Personal time commitment, quality personnel and an expanded customer base are key factors that impact the success of a second store, according to retailers who have run multi-store operations.
These retailers are quick to point out the extra work and stress involved with running an additional location.
One of the side effects of recent advances in communication technology is the diminished ability of Gen Y (21-34 years old) and Gen Z (12-20 years) to effectively communicate face to face with the Baby Boom generation.
Although a retail store’s typical initial markup on merchandise could be 40 percent or more, actual profitability takes into account all expenses, such as payroll, rent, utilities, insurance and advertising.
Ray Gronevelt and Mike McDonald, both financial planners with AAA Michigan, provided the following answer to this important question.
Every retail business should have a plan that ensures the business is secure in the event an owner or a partner dies unexpectedly or becomes permanently disabled and can no longer participate in the business.
Early signs point to ApplePay indeed becoming the predicted “rising tide” that floats all payment boats, at least the contactless ones.
With the recent rollout of Apple’s new iPhone 6 and 6 Plus,
An Arthur Andersen study showed that most small stores are open about 50 hours a week, with 10 of those hours outside the 9:00 a.m. to 5:00 p.m. window.
With the rise in two-income and single-parent households,
Apple’s much-anticipated announcements of the iPhone 6, iPhone 6+ and the Apple Watch rekindled enthusiasm for the company’s game-changing technology – or at least its marketing. Much of the public attention was focused on the long-rumored and soon-to-be-here wristband device.
Plan ahead to create a smooth transition to new owners to ensure a positive future for your business, especially when passing it down to children or other family members.
A well-laid succession plan will minimize family conflict and position your business to weather the transition successfully.
Until recently, the fees associated with your merchant processing account were a cost of doing business.
Most retail businesses in the U.S. today view the fees charged by their merchant processor as a “necessary evil” as more consumers migrate their transactions from cash and check to various cards– rewards,