Do you want to start your own business? Do you have any idea how to get started? Well, this book is for you! Thousands of Americans will decide to start their own retail business this year. Many people dream of becoming their own boss however most do not possess the knowledge necessary to do so. "How to Start Your Own Business" provides you with key steps to starting your own business.

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2. Business Structure
 There are advantages and disadvantages to each type of
business structure in addition to different tax and legal
requirements. The following is a list of common
business structures.
 Sole Proprietor
 Partnership
 Corporation
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3. Business Structure
 Many states, counties and cities have various laws
regarding the establishment of business structures.
Contact legal assistance or do some research before
creating a business entity.
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4. Business Entity
 Once your business structure has been selected, you will
need to register your business entity. Again, legal
requirements vary in different states, counties and
cities therefore you will need to contact your local
government for assistance regarding this matter.
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5. Business Entity
 The following steps will need to take place however not
necessarily in this order and again depending on the
requirements in your region.
 Business Registration – www.irs.gov
 Business Name Registration – Contact your state and city
governments for requirements.
 Business Licenses and/or Permits - Contact your state and
city governments for requirements.
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6. Business Plan
 You must have a plan!
 Business plans serve as a roadmap for your business.
 Resources
 www.sba.gov - Consultants
 www.score.org – Free online templates
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7. Target Market
 What is your target market?
 Who do you want to sell to?
 Who wants or needs your product?
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8. Target Market
 Why is your target market so important?
 Because your target market defines the basis of our
business.
 Your business name should be based on your target market. If
selling kids shoes, the name should reflect that.
 Your price points are based on your target market.
 Style selections are based on your target market. If you
opened a shoe store and your target market is women over
60, you wouldn’t stock your store with 6 inch stilettoes.
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9. Target Market
 Gender
 Age
 Income
 Race/Ethnicity
 Education
 Location
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10. Type of Shoe Store
 How do you plan on conducting business? Full time? Part
time?
 Mall
 Kiosk
 Storefront
 Flea Market
 Website
 Vendor
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11. Policies
 Return
 Exchange
 Store Credit
 Refund
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12. Inventory
 How do you plan on purchasing your inventory?
 Cash/Savings
 Terms
 Lines of Credit
 Warehousing
 Where will you store inventory?
 Ship on demand
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13. Suppliers
 Research
 Wholesale price
 Location of supplier
 Shipping costs
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14. Tradeshows
 For example, my background is in fashion retail. The
Magic Show is the largest retail tradeshow in the nation.
Conduct research to locate tradeshows within your
market.
 Magic Marketplace – www.magiconline.com
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15. Associations
 Join associations to stay abreast of trends, tradeshows
and upcoming events within your industry. Here’s a few
shoe organizations that I joined.
 United Shoe Retailers Association – www.usraonline.org
 National Shoe Retailers Organization – www.nsra.org
 American Apparel & Footwear Organization –
www.americanapparel.org
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