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Marketing Marketing Entrepreneur Press, Publisher Cover Design: Jane Maramba Production and Composition: Eliot House Productions © 2012 by Entrepreneur Media, Inc. All rights reserved. Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed to the Business Products Division, Entrepreneur Media Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Retail Business and More: Entrepreneur’s Step-by-Step Startup Guide, 3rd Edition, ISBN: 978-1-59918-485-2 Previously published as Start Your Own Retail Business and More, 3rd Edition, ISBN: 978-1-59918-404-3, © 2011 by Entrepreneur Media, Inc., All rights reserved. Start Your Own Business, 5th Edition, ISBN: 978-1-59918-387-9, © 2009 Entrepreneur Media, Inc., All rights reserved. Printed in the United States of America 16 15 14 13 12 10 9 8 7 6 5 4 3 2 1 Contents Preface . xv Chapter 1 Introduction to Retailing . 1 Welcome to the Big Leagues . 2 What about Jobs? . 4 Basic Kinds of Retailers. 4 Store Retailing. 5 Brick-and-Mortar Stores . 6 David vs. Goliath. 6 Specialty Retailing. 7 Nonstore Retailing . 7 Temporary Locations . 8 Direct Selling. 8 Mail Order. 9 The Internet . 11 Vending Machines . 12 Service Retailers. 13 Consuming Appetite for Services . 14 Step Up . 15 Retailing’s Image . 15 į Social Responsibility . 15 Windows of Opportunity . 18 What Now? . 18 Do You Accept the Challenge? . 19 Chapter 2 Making a Plan . 21 Retail and You: A Match Made in Heaven? . 22 Personality . 23 Growth or Income? . 25 Strengths and Weaknesses. 25 Money . 25 Start Your Own Retail Business and More Own Retail StartYour Experience . 27 Technical and Management Skills. 27 Business Goals . 28 Is There Enough Time or Demand? . 29 Look at Industry Numbers . 30 Start Thinking about Your Mission . 31 Be a Trend-Watcher . 32 How Will You Compete? . 36 What’s Your Plan? . 37 Chapter 3 Decisions, Decisions . 39 Buying a Business. 40 Franchises. 40 Business Opportunities . 41 Direct Sales . 41 Existing Independent Businesses . 42 Identifying Opportunities . 43 Evaluating the Business for Sale . 43 Launching Your Own Business . 44 Professional Advisors . 44 Lawyers and Accountants . 47 Bankers. 47 Consultants . 47 Chapter 4 Location . 49 The Homebased Retailer. 50 vi į Contents Commercial Locations. 52 Researching Locations. 53 Match the Area to Your Customers . 54 Type of Products and Location Choice . 55 Convenience Goods. 55 Shopping Goods . 56 Specialty Goods . 57 Retail Compatibility. 57 Merchants Associations . 58 Landlords . 59 Zoning and Planning . 59 Incentive Areas and Agencies . 60 Main Street Outreach . 60 Check Out the Competition . 61 Selecting a Shopping Center Location . 61 Can You Qualify?. 62 Center Costs . 62 Specialty Leasing . 63 Everything Is Negotiable . 65 Starting from Scratch. 66 Location in a Nutshell. 66 Chapter 5 Legal and Finance Issues. 67 Forming a Business Entity. 69 Protect Your Name . 70 Domain Name Registration . 72 What Kind of Money Will It Take? . 72 Ready, Aim . 74 Homebased Businesses Aren’t Free. 74 Bank Locally. 75 Chapter 6 Operations . 81 Store Policies . 82 Hours . 82 Credit Policies . 83 Customer Service Policies. 85 Housekeeping . 85 vii į Security Policies. 85 All in a Day’s Work . 87 Chapter 7 Store Design . 97 The Store Planning Process . 98 Exterior Personality . 98 Overhead.
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