Vend Retail Guide

Starting a retail business: a step-by-step guide to success

A comprehensive guide for getting a retail business up and running — even if you have no experience and no idea where to start.
Starting a retail business

A comprehensive “retail roadmap”

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Decide what you’re going to sell

Your products are the cornerstone of your retail business. The question is, how do you pick the right ones? Many factors come into play when you’re deciding what to sell, but the top three things you need to consider are knowledge/interest, demand, and margin.

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Size up the market and your competition

The next step is to conduct market research and get insights into your industry, target audience, and competition. This will help you identify opportunities and risks and will let you see if your business idea is actually viable.

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Zero in on the perfect location

Location—as you know—is critical to the success of your store (hence the common line “location, location, location”). That’s why you need to take your time and do your due diligence when figuring out where to set up shop.

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Figure out your finances

When starting a retail business, you really do have to spend money to make money. The key is optimizing your spending to ensure that you’re getting the most bang for your buck.

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Comply with the laws, rules, and regulations

Discussing business regulations, licenses, and taxation can be tricky because these things vary depending on your location and type of business.

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Hire superstars

Hiring people to help get your store up and running can put a significant dent on your budget, so if you can manage to take care of things on your own (or with the help of your family and friends), then by all means, do so.