RETAIL SHOP BUSINESS IDEA
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as they always say that it’s better you
treat someone how to fish than giving
him the fish to eat
so today we decided to venture on retail
shop since it’s a field that personally
have entered in
and have personal experience when i talk
retail shop i don’t mean a supermarket
or a big
wholesale or mall shop i’m in retail
shop like the one you see above me here
this is my own the one that i’m running
there has been a bad perception or
others believing that to start a retail
shop you need a huge amount of
capital this is not true
for you to realize growth in your retail
shop you have to start with a minimal
amount of cash
on the first thing first when you want
to open a retail shop the first thing to
consider is the location
in most cases it is good to open a
retail shop in a residential area
somewhere when
someone leaves the house just walk a
short distance and buy something from
the shop
people that go to the retail shop mostly
are people who are indoors
or when they forget to buy something
from the supermarket in town they can
come
to your place and get it since it’s the
nearest place
the second thing to consider in retail
show
is the security you must consider that
the place where you’re going to start
your retail shop is it somewhere that
when you open your shop you’ll be
able to leave your things there and
sleep comfortably knowing that they are
safe
talking on the location in most cases
i prefer that a retail shop should be
somewhere
at a junction where most people will
pass by or most people meet or where
they
road connect people going to the
perceptions that people have
most people perceive that you need to
have a large amount of capital to start
up a retail shop
but i disqualified this that it is not
true
for you to see the growth in your shop
you have to start with minimal amount
and also the reason why you need to
start with minimal amount of cash is
because
every location has its own need when you
are setting up your show you still
doesn’t know the need of the area you
are going to
put your shop according start minimal
and increase your stock according to
people’s demand
another reason for starting with minimal
amount of capital is that when you start
with a minimal amount of capital you get
to see the growth in your shop
you will get to see if your shop is
growing or
declining within a short period of time
when you start with a huge amount of
it will take you time to know whether
you are making a loss or whether
your shop is growing for example what i
did was to start with ten thousand
this ten thousand i use this to buy
basic thing what the things that
things that you believe that people have
to use around and the important things
after you buy those things as you will
be selling because you’ll be selling
collectively
the money you get that day you use it to
purchase another product and stock up
each day as you selling on collect i
mean each day as you will be selling
collectively
you use that cash and get another
product that you don’t have
the good thing is that once you set a
good footing with the suppliers
there are suppliers that can give you
products you sell and they pay cash
later
so this one also in advantage is an
advantage to retail shop
you can pick things from suppliers and
then pay them later after you sell
and this one also shows that you need to
have a good relationship with your
suppliers
the best way to keep track of your
business growth
since it is hard for many people to have
a bookkeeping record or it’s hard to
keep records in a shop
due to counting small things like sweets
it’s very difficult and you cannot do
that one daily to
know how much you’ve sold the best thing
that
the best thing is that every evening
after sales
take 20 percent of your sales and put in
savings
the rest restock use in restocking the
shop
every day do this and you’ll realize
whether your shop is growing or not
since yours your stock since your stock
in the shop will be adding
and your saving also will be increasing
also to stay safe in your shop minimize
credit
there are people who normally take
advantage of the shops
so when you have to give someone credit
put a limit to
i believe with this small insight you
are now able to set up your show
or retail shop and keep the
running
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