Retailing on a Budget

Becoming a retailer does not always require large capital. Of course, finding an ideal store location is paramount, and operating a store can be expensive. However, you can get an affordable location by working with store owners willing to provide complementary products or services. For instance, you may approach a car service centre and use a corner of the shop for displaying your repair tools and spare parts in exchange for allowing them to buy from you at a discount. You may also offer a landlord to help with rebuilding a rundown store, so you can be saved from paying the first month's lease. You should also consider converting your front room or garage into a store.

If you wish to entertain customers personally inside your store, you need to have adequate display shelves and store fixtures. To save money, build the furnishings yourself or ask the assistance of family and friends.

Begin gathering items to sell. Opening up a consignment store is one of the cheapest and easiest ways to become an entrepreneur or businessman. You obtain inventory from manufacturers, agree to market their merchandise, and earn by enforcing mark-up on customers or collecting commission from manufacturers. You could also become a used or pre-owned merchandise vendor. You can offer to help people dispose their for-sale or unwanted items. When consigning or acting as broker, you need to have a contract signed and keep a copy in case of disagreement or breach. You may also search for desirable inventory at garage sales and flea markets.

To promote your business, you may put up a sign material, publish a press release, get a live radio spot, rely on word of mouth, establishing an online store, etc.