How to Start and Run Your Own Retail Business

by Burstiner, Irving

• ISBN13: 9780806519883
• ISBN10: 0806519886
• Edition: Revised
• Format: Paperback
• Copyright: 1998-05-01
• Publisher: Citadel Pr

Summary

Based on the author's lifetime experience as a retail businessman, this book--designed for the estimated six to eight million entrepreneurs each year who plan on establishing their own retail businesses--offers a careful, step-by-step approach to small business ownership. Charts & diagrams.

Table of Contents

Preface	ix
I EXPLORING OPPORTUNITIES IN THE RETAIL SECTOR	3	(34)
1 Should You Go Into Business?	3	(14)
Starting Your Own Business: The Pros and Cons
Are You the Right Type to Go Into Business?
Popular Business Types Other Than Retailing
What You Need to Succeed in Business
Where to Find Help in Getting Started
2 How to Choose the Right Retail Field for You	17	(20)
Retailing Is Primarily Small-Store Activity
Opening a Retail Store: Advantages and Disadvantages
An Excursion into the World of Store Retailing
Nonstore Retailing
Choosing the Right Retail Area: A Course of Action
The Retailing of Services
II PLANNING FOR RETAIL ENTREPRENEURSHIP	37	(88)
3 Planning and Organizing Your New Enterprise	37	(28)
Start a Brand-New Business?
Buy an Existing Operation?
Contract for a Franchised Outler?
Deciding on Your Legal Form of Operation
How to Prepare a Sure-fire Business Plan
4 Getting Acquainted With the Financial Side	65	(16)
The Kinds of Capital You'll Need
What You Need to Know About Balance Sheets
How to Prepare an Operating Statement
How to Estimate How Much Money You'll Need
Start Working Up Your Capital Requirements
Where to Find the Necessary Capital
Information Processing: Yesterday and Today
5 Locating and Designing Your Store	81	(22)
Store Locations: A Survey
Where to Find a Suitable Location
A Plan for Finding the Best Spot
Understanding Your Lease
Designing Your Store
Your Storefront: A Crucial Factor in Your Success
Designing Your Store Interior
6 Managing Your Employees	103	(22)
Planning Your New Organization
Personnel Management
Useful Staffing Insights
How to Choose the Best Compensation Plan for Your Needs
Effective Training Approaches
Handy Thoughts for Motivating Employees
Evaluating Employee Performance
Improving Internal Communications
Applicable Federal Labor Legislation
III PRODUCT/SERVICE MANAGEMENT AND CONTROL	125	(44)
7 Managing Your Goods and Services Mix	125	(14)
Planning and Controlling Your Inventory
Managing Your Merchandise
Inventory-handling Procedures
Services Offered by Merchandise Retailers
Service Retailers Need to Market Differently
8 Buying Merchandise for Resale	139	(10)
Buying for the New, Small Store
The Product Life Cycle and Its Implications for Retailers
Sources of Supply
Contact a Buying Office
How to Buy Better: Some Pointers
9 Pricing Merchandise and Services	149	(20)
Retailer Pricing Approaches
Markups and Markdowns: A Primer
Maintained Markup: Your Key to Higher Profits
Pricing Services
How to Handle Discounts
Promotional Pricing Techniques
IV RETAIL STORE PROMOTION	169	(44)
10 The Retail Promotion Mix	169	(8)
Elements of the Retail Promotion Mix
Beneficial Sales-Promotion Tools
How to Generate Effective Public Relations
Kicking Off with Style: Your Grand-Opening Event
11 Learn the Basics of Retail Display	177	(10)
The Intricacies of Display Management
Window Displays
Interior Displays
Follow the Basic Principles of Design
Try These Display Patterns
Theme Selection Helps to Create More Effective Displays
How to Choose Appropriate Color Schemes
12 Upgrade Your Sales Associates' Selling Skills	187	(10)
Personal Selling: Most Powerful Promotion Tool
The Importance of Hiring the Right People at the Start
Good Selling Practices Will Boost Your Sales
13 How to Maximize Your Advertising Dollars	197	(16)
Advertising: An Investment, Not an Expense
How to Manage Your Firm's Advertising
Determining How--and How Much--to Budget for Advertising
Helpful Pointers on Media Selection
How to Create Newspaper Ads That Really Pull
Boost Sales with Direct Mail Advertising
V MANAGING COMPANY FINANCES	213	(34)
14 Managing Your Firm's Finances--I	213	(18)
The Importance of Safeguarding Company Assets
Insurance
Other Types of Insurance to Check Into
Health and Business Life Insurance
Other Ways to Reduce Risk
How to Reduce Internal and External Theft
How to Manage Credit Sales
Basic Record-keeping Information
15 Managing Your Firm's Finances--II	231	(16)
Keeping Your Business on Track by Monitoring Your Financial Rations
Proper Budgeting Procedures Help You Plan and Control Company Finances
Capital Budgeting
Business Law
Taxation and Your Responsibilities
VI THE FUTURE OF YOUR BUSINESS	247	(20)
16 Looking Forward: What Does the Future Hold For You?	247	(10)
Planning the Future of Your Business
Your Opportunities for Growth and Expansion
Review Your Finances before Moving Ahead
Plan for the Growing Organization
How to Obtain Guidance with Low-cost Retail Research
Arranging for Management Succession
Keeping Your Business in the Family
17 How to Meet and Beat the Competition From Superstores and Category Killers	257	(10)
Staying Alive in Today's Dynamic Retail Environment
What Mass Merchandisers Have That You Don't
What You Have That Superstores Don't
What You Can Do About the Competition
Merchandising Products and Services
Promotion Management
Store Management
Financial Management
A Postscript From the Author	267	(2)
Appendix--Sample Income Tax Forms	269	(16)
Index	285