1. Get some experience. Whether it's merchandising classes, a previous retail store job, volunteer activities or assisting others in the retail field - the more experience you have when opening your own retail store, the better.
2. Specialize in a niche. Don't try to please everyone. Focus on a specific market and offer products exclusively for those customers (i.e. tennis apparel, second hand store for kids, Halloween costumes, etc). Ideally, you want to represent a niche in your local are that is not yet represented. Also offer a unique advantage that you can offer your customers that other stores don't offer. This will attract more customers to your store.
3. Figure out your start-up costs. Start-up costs vary widely, depending on your store location, size, types of products, etc. I think a great way to see what your potential start-up costs would be is to look at what other retail business owners have spent. How do you find this out? You can view several retail store business plans online for free, and often they have a financials section, including start-up costs and income projections.
4. Decide on a location. Look at several location and local zoning and other regulations that may apply. Will the location bring in enough foot traffic to cover the rent - and does the area offer future growth potential? Is there enough floor space and storage for your products and customers and parking space for shoppers?
5. Advertising. While keeping your ads simple, you want your ads to grab people's attention and be informative about your merchandise or store events. Focus on what makes you different from other stores and give people a reason to come see (and buy from) you.
