Buying A Retail Business
Before the final purchase of a product a good is first manufactured by the manufacturer
, and then sold by him to a wholesaler who buys his goods in huge quantity to sell them to different retailers in the market who finally sell them off to the actual consumers of the product in the market.
Retailing is the form of business that lets the seller deal with the customers directly. So, retailing is generally done on a small scale if you talk about an individual product. However, talking about all what a retail store deals in makes it a huge business.
So, if you wish to purchase a going concern retail business there are several things that you have to keep in mind so that you are able earn profits out of it as early as possible. Check the fidelity of the reason for sale of business by owner. Ask for all the required legal permits, licenses and lease documents from the seller.
Once you have evaluated the business by having a look at the financial statements and other details of the business you can start thinking about its operations and activities.
What are the kinds of products you want to deal in?
What is the cost of all the business activities and routine operations?
What is the cash in hand you would need and how much would the developments and gradual innovations cost you?
What is the right amount of back up for your business?
Where would you get the business insurance from?
Should you invest in the perishable commodities?
What is your requirement in terms of manual labor? Is it available as per need or you need more or you need to remove or shift any?
What are the key skills the staff should have?
How are you going to provide training and development to your staff?
Who is going to supervise the store?
Who would be the manager?
Who will assist you with legal, accounting and other external issues?
Check the location and capacity of the place to give a boost to your business. It should be near a market that has huge crowd all day long. Your store should be feasible to your customers.
What is the right amount of space required to house the business and grow it in future?
How are you going to get your business financed?
Display is one important aspect of a retail business. So make sure you display all the products properly.
Maintaining cleanliness of the store is very crucial.
You just cant afford to sell low quality or products that have expired.
What can be your unique services or products that raise the bar for your business in market?
Advertise your business well in the market so that you are able to attract more customers over an above the established base.
If you manage to answer all these questions for your business, it would prove beneficial in the success of your retail store and give you a competitive edge in the market.
by: Pearl.S
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