Financing for your new business is one of the most crucial aspects you must consider. Most of the time, you either borrow money from your peers, near and dear ones or avail a retail store business loan. But what if both these avenues are not slated to work for you? In that case let us find out how to open a retail store with no Money.
Retail store financing – When the Traditional Measures Fail.
Before we try to explore the avenues for starting a retail business, these are the expenses you must keep your funds ready for opening a small retail store. They include-
- Rent or lease money at least for the next six months
- Insurance
- Security deposits
- Licensing and permits
- Inventory
- Equipment
- Location improvement expenses
- IT costs like web hosting, designing, etc.
- Utilities
- Employee salary
- Market research
- Lawyer fees
- Accountant fees
The amount you incur on a brick-and-mortar store in the United States varies widely, ranging from a few thousand dollars to a hundred thousand. The cost will vary depending on certain factors like business model, type of business, location, etc. Follow these steps once you have decided on alternative measures for small business retail finance.
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Sell your services
You can sell your service if you do not have the adequate capital to sell a physical product. Initially, you can engage in offering your services like babysitting, lawn mowing, working out someone’s accounting files, working as personal assistance, editing, designing logos for someone, developing a website, and so on. In all the services mentioned above, all you need is your room in your house for services like web designing, editing, accountancy, and editing. Rest like lawn mowing and babysitting. You must visit the client.
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Teaching
For this service, you do not need any capital, and you must share your knowledge and nurture someone to do better in studies.
However, irrespective of the services, just keep in mind that you can build your brand simultaneously if you offer your services and gather some money. And interestingly, the services you are offering could also be included in the retail business.
Once you have a steady flow of income from these services, you can apply for a business loan for retail store. It is essential to have a steady inflow of cash because you must be able to repay the retail business loan as well.
