How 4 months ago
admin #howto

How to Start a Retail Store Business in a Shopping Mall

Your first step, once you have chosen a mall to sell in, is to get an idea of what kind of customer frequents that mall and what the other stores in it sell. Visit the mall to see its foot traffic and understand its demographics. Does it sell upscale, moderate, or budget items and services? Your goal should be to assess how well your store concept fits within the bounds of the present demographics of the mall._



Analyze the mall.

Your first step, once you have chosen a mall to sell in, is to get an idea of what kind of customer frequents that mall and what the other stores in it sell. Visit the mall to see its foot traffic and understand its demographics. Does it sell upscale, moderate, or budget items and services? Your goal should be to assess how well your store concept fits within the bounds of the present demographics of the mall._

Determine what you will sell.

Understand the requirements.

Before doing anything else, you will have to make sure that your business plan fits within the scope of what the mall allows. The mall may have specific rules and regulations that prevent certain business types from operating there. Make sure to contact the mall owner or office for a copy of these regulations and use them when planning your lease and, later, the interior of your store.__

Decide whether or not to franchise.

Name your store.

Decide on your business organization.

Figure out what licenses or permits you need.

Check with your local Small Business Administration (SBA) office or your city chamber of commerce to figure out what licenses or permits you need for your store. The mall may also be able to help you with this. The specific permits you need will depend on what you are selling or providing to your customers. However, you will usually need to register with your state to charge sales tax.

Hire professional help.

When going through this process, you will need professional help from at least three different sources. For one, you will need a lawyer who can advise you on the legitimacy and fairness of any agreements or lease contracts that you are offered. Next, you will need a retail financial specialist that can set up your books for record keeping and tax collection according to state tax law. Then, before you open, you may also want to pay for the services of a professional interior designer, floor planner, or merchandiser to give your store a professional layout and organization.

<a href="/Write-a-Business-Plan" title="Write a Business Plan">Write a business plan</a>.

Understand all the costs.

When opening a retail store, you will need to pay a number of expenses involved in getting your business off the ground. The first, and most obvious, expense is your storefront lease. Start by assessing generally how much you expect your space to cost each month. Contact the mall for preliminary pricing for several different available storefronts so that you can compare several options. Keep in mind to include insurance, your deposit or down payment, and utilities in your lease expenses.__

Figure out your financing source.

Your options in financing your store are many. The cheapest option (in the long run) is to finance your own start up costs. This allows you to avoid paying any interest on a business loan or splitting your profits with a partner or investor. However, in many cases this is simply not possible. To get a small business loan, consider working with a local bank or applying for a loan with the Small Business Administration (SBA). You can also attempt to gain an investor or partner that has the funds to contribute to get your business off the ground. Consider which options works best for you and your business by weighing the costs and benefits of each.

Set up a business bank account.

You will have to open a separate bank account for paying your lease and for accepting payment from customers. Contact several banks close to the mall and ask about their small business programs. Get a list of services they offer to business and fees that they charge and then use this information to choose the best account for your purposes. You should also take into consideration how safe you feel in the bank and about taking your money there.

Figure out how much space you need.

Look for the best available location.

Consider using a kiosk or cart.

Negotiate a lease.

Finalize your lease.

After proper analysis you can finalize the deal. Get everything in writing and show the agreement to your lawyer before signing it to make sure nothing has been changed.__

Acquire your merchandise.

If you are selling products rather than services, you will need purchase inventory before you can open for business. If you already have inventory selected, work out vendor agreements with wholesalers or producers of those items. Otherwise, you will have to visit trade shows for your industry to locate the newest and best products to sell. This allows you to see many suppliers in a short period of time. In addition, you can use trade shows as an opportunity to learn about industry trends and network with other store owners.

Design the inside of your business carefully.

Work with an interior designer to perfect the feel of the inside of your store. Think about lighting and decorations in every part of the store. Also think about music you will play and what smells, if any, you will seek to create. Use all of these different aspects of your store to create a mood that fits with your target customers and your product.__

Hire employees.

Create a job posting and place it in your local newspaper and online on job search websites and Craigslist. You can also place a "now hiring" sign in the window. In your job posting, make it clear that you want workers experienced with retail, and preferably in your specific type of retail. Make sure that they are familiar with the product or willing to learn about it. Interview each potential employee to make sure that they are polite and fit with the culture of the store.

Make sure your operations are in order.

Hold a grand opening.

Advertise your new store in the newspaper or on tv before your opening. Hold some sort of event to get customers in the door. For example, you could offer a free gift with a purchase or something similar. Just make sure it is a big event that grabs the attention of customers walking around the mall.__

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