Does anyone own a business/store?

  1. Hey all,

    I'm in business at the moment and have always started little businesses doing little things. I am looking within the next few years to open up my own store. But just wanted to talk with some who have already done so.

    What kind of store do you have? Do you love what you do? At the moment I am working at a not for profit retail association so I know a lot of issues in my province involving retail businesses, but what kind of obstacles are you faced with?

    :smile: Let the discussions begin!
  2. I quit the rat race a few years ago and set up my own business. My business is service related but retail is a big part of my income now. I have to say I absolutely love it and wish I'd done it years ago.

    I think the keys to owning a small business are:
    a) Start small or at a level you can afford
    b) Have a good business plan
    c) Research your market properly (What will make me different? Who will want my product? What is the competition)
    d) Make sure the overheads are manageable
    e) Only expand when its not too risky. Too many businesses start with huge bank loans and expand with more loans and then go under
    f) Professionalism, its a business not a hobby

    I think it is always good to remember why you started the business when it comes to expansion. I personally wanted to quit the rat race, have more time for my family and less stress in my life. There is really a lot of scope in my business for expansion, but if I expand, sure I will probably make more money, but I will have the stress of employing people, increasing overheads etc. and I really don't think its worth it. Currently it provides me with an adequate income to meet my ever demanding shoe and bag needs!

    Good customer service is always appreciated and to me should be the basis of any service/retail business.

    The only downside I can see is the horrible tax bills I get every year. When I was employed taxes were taken directly out of my pay cheque before I got hold of it, so it wasn't quite so painful. Being self-employed means they collect your tax once or twice a year. Breaks my heart to write those cheques! I have an accountant to keep on top of all that tax and number stuff - my little head was not made for that sort of thing.

    What line of business are you thinking of?

    Good luck with it.