Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$63

$700

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$75

$5,236

Total Startup Costs

$7,874

$70,397

Urban Outfitters

urbanoutfitters.com

3,015

Pacsun

pacsun.com

4,530

WalMart

wal-mart.com

5,526

MYER

myer.com.au

8,114

Makro

makro.co.za

10,987

CheaperThanDirt.com

cheaperthandirt.com

15,190

Perú Retail

peru-retail.com

39,116

Farmers

farmers.co.nz

61,471

Retail TouchPoints

retailtouchpoints.com

87,084

House

house.com.au

89,617

Cuballama| Llamadas, Recargas y Nauta

cuballama.com

97,331

Daily physical activity

Retail Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.

Amazing perks and discounts

Working in the retail business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.

You are your own boss!

With starting a retail business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!

Local Community

One of the best parts of starting a retail business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.

Location is everything!

When operating a physical storefront, the location often speaks for itself and serves as it's very own marketing tool! It's important to choose a location in a high traffic area so you can spark curiosity and get people through your door!

Face to face interaction

If you are the type of individual that thrives on human interaction, then this is the business for you! With a retail business, you will be hands-on with customers and or employees every day.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

High employee turnover

In the retail business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Stressful work

This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.

High overhead expenses

With starting a retail business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.

Time commitment

With starting a retail business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.

Impatient customers

You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service.