Hoe can you open your own shop?


Quick Answer

Someone can open a shop by purchasing an existing shop, buying a shop within a franchise, or launching a business of his own. Starting a business without a base involves a few steps, such as getting a federal tax number, developing plans, purchasing materials and advertising.

Continue Reading

Full Answer

Each business owner should obtain a federal Employer Identification Number, which is used for tax purposes. Having an EIN early in the process makes starting a business easier from an accounting standpoint. Plans include choosing what to sell, establishing store policies, building the business structure and mapping the store's layout. The earlier these things are decided, the easier it is to move forward with actually opening a shop. Some of these choices can change later. For example, the layout depends on the type of store, but having a basic idea helps.

Things an aspiring store owner must acquire include materials to sell and a building or land. Some business owners lease property, while some purchase. Others construct a new building to their specific needs. When deciding on location, shop owners must consider demographics of the area to determine if it's a good area to sell the offered products. Advertising before opening ensures the business gets customers immediately, but advertising should continue throughout the life of the shop.

Learn more about Managing a Business

Related Questions