There is a lot to think about when planning to open a retail store. But don’t be alarmed or dismayed. Starting any type of business is never for the faint of heart. And every minute you spend learning the dos and don’ts before starting your retail business will help you make great choices and avoid costly mistakes. That’s a pretty solid investment.

If this is your first business, check out this startup guide which gives you step-by-step assistance in opening your retail store. It even includes handy checklists so you won’t overlook any important details.

Reality check: Is opening a retail store the best move for you?

It sounds good to be your own boss, but it’s tough work. And retail is a lifestyle, not just a job. Long hours, late or missed meals, and worrying whether your “baby” will grow and thrive as you’ve dreamed. If you’re up for it and have realistic expectations, welcome to the exciting and ever-changing world of retail!

Decide what products you want to sell

Be different from other stores, in what you sell and how you treat customers. Every detail should provide an exceptional experience that will bring customers back and have them touting your store. Of course, the merchandise you choose must be able to provide a profit for your store, too. One way to be sure your store is different (and get some great ideas, too) is to shop the competition.

Find a location

What if your retail store will be a mall kiosk? In many ways, it’s just a miniature version of a brick-and-mortar shop. But there are also specific factors you should consider before opening a kiosk business.

Get your finances in order

It takes money to start a business. And you’ll need a substantial cash cushion to carry you through the early days – which could be early years. Don’t expect to make a profit soon, and budget accordingly. Make sure you’ve accounted for every cent of potential expense. And be very conservative about income projections.

Get your paperwork in order

You’ll need a business license and perhaps other permits. If your kiosk or store will be in a mall, be sure you understand all their financial and paperwork requirements, too.

Get professional help to design a sales-worthy layout and displays

Visual marketing starts before shoppers even enter your store. Once inside, customers need room to interact with products and feel comfortable as they browse. That requires just-right fixtures, signage, and technology.

How much retail management experience do you have?

Whether you’re a novice or a veteran, you must learn to be an effective manager or your retail store won’t succeed.

And, finally, remember these two morsels of advice from The Retail Doctor:

• Without a sense of humor, you will never survive. OK, you may survive, but you will be miserable.
• Running a business is harder than you think it’ll be, but you won’t really have time to notice.