buying is advantageous over leasing 3. STORE SECURITY Have store security is organised? Has insurance covered for store / merchandise?

Getting started 4. Merchandise for retailing

Have you decided what to Sell? Which items will account for 80% of sales? (describe the merchandise items)

How many store(s) to open

Who supplies Merchandise with better price How long for re-supplied Have Prices & terms are compared?

Getting started 4. Records

Has Book-keeping formalized? Has Inventory ordered enough to meet customers demands? Have Pay-rolls, tax returns & reports planned? What Financial statements are to be prepared? How to make best use of Fin. Statements? Have licenses and permits obtained?

Get started.. 5. Buying a Business

Have you decided whether to buy out or start own business? Have you compared the cost of buying with the cost of starting a new business If buy-out, do you know the real reason the owner wants to sell the business? Are the fixtures, equipments and stock are up to date and in good condition?

Get started.. 5. Buying a Business.

Is the building in good condition?

Will the owner of the building be able to transfer the lease to you?
Have you talked to other businessmen in the area

about your business?

Have you talked to other businessmen in the industry about your business?

Have you talked with the companys suppliers?

Make it Go 1. Advertising and Marketing

Have you decided

How to advertise your business?

How to prepare a business plan? Where to get help with your ads?

How to attract people to buy your goods?

Direct mail as an alternative to marketing strategy?

Have you prepared a mailing list to start communicate with potential buyers?

Make it Go 2. Sourcing/buying merchandise

Do you know what your customer wants? Have you planned how to control inventory, when to re-order & how much to re-order

Do you know to get most supplies from few supplier with favorable terms?

Make it Go 3. Pricing

Do you know
How to price the merchandise? How do other stores price the same? The advantage of being a price leader than a price follower? The competitors reactions to your price policy? Your pricing is sufficient to make profit on each product you sell?

Make it go 4. Selling merchandise Have you decided whether you will have salesclerks or self service ? Do you know how to get customers to buy? Have you thought about why you like to buy from some salespeople , while others turn you off?

Make it Go 5. Customer Credit trade Do you plan to let customers buy on credit ? Do you know how to set up an efficient invoicing system ? Do you know the good and bad points about joining a credit card plan?

Make it Go 6. Employees Do you know what kind of people you need? Do you know how much to pay? Do you have particular people lined up to fill certain positions? Do you have a plan for training your employees?

A few more extra questions

Have you figured out whether you could make more money than working for someone else? Does your family go along with your plan to start own business? Do you know where to to find out about new ideas and new products? Do you have a work plan for yourself and your employees?

A few more extra questions

Have you got your lawyers opinion? Accountant opinion? Commercial Bankers opinion? Have you read some good books or attended a seminar on starting a business?

Have you searched Internet to learn about markets and competitors?

Now.. Go back and answer the first

question. If your answer is YES, we

wish you the best luck in getting your

new business off the ground because

LUCK is the one intangible factor which,

added to you plans and hard work, will

make your business go.

Review of retail store concept

Analyze Evaluate Your Identify New Business New Retail SWOT Options Customer New Target Retail New Adopt Strategy Merch. New Retail mix Marketing Mix