Small Business Retail Advice

Discussion in 'Hip Business Network' started by YoungEntrepeneur, Apr 5, 2011.

  1. YoungEntrepeneur

    YoungEntrepeneur Guest

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    Basically me and my possible future partner have been discussing opening a small retail business for quiet some time now and are very passionate about the idea. He even has some experience with small business because his father opened one which failed then another which has been succesfull, so he has a basci understanding of what works and what doesn't. That being said we are both still university students so we don't plan on opening it anytime soon.
    The basic concept for the store would be to sell hippy/new-age related merchandise, with only a slight focus on being a head shop. We would like to sell an echlectic mix of merchandise though including local crafts (There is no shortage of high quality local craftsman that are hungry to sell in/around my city), posters, used books and used vinyl, incense and related meditation aids and religious items. You get the general idea.
    Now first off, I live in Ontario,Canada. Head shops here are completely legal. My city is the 3rd largest retail consumer in Canada and from personal experience I can say we have a very large culture which revolves around marijuana, new-agers or just straight neo-hippy culture.
    Now for the questions. I do know opening and running a small business is something that will require alot of hard work, but how stressfull is it really? We obviously wont be opening the store until we at least take a few classes in business management, but how hard is the nitty-gritty of running a small retail business?(Keeping track of overhead, and taxes and all that). I have also been able to do some rough calculations at the starting cost but I would like a estimate from someone who may have experience running a small retail business, preferably with the same sort of merchandise. Any advice is appreciated of course. And don't get me wrong, I have been doing my research into each of these questions, its just that some real advice from real people would be pretty awesome. Cheers.
     
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  2. YoungEntrepeneur

    YoungEntrepeneur Guest

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    Just to add, there are a few places which sell what I would want to sell, but none are all located in the same store, they are all seperate. That being said I think I have plans which would make it easy to get ahead ot the competition. (None of said stores have websites, except one which isn't too good. Also they very rarely advertise, and at least one of the headshops that already exists has terrible customer service.)
     
  3. bowbrks99

    bowbrks99 Guest

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    As long as you start with a solid *business plan* stress shouldn't be too much since you will know your obligations, roles, responsibilities and over all directions. Be knowledgeable and stay updated in employment laws, business laws for all aspects of your biz. Good marketing and promotion will help build success. It will take time to get out of debt and making genuine profit. Keep that in mind and you should achieve that 'state' of biz happiness - when revenue exceeds expense. ;) good luck!
     

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