AboutJames E. Dion Expertise Most questions about trends in specialty retail, how customers are changing both in the US and Europe. Demographics for all countries as they relate to retail trends and issues. Store Operations, Buying and Merchandising.
Experience
Past/Present clients Microsoft, Harley-Davidson, Ritz-Carlton, Hummer, Ace Hardware, Coleman Spas, Aldo, Intel, Dell, Safeway, New Balance, IBM, Kodak, Bata International, Nortel Networks, Honey Baked Ham Co., Man Alive, Highsmith
B.S Chicago State University
M.S. Chicago State University
PhD (abd) Illinois Institute of Technology
Expert: James E. Dion Date: 1/21/2008 Subject: Which to do and how?
Question I would like to open my own business. I have never done so before and would like some advice about startup (business pland and obtaining a loan).
I have two options. First I may be interested in franchise, which is a bath products store. This store specializes in custom blended bath products. The customer chooses scent and color for each product they wish to purchase. The other option I am considering would be a handbag/jewelry boutique. Which is the best way to go? I am in the Dallas, Texas area. Thanks so much for your time.
Answer Rose, Starting a retail business today is not very easy. Banks almost never loan money for new retail ventures and even the Small Business Administration which has traditionally been the source of money for retail start ups have significantly tightened their loans. You will need more of your own money to start the business. Often this is at least $40,000 or more to open even a small store. You might be better to look into operating a cart or kiosk at a local mall as the rent is significantly lower as well as the risk. If you have a choice, generally a franchise is a safer bet than going it alone. But check out the franchiser by talking to existing franchisees. Good luck!
