Online Class: Retail Business 101
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11Lessons
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17Exams &
Assignments -
5Hours
average time -
0.5CEUs
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Video Audit
Available
Course Description
Any one of these reasons are good ones for opening your own business. There are really only a few real reasons for not just jumping into the process and opening your doors to new customers and your heart to an entirely new and wonderful way of life. The biggest reason is fear; fear based on lack of information. When you do not know how to do something, there is underlying fear that it will likely be done wrong.
This course will take you through the lists of things that you need to do or consider before you open your doors. Once you have completed the course, you will have enough information to decide whether or not business ownership is for you.
Course Motivation
Many Americans are entrepreneurs at heart, and spend countless frustrated hours working for someone else, making money for someone else, when all they really want to do is work for themselves. They like the idea of being the boss, of being able to put up a closed sign if they want to go fishing or meet a friend for lunch. Others simply want the status of being in charge and demanding the respect of their friends and family as a store owner. Whatever the reason, the truth is, most people do not want to spend their lives working for someone else.
Self Assessment
For those of you who want to be in retail, but just are not sure what type of business you want to open, you will need to do some soul-searching, and identify your core interests.
Ask yourself the following questions:
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What do you read about the most?
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What magazines to you subscribe to?
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What do you like to do in your spare time?
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If you have only two to three healthy years to live, what would you do aside from spending time with friends and family?
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What did you really want to be when you grew up?
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Have you worked in retail?
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Do you know anyone who works in retail?
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Do you know anyone who owns their own retail store?
Next, list everything you have ever been interested in:
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Cars?
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Pets?
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Quilts?
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Books?
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Bikes?
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Fish?
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Training equipment?
Lastly, you must rate each of the above interests based on:
(Use a scale of 1 – 5: 1 not really interested, 5 very interested.)
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How interested are you?
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How long would it take you to become an expert?
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How likely are people to pay for your expertise and products?
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How likely are people to pay a lot of money for your expertise and products?
Please take your time with these questions. Once you become a retail business owner you will eat, drink, breathe, and dream about your business all day every day.
In retail, you have to deal with all kinds of problems on an everyday basis--such as phone lines not working, air conditioning/heating not functioning properly, fuse boxes out of code, flooding, roof leaks, burglary, broken windows, doors, and locks. Credit cards get maxed out, shipping rates increase, shoplifters take some of our most prized merchandise, kids knock things over, grumpy customers take their bad feelings out on us.
This is a typical month in the life of a retailer. Being able to handle problems on a pretty regular basis and then additionally being able to leave the problems at work can indicate that you are one of the rare retailers who will survive longer than two or three years in the business.
Or, can you keep your cool. Patience is one of your most compelling qualities. Being able to differentiate what is really an upsetting incident and one that is just an annoyance or irritating will help you become a retail business owner. Folks with hot tempers do not last long in the retail business. Mouthing off to a customer is the best way to get negative advertising for studies have shown that customers who are dissatisfied with their encounter with you in your store they will tell no fewer than six other people about their experience.
OK. You've got a business idea. You have evaluated yourself and believe you have what it takes. What next? You still have a little bit of evaluating to do. We will take you through the steps of evaluating your market, assessing your competition, and developing a business plan. All these steps are mandatory before you open your doors.
It is true, owning and opening a new store is a truly appealing adventure. Most of us love the idea of starting from scratch with just an idea and then building it into a successful business.
Most folks go into business for the following reasons:
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Because I am looking for financial freedom.
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I do not want to answer to a boss anymore.
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I want to spend their time the way I want to spend it.
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I want to be in charge.
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I want to create something special, make my mark on the world.
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I want to use my skills better.
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I want to be with more people.
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I see a need and I want to fill that need.
We will cover record keeping in this course as well because too many people forget that they have to keep track of all income and all expenses. Without this kind of information, there is no way to determine if your business is successful or not.
Much is said about being your own boss. One of the best kept secrets of retail business is that in the beginning, you will be spending quite a bit more time working than you did at your 9 to 5 job.
Your work demands will seem easy and trifling after you begin the journey into retail. Most retailers, in the beginning, work anywhere from 12 to 16 hours a day, 6 to 7 days a week, that works out to anywhere from 72 to 112 hours a week. If you are really used to a 40 hour work week and think you can open a retail business with those hours, you might just consider keeping your job.
Additional responsibilities include the risk of failure and the risk of losing all the money that you have invested into the business. If you have a family, there the responsibility is to provide a living for them.
Ultimately you will be responsible for:
- Finances
- Marketing
- Purchasing
- Selling
- Inventory
- Staging
- Hiring/firing
- Keeping records
- Paying taxes
- Countless other tasks
Course Lessons
Lesson 1 : So you want to be a retailer?
Individually owned retail businesses are among the fastest growing in the country. Determine what type of business is best suited to your interests, expertise, and goals.Lesson 2 : Your Options and the Competition
Overcoming fear and uncertainty is a major hurdle for many who dream of opening their own retail business. This lesson will teach skills and methods to help you achieve your goals.Lesson 3 : Developing a Business Plan
Before you take steps to open a retail business, you need to have some sense of direction. A business plan is an essential part of the planning process. Learn how to develop a "blueprint" for your business.Lesson 4 : Structure of Your Business
Okay, you're the boss. Now what do you do about expenses and tax obligations? As your business grows, you may decide to form a partnership, incorporate, or form an LLC. This lesson offers the basics of each.Lesson 5 : Location, Location, Location
Location is vital for the success of any business endeavor. This does not mean that the busiest street in your city is the best for your business. This lesson will show you how to determine the best location for your business.Lesson 6 : Merchandise
Understanding how vendors and suppliers stock your store and how to purchase and price such goods is one of the foundations of delivering value and setting price points for resale to your potential customers.Lesson 7 : Designing the Store
How you display your products will have a great deal to do with your ultimate success in attracting customers. Product placement and attractive displays utilizing floor space and window treatments will appeal to and entice customers.Lesson 8 : Marketing Issues
Marketing is important because it alerts consumers that you are open for business. Not only is marketing vital for building clientele, it's an investment that should not be overlooked. Various marketing methods are explored in this lesson.Lesson 9 : Staffing
Finding honest, reliable employees is an important part of managing your retail business. Learn what to look for when hiring and create a loyal workforce for optimal success.Lesson 10 : Training and Motivating
Happy employees mean happy customers. Adequately training employees and keeping them motivated is essential to ensure a smoothly functioning business and enhance communication with customers.Lesson 11 : Will We Make It?
Determining whether you are or will continue to be, successful as a retailer depends on several factors. These factors are addressed in this concluding lesson.
Learning Outcomes
- Define what is a retail business and whether or not it is right for you.
- Summarize your options and the competition.
- Develop a business plan.
- Structure your business.
- Define location, location, location.
- Describe merchandise.
- Describe designing the store.
- Describe marketing issues.
- Summarize staffing.
- Describe training and motivating.
- Demonstrate mastery of lesson content at levels of 70% or higher.
Additional Course Information
- Document Your Lifelong Learning Achievements
- Earn an Official Certificate Documenting Course Hours and CEUs
- Verify Your Certificate with a Unique Serial Number Online
- View and Share Your Certificate Online or Download/Print as PDF
- Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
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