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Message: <blockquote data-quote="Old One" data-source="post: 1149703" data-attributes="member: 83">Other Thoughts...A lot of good info has been covered already, but I will add a few other resources/thoughts:Homework Resources(1) Check with the local community college or adult learning extension to see if they have a small business course.  If they do, take it.(2) Set up an appointment with your local SCORE office (Service Corps of Retired Executives).  Check this site:<a href="http://www.score.org/" target="_blank">SCORE</a>The expertise of the counselors is variable, but ideally you would get hooked up with someone who has experience in specialty retail.(3) Ditto with the local SBA office.  Check this site:<a href="http://www.sba.gov/" target="_blank">SBA</a>(4) Check with the local colleges to see if there are any MBA programs.  If so, speak with the professor's about having your proposed business be a case-study for the class.  They may say "No", but it is a great way to get sharp minds to put together a business plan for your project.Legal/Financial(1) This has already been mentioned, but buy an hour of an attorney's time who specializes in small business issues.  The form your small business takes - sole proprietership, partnership, Limited Liability Company (LLC), Sub-Chapter S Corporation (S-Corp) and Sub-Chapter C Corporation (C-Corp) - depends on what level of personal liability you want to expose yourself to and how you want your losses (in early years) and profits (hopefully, in later years) treated from an income tax standpoint.  With sole proprieterships/partnerships, you have full personal liability for debts incurred by the business.  LLCs and S-Corps offer protection for your personal assets, except in cases of fraud, although anything you put into the business is at risk.  C-Corps offer the best protection for personal assets, but are more costly and time-consuming to manage than the others.  Make this decision one of the first steps in building your business plan.(2) Same thing for an accountant; buy a hour of time to explore the ins and outs of tax issues for the various business forms.  The attorney will approach things from a liability standpoint, the accountant from a taxes and cash-flow standpoint.  Again, use someone who specializes in small business issues.  You will pay more, but it is worth it.(3) You may also want to consider consulting with a certified financial planner to review your own personal financial situation, insurance coverage, etc.  A planner that works on an hourly basis, with no sales pitches, can be found here:<a href="http://www.smartnewchoice.com/" target="_blank">GPN</a>Funding/Location(1) Making sure you are not underfunded is critical.  If you put together a good business plan, you are going to have considerable expenses before you ever open your doors.  Accounting and legal fees, business license, space upfit, inventory, business insurance, grand opening advertising, phone system, yellow pages...the list goes on and on.  In addition to making sure you have enough operating capital for the store (6 months is an absolute minimum, 12 months is better, 18 months is ideal, IMO), you have to ensure that you and your family have enough money to live on (rent/mortgage, food, life and health insurance, auto, etc).  If you are leaving employment to start the shop and your health insurance is currently provided by your employer, be prepared for sticker shock to replace the coverage on your own.(2) Funding sources, aside from personal funds and family, can be problematic, particularly if you have no previous experience in the specialty retail area.  You can start with the SBA...they have a microloan program (up to $25,000 IIRC) direct from SBA.  For most other loan programs, you will have to deal with an SBA-approved bank or other lender.It is critical you have your sh*t together before your first meeting with a potential lender.  Have your business plan locked wired tight, make sure it has been reveiwed by 3-5 sets of experienced eyes, have all of your personal financial info up-to-date, etc.  You are looking at this business with passion, bankers look at it (and you) as a risk.  Get a copy of your credit report ahead of time to ensure you don't have any blemishes, since they will make you personally guarantee the loan in most circumstances.Consider having your wife[/b] be the actual president/owner/senior partner for the business.  Why?  Because there are many loan programs out there specifically for women and minority owned business that are more generous and/or easier to qualify for than if you are a middle-aged white guy with a crazy dream <img src="https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f609.png" class="smilie smilie--emoji" loading="lazy" width="64" height="64" alt=";)" title="Wink    ;)"  data-smilie="2"data-shortname=";)" />!(3) Location, Location, Location: Make sure you double-check your assumptions on your distance from your customer base.  Most research I have seen is that most potential patrons won't drive more than 5-10 miles to patronize an establishment unless you are in a very rural area.  When talking to property managers of particular sites, ensure you get a history of what stores have failed in that location.  If specialty retailers keep coming up, then the location is probably not a very good one.  Proximity to public transportation and/or major road arteries is absolutley key, particularly if you are going to rely on the 10-16 crowd for a good portion of your sales.Good luck with everything...just make sure you do your homework!~ Old One</blockquote>

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