Start Retail Business

Entrepreneur.com: How to Start a Retail Business?

The retail industry provides an exciting way of life for the more than 24 million people who earn their livelihood in this sector of the U.S. economy. Retailers provide the goods and services that you and I need--from food, auto parts, apparel, home furnishings, appliances and electronics to advice, home improvement and skilled labor.

Retailing is one of the fastest-growing segments of the economy. As one of the nation's largest employers, the retail industry provides excellent business opportunities for you. At least one-third of the 500,000 or so new enterprises launched each year are retail operations. The entrepreneurs behind these ventures risk their capital, invest their time and make a living by offering consumers something they need or want.

Most retailing involves buying merchandise or a service from a manufacturer, wholesaler, agent, importer or other retailer and selling it to consumers for their personal use. The price charged for the goods or services covers the retailer's expenses and includes a profit. Each year, this vital sector of our economy accounts for about 38 percent of our gross national product--more than $3 trillion.

The National Retail Federation says more than 1 million retailing companies operate more than 1.4 million retail establishments in the United States. Most are store retailers, though there are other types of enterprises--such as e-commerce, mail order, automatic-merchandising (vending) machines, direct retailing (door-to-door and home party sales), and service providers.

Article Contents

• How to Start a Retail Business
• Is Retail Right for You?
• How to Begin Your Business
• Finding a Location
• The Layout of Your Store
• Inventory & Pricing
• Hiring Employees
• Retail Resources

This a a great Guide for those who want to start their own Retail Business.