When you want to get extremely rich, open your own store
Then you open another one and another one until you have many stores. This is the conclusion of research by Denmark Business Magazine after having studied the world’s richest people.
For example the founder of the Ikea stores (Sweden), the Walter family behind Wal-mart (USA) and the Coles family in Australia. Some of these have fortunes bigger that Warren Buffet and Bill Gates.
The key to opening you own successful store
Research proved that the most successful stores are run by people who like it in the front line, behind the counter. Obviously, it is key that they know how to get customers into their store.
Do you have the time it takes?
Whether your ambition is to open your own little bakery or a multi-million dollars franchise concept, it will require more work than you can imagine. This is especially true in the beginning. The aim is to eventually have a store that can run itself without you having to be there. However, it can take a long time to get to this point.
What kind of store should you open?
Unless you have a clear idea of the kind of store you would like to open, this is a very important step.
Don’t settle for a less than perfect concept. Your winning concept should feel right and it should fill you with inspiration just thinking about it!
Do you want to open a store for impulse buyers or a store that you customers plan to come to? What are the current trends? Health, gadgets, educational toys etc. If you can’t think of your own concept, look to other countries for inspiration. Time and time again we see Australians copying American concepts. For example, Boost Juice (Australia) is a concept believed to be a direct copy of Jambo Juice in the States. It’s a great concept that Australia was lacking - so why not? Inspiration is all around you - just keep your eyes and mind open.
Step by step guide to opening your own store
1. The planning phase
This is where you write your business plan, choose your company name and register your business. This phase can take anywhere from a few weeks to several months or even years. The better your business plan, the less likely you are of meeting ugly surprises down the line. A good business plan also means you have a better shot of getting your store financed.
2. Financing
Opening your own store means you have to invest money into it. You usually have to invest a lot more than you have budgeted. What will happen if you go 100% over budget? If you don’t have money you can take up a business loan or get an investor to believe in you and get you capital.
You can also apply for a business grant. For details of available grants in your state, see Business Grants and Assistance.
3. Obtain permits and licenses
Depending on the location and type of store, it may require different licenses or permits. Contact the Business License Information Service in your state.
4. Setting up the store
This is where you put your business plan into action. You lease a venue for your store, negotiate with vendors and order products, hire any employees, decorate your store etc. This can be very time consuming and at times frustrating if things don’t go as planned. It is critical that you work at a manageable paste that you can keep up for some time.
Getting started
Opening your own store is such a big topic, and too much to cover here. Your strategy will obviously depend on the type of store you open. A retail store such as a clothing store will be very different to opening a grocery store or a jewelry store. I recommend one of the following books to guide you through the process and help you realize your dream.