1) The first and foremost thing is to decide what type of store do you want to start(eg. Gents shop, ladies shop or a kids shop). Your target should be to choose one of this type so you can focus on one thing to begin with so you need to think it 100 times before making a firm decision.
2) The second step is to shortlist the areas to open a store in and decide your profit based on the type of residents and how much they can afford.
3) An insight on how much your profit should be ranged in based on different localities:
(i) Normal locality(low range) – profit around ₹70-₹80 (ii) City area – city area has numerous types of residents so profit can be low range, regular range, and high range. profit depends from ₹80 to 60%.
(iii) Posh locality(high range)- profit should be around 100% to 150%.
4) After listing down your price range, you need to find a shop in the area which you selected which should be according to your budget. It should be very reasonable but you can choose according to your capacity.
5) Furniture should be simple and also according to your budget. Make sure that you don’t spend much of your capital on it so you have enough available to buy the stock once you start working on it.
6) Now your shop should have a variety of stock which you can buy from different wholesalers and for that I can guide you and give you contact information for it. I will also help you out with expense to buy your stock.
These are all the major steps to start your retail store. Your decision for starting should be right from the start and that is why I have listed down these steps so that you don’t have to regret it later and that you can carry out your work smoothly throughout.
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