You've got your EIN, Insurance, Business License, etc taken care of & you're thinking about opening a shop.
Ask yourself quesions;
Who? What? Where? When? How? Why?
WHO do you want to be your market audience/customers/clients?
WHO will your business attract?
-Decorate your shop & price your items to suite your target market & area.
-Advertise in such a way to attract your target market.
-Word of mouth is & always will be the best form of advertising.
Make sure when customers come in that they have something good to tell their family & friends.
WHAT will your mark-up need to be to cover costs & make profit?
You will have bills to pay such as; Rent, Utilities, Insurance, Supplies, Advertising, Gas, etc.
On average small shops mark-up 60%; 30% for bills, 30% for profit.
WHY keep good records? Taxes!
You will need to keep track of everything you spend, mileage, all incoming money, sales tax, income tax, etc.
Downtown may be to expensive, but higher traffic.
Outside of city may be cheaper, but less traffic.
Depending on your business, one may be better than the other.
Or perhaps there's a happy medium?
When I set up my shop I found the happy medium. I'm not downtown however I'm directly over the bridge from downtown, on the corner of a busy intersection, also not far from the highway.
WHEN do you plan to open shop & how will you promote?
(I advertised for 10days on FB prior to my opening, posted in Craigslist & hung flyers in local grocery stores. I noted that everyone who came the first weekend would be entered into a drawing for a $50 gift certificate. My opening day still holds the record for highest sales.)
WHEN will you be open?
Will you need a specific day off & or time closed?
HOW do you want your customers to feel when they come in?
Welcomed of course!
I have a welcome Frog planter box on a cart that is set out front of my shop when open.
And believe it or not soft smells of vanilla, apple or pumpkin pie, hazelnut, cinnamon, in the Fall/Winter & Strawberry, Mango, Peach in the Spring/Summer will make your customers feel welcome almost instantly. (Shy away from florals as there are several ppl with allergies.)
You will also want your shop Clean, Fresh & Original;
Everything should be neat/clean, well organized, fresh/updated otherwise it will not feel welcoming. You also want it to feel original, you're shop isn't like the next so don't make it look like it!