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Title: Success in Store: How to Start or Buy a Retail Business, Enjoy Running It and Make Money by Geoffrey Heard, Gordon Woolf ISBN: 1-875750-18-5 Publisher: Florida Academic Pr Pub. Date: 14 July, 2003 Format: Paperback List Price(USD): $29.95

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Average Customer Rating: 5 (2 reviews)

Rating: 5
Summary: Great Book For Anyone Contemplating A Retail Operation
Comment: If you're thinking of starting or buying a small shop, you'll learn a lot by reading "Success in Store- How to Start or Buy a Retail Shop, Enjoy Running It, and Make Money" by Geoffrey Heard and Gordon Woolf.

Heard and Woolf cover many aspects of running or evaluating a shop including:

* The Importance of the Lease
* Licenses
* Recordkeeping
* Buying and Selling a Shop
* Dealing With Existing Staff
* Calculating Gross Profit Percentage, Markup, and Profit Margins
* Cash Flow
* Dealing With Customers, Including Shoplifting and Security
* Evaluating Stock
* Working With Sales Reps
* Purchasing Stock
* Promoting Your Shop
* Planning For the Growth of Your Business
* Deciding If You Should Purchase a Franchise, Start a New Shop, Or Purchase an Existing Shop

Heard and Woolf give specific advice for running many different kinds of shops, including bookstores, giftshops, clothing stores, antique shops, cafes, rental shops, and bakeries. The authors speak from experience having operated many types of shops. For example, Woolf owned (or owns) newspapers, a publishing company, a convenience store, a bookshop, and a small printing company.

Heard and Woolf point out that nearly anyone can start or buy most types of shops, but there are a few limitations-for example, only a pharmacist can operate a pharmacy.

Heard and Woolf write: "The first question to ask yourself is whether the business you are considering requires specialist knowledge and whether you have that knowledge (or a substantial part of it). There are businesses which require little specialist knowledge, but it is important to know how to obtain that small amount of knowledge if you do not already possess it."

Many shops fail though, possibly because it's so easy to start them. Heard and Woolf write: "While the majority of small businesses fail, and fail quickly, the business run by someone who seeks help from experts and who is prepared to admit mistakes, and do something about them, stands the best chance of success."

"Success in Store- How to Start or Buy a Retail Shop, Enjoy Running It, and Make Money" provides new shop owners with the benefit of the authors' experience, including important, but easily overlooked topics.

For example, there is a great discussion about leasing space. The authors write: "One of the fundamentals in which many new businesses go wrong is in signing an unsuitable lease."

Heard and Woolf warn new owners they might not get the same lease rate as some larger, more established stores, called "destination stores," because people go to particular shopping centers to shop at those stores. Thus, destination stores have more negotiating power.

In addition, Heard and Woolf address how running a business might affect your marriage and family. And, they address the important question: Will you make money with your own shop? And, how can you grow your business, if that's your goal?

If you're contemplating starting or buying a shop, I highly recommend "Success in Store- How to Start or Buy a Retail Shop, Enjoy Running It, and Make Money."

Rating: 5
Summary: A wealth of tips, tricks, and techniques
Comment: Authoritatively co-written by marketing consultant Geoffrey Heard and experienced convenience store owner Gordon Woolf, Success In Store is a practical, "nuts-and-bolts", no-nonsense guide to acquiring and running a retail business, whether personally established or purchased from another. Individual chapters deftly address ways to promote one's store, basic information on day-to-day business operations, making the most of the internet, and a great deal more. A wealth of tips, tricks, and techniques make Success In Store indispensable reading for anyone seriously considering retail business as a career.

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