- 1). Decide on the types of videos you want to provide to your consumers. DVDs, Blu-ray, and VHS videos are all options. You also need to decide on the genres that you will sell, such as dramas, action movies, comedies, and much more.
- 2). Create a business plan that showcases the most important information, such as your predicted cash flow and monthly expenses. You also need to mention any plans to expand your store. For instance, you may plan to include video games in your inventory or you may want to open another location of your video store. For additional help, visit the U.S. Small Business Administration online.
- 3). Seek start-up funds for your video retail store by applying for a small business loan at a bank or credit union. You will more than likely need collateral. Should you decide that a loan is not the best option for you, search for private and federal grants at your local Chamber of Commerce. Also speak with family and friends and inform them of your decision to open a video retail store. They may be able to contribute to your cause.
- 4). Find a suitable location for your video retail store. You may buy, build or lease a building. All three options have their benefits. Depending on your size needs, you may be able to find an existing building that will leave you with the perfect amount of room for floor racks, bathrooms, browsing room and storage. A lease will help you to skip the costly structural repairs. Meanwhile, constructing a new building will allow you to make customizations so that you can get the most bang for your buck.
- 5). Pay your local municipal office or courthouse a visit to apply for licenses, permits and a federal tax identification number. You will not be able to legally operate your video retail store without them. You will have to pay a nominal fee. Depending on where your video store operates, you may be required to obtain a business license from the city, county and/or state.
- 6). Search for suppliers that can keep movies on your floor racks. Be a smart shopper and compare prices. You can sometimes receive a discount for placing a large order. Also remember that purchasing older movies will be cheaper than the new releases. Keep a good line of communication open with your supplier. He has the items you need to make a living.
- 7). Decide if you want to operate your video store alone or with the help of employees. There are many jobs to be done in your store, such as stocking the shelves, preparing deposits, unloading shipments, ringing up purchases, and answering questions. Unless you can do all of these things simultaneously, you will need employees. Use an employment agency to interview and hire employees on your behalf.
- 8). Advertise your video retail store. There are many methods of doing so, but for your grand opening, you want to make your community aware of your business and invite them for a visit. Consider renting a billboard. You can display your website and mention your address and contact information. You can also disclose any discounts you will be offering.
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