Open with Faire Academy
Learn how to open a retail store
Explore our free guides covering everything you need to know to make your store opening a big success.
Step by Step Retailer Guides
Lay the groundwork
3 chapters · 8 mins
2,219 likes
Starting a new retail business begins with careful planning and decision-making. First and foremost, you'll need a robust business plan. This should include a high-level description of your business, its mission, and your products and services. You'll also want to conduct a market analysis, select the right business structure (e.g., sole proprietorship or LLC), and outline your business goals. By establishing a clear and structured business plan, you lay a strong foundation for your retail venture, setting the stage for sustainable growth and success.
Explore this guide
Get funding & licenses
2 chapters · 7 mins
858 likes
Securing adequate funding and obtaining necessary licenses are critical steps in launching your retail business. Various financing options are available, such as self-funding, bank loans, government grants, and more. You'll need to study the advantages and drawbacks of each funding type to make informed decisions tailored to your financial needs. There are also essential licenses and permits required to legally operate your retail business. These ensure you comply with local, state, and federal regulations. By understanding the financial and legal frameworks, you can establish a business that is not only financially viable but also legally sound.
Explore this guide
Find a retail location
4 chapters · 12 mins
440 likes
Choosing the right location is pivotal for your retail store's success, and the costs associated with leasing your storefront can be substantial. In the course of selecting yours, you’ll want to study local foot traffic, demographics, competition, and proximity to suppliers. Budgeting is equally critical, and yours should include upfront costs, recurring costs, and renovation expenses. After all, very few storefronts will be turn-key ready—and that means permits and inspections will come into play. Follow our detailed framework for evaluating potential sites to find a location that’s optimized for customer accessibility, and ultimately, your store’s success.
Explore this guide
Renovate your store
6 chapters · 12 mins
433 likes
Completing a renovation and passing inspection is one of the biggest and most challenging steps in the journey to opening day. You’ll need to balance a budget and building codes with the strategic selection of figures and finishes that reflect your brand’s aesthetic. You’ll also need a talented crew of contractors and other tradespeople to get your renovation done. Choosing the right ones can mean completing your project efficiently, within budget, and to your satisfaction. Once inspections are passed, functional and decorative furnishings are the last piece of the puzzle—ensuring your store feels personal, inviting, and easy to shop.
Explore this guide
Plan & buy inventory
4 chapters · 19 mins
806 likes
Effective inventory management is crucial for retail success. You need to know what you can afford to buy before knowing what you can sell, so start with a detailed budget. You should also consider inventory financing options, such as the 60-day payment terms that eligible retailers can access through Open with Faire. Nail inventory planning, and you can move on to the fun part—shopping. The brands you decide to work with and the items you choose to sell will be the foundation of what makes your store unique, and there are a myriad of methods for discovering them.
Explore this guide
Organize your operations
4 chapters · 17 mins
301 likes
Efficient operations are the backbone of any successful retail store. Choosing a point of sale system, such as Shopify, is just the first step, and there are a handful of options. Once you decide on a system, you’ll want to get it configured and keep it up-to-date. You’ll also need various insurance policies to protect your business and assets against risks you wouldn’t be able to afford on your own. Of course, no store can succeed without a small but mighty, enthusiastic team. Cultivating your team involves curation, connection, and economic opportunity—just like starting your business.
Explore this guide
Promote your store
3 chapters · 16 mins
278 likes
Attracting your store’s first customers starts with creative marketing—both online and within the local community. Get your website up and running, and use social media and email marketing to drive traffic to your site, as well as your physical storefront. On a local level, post flyers around your neighborhood, list your store in local business directories, and attend local or sponsor local events. All of this can build towards your grand opening. There is no better way to introduce your business to the community, boost your profile, and kick-start your business.
Explore this guide