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Anonymous
Anonymous asked in Business & FinanceSmall Business · 2 months ago

I want to open a retail store, can I make good money?

15 Answers

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  • 2 months ago

    Forget it.  Most new businesses fail their first year and you will end up with a lifetime of debt.  Businesses that break even in their third year are considered a success.  Do you have the money to cover 2 years of bills and wages?  You start with a written business plan.  That takes time and expertise to write.  You don't have the expertise so you will need to buy it.  Most business plans document that the business will fail.

  • 2 months ago

    I would say, it makes more sense to start an eCommerce business. Everything is turning online these days and COVID-19 is only one of the reasons for such a tendency. There are web and mobile platforms that don't even have any "traditional" physical store and do business online. They make pretty good money. You might want to learn more about how to build an e-commerce resource here https://agilie.com/en/blog/12-features-every-e-com...

  • Adele
    Lv 5
    2 months ago

    Yes. With a good business location, you can make huge profits from a general shop. 

  • 2 months ago

    A smart person would make buy or get a lawyer to create a business plan before they started because a business plan will show you where your profits will be and what your expenses are.  If you cannot make one yourself go to the Fiverr site and get one.

  • denise
    Lv 7
    2 months ago

    If you have done your 'homework' in finding out the 'market' for your retail goods, and studied the competition around your 'store' area / proposed location e.t.c.   Good  Luck!.

  • 2 months ago

    Yes, probably, as long as you're not talking about a physical store.  Online retailers are experiencing unprecedented growth in the past year, as people were not allowed to freely go out shopping in person.  Just have a good vision and business plan.

  • 2 months ago

    Depends on the type of store, and the location--you can make money, but is it "good" money? It may or may not be. Again, it totally depends on your location, your store and your ability to manage it. 

  • 2 months ago

    In today's covid environment? It's about the worst time. 

  • Anonymous
    2 months ago

    Many retailers have had to close because of the pandemic. And retail is competitive.  You can certainly open a store.  But you should have a LOT of money set aside for emergencies, you should be in a good, safe location, and you want to think about what you can make money from.  Many retailers need money coming in every single day or they can't make the rent.  You should also have a good social media site which would direct people to your store.  Good money?  It all comes down to what you're selling, and standing out from the crowd.

  • Murzy
    Lv 7
    2 months ago

    depends on many factors...what are you selling, your rent and utilities, your payroll, your insurance, etc..

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