Professional Documents
Culture Documents
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
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?
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?
Have you decided what to Sell? Which items will account for 80% of sales? (describe the merchandise items)
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?
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?
Will the owner of the building be able to transfer the lease to you?
Have you talked to other businessmen in the area
Have you talked to other businessmen in the industry about your business?
Have you prepared a mailing list to start communicate with potential buyers?
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?
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?
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?