Know Your Strengths

You need to know what you can do and what you can’t do if you are going to run your own retail business. It isn’t going to serve you well if you try to manage your own accounts if you are not very good at book keeping. Here is a list of some of the things that you are going to have to know about if you want to run your own retail business.

• Basic Book keeping: So that you can keep an accurate account of al of the money you owe, the money owed to you, and what is left afterwards. 
• Stock and inventory: You have to be able to keep track of how much merchandise you have; how much you need to order, and how to arrange it properly. 
• Merchandising: You want to be able to arrange your merchandise in an appealing way. 
• Payroll: You have to be able to keep enough money to pay employees and keep track of monies paid. 
• Marketing: You will need to know how to market your store, keep up with demand, and monitor the buying trends of your customers. 
• Basic economics: You will need to be able to follow the economic trends so that you can maintain a profit for your business. 
• Networking: It is necessary for you to gather and maintain business contacts. They will prove invaluable to you at times.

These are just some of the things that you are going to have to know in order to maintain a good business. If you find that you will have problems doing some of these things, then you should get someone else to handle them for you. Better that than lose money in the end.