retailing procedures with dhpos

[russellkt]

After looking at dhpos for at least a year, I finally get a chance to use it as the company I'm working for is going into a small gift and retailing operation and I can't wait to finally use dhpos. Thanks Dale for all your hard work.

The only problem is I have no retailing experience and need some help. Can anyone point me in the right direction for retailing procedures manuals, etc? I've searched everywhere, read a couple of books, but none of them layout best retailing practices and day to day management and bookkeeping. Sorry to bother you all, but any help would be greatly appreciated.

Thanks again for a great product, I can't wait to use it!!!

[Dale Harris]

russellkt,

You say that "the company I am working for is going into a small gift and retailing operation" does this mean that it is an existing company that has been in business for many years? If so then they will have experience hiring people and paying them including payroll taxes, benefits, etc. So employees should not be a problem for you.

The company you work for should also have either lawyers and accountants either working for them as employees (a big company) or contract the work out to those folks (a small company). Contact them and find out what permits, licences, and other legal stuff you must do to open a retail store. If that is not possible then you will have to find your own accountant at the very least. If you are in the U.S. contacting your local office of the Small Business Administration (SBA) is a good place to find free information. http://www.sba.gov/

[russellkt]

Dale,

While the company I work for is pretty small, we have been around enough to understand payroll, benefits and the overall sturcture. We also have accountants to handle the yearly data, etc. However, the insurance industry is very different from retailing and we don't have anyone with knowledge of general retailing or the daily procedures including opening the register, closing the register, and daily reporting.

I looked at the sba site and could not find what I was looking for. I've also read Retail Business Kit for Dummies and Specialty Shop Retailing and they touch on the items but don't give near enough details. Any other ideas?

Thanks again,
Kevin

[Dale Harris]

russellkt,

I found links on the SBA site for starting a business http://www.sba.gov/starting_business/index.html financing a business http://www.sba.gov/financing/index.html and managing a business http://www.sba.gov/managing/index.html

As far as doing your books you will need an accountant for that. He will setup your bookkeeping system and tell you how to maintain it. Once or twice a year you will have to bring the stuff to him to so that he can varify that your books are acurate and if you are lucky he will even be able to tell you that you have made money that year. If you have no experience in doing books trying do do it yourself is a path to disaster. You will think that you are doing fine and making lots of money and then you will get a letter in the mail asking you why you have not filed your quarterly U.S. 5865 Schedual 59H forms (which I have made up) and want you to pay interest and penalties for not doing so. Now instead of making a small profit you are way in debt.

Other than that do you have any experience in retail. What will you be selling? Will anyone buy it? How will they find out about it? Why would they buy if from you instead of Wal-Mart? What will be your markup? Where are you going to get the merchandise that you are going to sell? How much of it will you need to keep in stock? Do you know what the 80/20 rule is? (80% of your sales will come from 20% of your merchandise, have the wrong 20% in ample stock and you are dead.) Where will your store be located? How big will your store have to be to hold all your merchandise and hopefully a customer or two? What about showcases, display units, counters, merchandise racks, etc.? What about pricing guns, scotch tape, paper towels, scissors, signs and sign holders, paper rolls for your receipt printer (ink ribbons), WD-40 (always a good idea), a frame to hold your business license, another one to hold your first dollar rung up, tools (you never know what you will have to beat the crap out of or hang on a wall, possibly both), a sign that says "Occupancy by more than 900,000 people would be both illegal and amazing!", you will need a frame for that too.

[chasmit]

'In God We Trust, All Others Pay Cash'
does not really need to be in a frame.
I have mine on a regular piece of cardboard.