How do you open up your own store?

Question

I'd like to open up my own resale store in the future. Something small that I can sell vintage clothing and memorabilia in.

What are the steps to doing this?

At what age would I be able to do this?

Answer 1

You can open a business for yourself as soon as you turn 18! You have to be an adult to sign contracts.

A resale store? So you're talking about an actual walk-in type of business, not one online?

The most important thing about a walk-in business is the location. There's an old joke about that. "What are the three most important things about owning your own store?"  Answer: "Location! Location! Location!"

Your location must have good parking, it must be visible from the street, your sign must be visible and legible from as far as fifty feet (50') away, and you must have a lighted display window with product that attracts people's eyes when they walk past!

You need to make sure that there's a market for what you're selling. Talk to shopkeepers in nearby cities who sell the same kind of stuff and ask them how they're doing. Make sure that they understand that you're not opening in "their" city. No one likes to help a competitor!

Next, find out what kind of display racks or shelves you need to use, and then see if you can get them secondhand. Display units will eat up a lot of your cash, so if you can get good quality units cheaply, do it! Surplus stores and thrift shops are good sources, but so are the auction houses, and bankruptcy sales. I got two great counters that I used in my business for only $100. If I'd bought them new it would have cost me $700.

Know your product! People will want to know why they should buy from you if they can get it cheaper someplace else. Be prepared for the question, and know what kind of deal your competitors are offering and be prepared to match it.

I could go on for hours, but I'll just finish by saying that you're going to need startup capital. Talk to people who sell similar stuff, and find out what kind of bankroll they had when they started, and then increase that by 10% - 20%. We're heading into inflationary times, so be prepared.

One last thing. If you go to a bank for a startup loan, they're going to ask you for some kind of collateral. If you own a house, don't put it down as collateral unless you're absolutely 100% sure that your business will succeed. In this housing crunch we're in right now, you don't want to lose it when you might not get it back for a long time.

Good luck!