You Need to Know Additional Staff Bbefore You Will Open Your Store

1. Paperwork and red tape.
• Corporation forms and other business types
• Resale number or Tax ID number
• Employer Registration number
• Withholding insurance number
• Unemployment insurance number
• Insurance

2. Math you'll need to know.
• Mark-Up
• Turn-Over
• Sales-to-Stock Ratio
• Net profit
• Advertising Budget
• Sales per Square foot
• O.T.B.(Open to Buy)

3. Can you make your sales Goal?
If, you have to sell $20,000 a month to meet your overhead you would take your average price point, lets say it is $30, and divide it by the $20,000. Our store would need to make around 667 sales. If we were open 6 days a week 8 hour a day, we would need to make about 28 sales a day or 3.5. sales an hour. If only half the people who shop at your store buy, then you would need 56 people a day to stop at your store.

Some goods news…..
• Not everyone will buy $30. You hope that will have multiple sales.
• More than half the people who visit your store will shop. In a small store your sales goal should be that 80% of the people who stop in should buy.

4. Buying Basics
Questions to ask the vendor.
• What is the cancel date?
• What is the start date?
• What is your FOB point?
• Who pays for freight?
• What are your terms?
• Who is your factor?
• What is your opening order?
• What is your size run & how do they come packed?

Tips for shopping a trade show:
• Register early and online.
• Start early.
• Pick up the trade show book and map out your day.
• Walk row by row.
• You can leave your orders at the show but make sure to mark them, “ hold for confirmation.”

5. Buying group rules.
• You are the buyer, don't let anyone sell you.
• Don't buy price.
• Use your own order sheets. That way you are working on your terms and not the vendors.
• Take a photo of everything you buy.
• Ask for a discount.
• Look the part.
• Know what you are doing and know the lingo.
• Call if you are running late for your appointment.
• Plan your orders and try not to cancel them.

6. Merchandising and Displays.

Work on 4 of the 5 senses

Retail is all about the visual
• The over-all store presentation
• The Displays & Fixtures
• The lighting
• The Signage
• The Music
• The Store's smel