Because they "started off as entrepreneurs, they are always willing to give advice," said Kennedy.It's always a good idea to tap into the expertise of more established businesses to learn what did and didn't work.From luxury pet spas and coffee shops to electro-meat delis where you can get pastrami on rye with a techno record to go, there's a retail business to suit any entrepreneurs tastes.
This can make a difference between getting approved for a loan versus being asked to provide collateral.
Smith added, "There was a time when a bank would look to see how much your company would be worth in five years." Valuing a business is not as reliable as it used to be so a retailer's total revenue is very important.
Coming up with a way to advertise your retail business will bring exposure and foot traffic into the store.
The first step is to determine who your target audience is.
According to Blair Smith, a financial consultant and former banker, it may not be wise to dump all of your cash into a new business.
Instead, he recommends using some of that equity to clear up any unresolved personal credit issues.
Making sure the store always has what a customer asks for will reduce walkouts and the number of customers that don't return.
The first step is to select a manufacturer or wholesaler that sells directly to retailers.
Long term, it can create a loyal following of buyers that want to support socially conscious establishments.
Nicole Copeland, who provides small business training and supportive services through TAC Companies, in Bal Harbour, Maryland says, "Using recycled bags, motion detector lights, electronic receipts and green construction products can set your business up to be environmentally sensitive while saving you money at the same time." Eco-friendly retailers may be eligible for grants and special tax incentives once they've established a track record for reducing the carbon footprint.