How to Buy a Shop

Step-by-Step Guide

1. 1

   Step 1: The first thing that you need to decide is what type of a shop are you opening: grocery

   Once you've decided the type of shop that you are going to buy, you need to gather information about the shop.
   
   You need to know what to sell from that shop and what not.
   
   You also need to know whether that type of shop suits your personality or not.
   
   Once this step is completed you can now proceed to the next step.
2. 2

   Step 2: showroom

   If it's a boutique for teens, you need to find the area where most teens hang out and need to get some of the trendiest clothes available.
   
   Or if it's a Chinese restaurant, make the shop in such places where most of the Chinese people live, so that they can enjoy their cuisine. , You need to be updated with the latest trends that will be related to your shop.
   
   You need to research the locality, and what they want and some other stuffs.
   
   If you'll not do this step then your shop will be bankrupt.
   
   There was once a woman who had been running a shop for 17 years and 'til present, the shop is the same, and she's about to bankrupt because she didn't do any research but just opened up a shop from a loan, but in the other side of the town there was a guy who owned a very small shop at about 1994, and right now the guy turned out to become one of the biggest businessman in the country and now owns 5 malls in Nepal.
   
   In an interview he had stated that he had done serious market research.
   
   Now it's your time to decide: the woman in the same shop or the man who still wants to open 200 malls in the whole country in the next 20 years. , To do so, hang out in different parts of the city, and find abandoned or To Let shops around. , You also need to ask the seller why is he trying to sell the shop.
   
   Maybe his shop wasn't going to hit profits anymore or many thieves hang around there.
   
   You need to ask the seller this, and if he doesn't will to answer the question, just don't buy the shop, and walk away because you may have a bad business.
   
   If in any case, the seller tells you the problem, don't walk off.
   
   If you've got the skills to do it then just buy the shop and change the way things are running in the place. , If need you'll need to spend a little extra so be conscious on this thing.
   
   You can also ask the seller to give you some days of training on how to run a shop from his/her own experience so that you know what are you doing and the problems that you'll be facing in the future. , Many people are too shy to do this but try to bargain with the seller if it's expensive or even cheap.
   
   Remember, he may be selling the shop at a tremendous high rate and walk off with tons of hard cash which you literally don't want. , Also ask him question, if you are in doubt.
   
   You can also ask the seller to introduce yourself to other businessmen in town with whom you can partner in the future or at least have a good relationship with other businessman before there's a rivalry between you two just like Apple and Microsoft. , If yes, then what are you waiting for.
   
   Just shake hands with the seller and ask for the keys.
   
   If not, well...
   
   Anyway this step just requires you to give your money to the seller and get ready to do business. , Also check whether the seller owes money to the business that you're responsible for. , Best of luck running your shop.
3. 3

   Step 3: restaurant

4. 4

   Step 4: after deciding your taste of shop you need to find your audience that is what type of customer will drop by your shop to buy stuff.

5. 5

   Step 5: You will also need to do some serious research on the market.

6. 6

   Step 6: to buy a shop you need to find a TO-LET.

7. 7

   Step 7: After finding your To-LET shop

8. 8

   Step 8: you will need to contact the person who is trying to sell the space and meet him.

9. 9

   Step 9: Also when talking to seller you also need to gather information whether the premises

10. 10

    Step 10: furniture and equipment are in good condition or not.

11. 11

    Step 11: After meeting with the seller and gathering the problems

12. 12

    Step 12: just strike a deal.

13. 13

    Step 13: You can also ask the seller to give you a small tour around the shop and tell you how things are supposed to work around.

14. 14

    Step 14: After everything has been done in the above steps then ask yourself "Am I ready to do this?"

15. 15

    Step 15: It's a fresh beginning now

16. 16

    Step 16: start by patrolling the shop and check whether everything is okay.

17. 17

    Step 17: And last step is to smile at the end of that day and congratulate yourself with a fine glass of red wine.

Detailed Guide

About the Author