Anybody own a retail store? (brick and mortar)

[03rmking]

Definitely interested in hearing an owners perspective on owning/running a small retail store (of any kind). Such as keys to success? What you hate about it, things to look out for, general advice, do's/don'ts, general experiences, etc.

 

[m8magicandmystery]

do not partner in it with your spouse...!!...do not let your spouse work at it....you try to make everyone one happy but realize and accept you can;t....and when the business gets into trouble...if it does...do not l repeat do not infuse any personal cash in or sell personel assets to keep it afloat...start out with enough capital...emergency funds for the emergency funds...don;t lose touch...get your hands dirty as well...don;t let the advertisors suck your hard earned dollars...pick a proven avenue and frugally stick with it...good work and products and service is the best bang for the buck with some charity...if you love your product and believe in it and have responsible and caring staff there is NOTHING to hate about it...be realistic...figure what you think you will make....cut it in half and see iff ya can still operate...

 

[spring snow hero]

tom remember, in business you are either growing or dying.

 

[SNOW JW]

I agree with the above also lots and lots of long hrs without seeing the extra $$ is normal for the first 2-3 years in most cases. Trying to keep everyone happy can be a PITA and sometimes just can't be done say with with a faulty part or something out of your control.

 

[yammadog]

do not partner in it with your spouse...!!...do not let your spouse work at it....you try to make everyone one happy but realize and accept you can;t....and when the business gets into trouble...if it does...do not l repeat do not infuse any personal cash in or sell personel assets to keep it afloat...start out with enough capital...emergency funds for the emergency funds...don;t lose touch...get your hands dirty as well...don;t let the advertisors suck your hard earned dollars...pick a proven avenue and frugally stick with it...good work and products and service is the best bang for the buck with some charity...if you love your product and believe in it and have responsible and caring staff there is NOTHING to hate about it...be realistic...figure what you think you will make....cut it in half and see iff ya can still operate...

Cash is King, make sure you have the money you need up front. If you need equipment financed, do it when you startup, much easier to get at that time.

Make your business plan for 3-5 years and stick to it, be conservative. You are in business to make money, don't give it away because you want to be nice or you like someone.

I had a couple partners that turned out to be not so good for the company, try to do it without any.

Get a good corporate lawyer and accountant that hate to pay taxes

Have fun, it can be very rewarding, if you lose track of your vision and plan it can also be very challenging.

 

[Mooseknuckle]

Cash is King, make sure you have the money you need up front. If you need equipment financed, do it when you startup, much easier to get at that time.

Make your business plan for 3-5 years and stick to it, be conservative. You are in business to make money, don't give it away because you want to be nice or you like someone.

I had a couple partners that turned out to be not so good for the company, try to do it without any.

Get a good corporate lawyer and accountant that hate to pay taxes

Have fun, it can be very rewarding, if you lose track of your vision and plan it can also be very challenging.

Great advice - especially the red

 

[swampwater]

Move out of Washington!! Swampy


QUOTE=03rmking;1108562]Definitely interested in hearing an owners perspective on owning/running a small retail store (of any kind). Such as keys to success? What you hate about it, things to look out for, general advice, do's/don'ts, general experiences, etc.[/QUOTE]

 

[kssnow987]

^^^^^^^X2!^^^^^^ not a good state to have a business.

 

[LM.]

Once you have decided how much your going to need for start up, operating capital, & to live on....THEN DOUBLE IT!!!