Open flooring store in Canada is not an easy tack. In most cases 200K will cover your expenses in store rental, staff and supply for a 3 month. First of all you need to know what you are selling and how to buy and sell. Traders are biggest buyers, better deal you make on purchase higher margin you’ll get when you sell it. Bigger margin is on selling carpet, not a hardwood. Finding the best location for your store is a key factor in your success. The best way to start is by getting a demographic overview of the area(s) you’re interested in, like the average age and income of its residents, the size of the population, as well as nearby road and foot traffic. You’ll also want to know where your competitors are located.
Once you’ve set up your store, you’ll need signs both inside and out to draw customers in and to help them find what they’re looking for.
Find out what kind of insurance you will need to best protect your business in the event of losses.
Use market research to make more informed business decisions about the 4 P’s: product, price, placement and promotion.
You will need to find suppliers and establish relationships with them in order to build and manage your inventory. It’s important to have the right amount of inventory at the right times, so that your capital is not tied up unnecessarily, and so you don’t have empty shelves. You may also need suppliers to provide you with the equipment and furnishings needed for your operations (cash registers, bar coding system, shelving, shopping carts, seating, etc.)
Your prices must be competitive, but must also cover your expenses and include a profit margin. The price your competitors charge for similar products and services can give you a good idea of what price to set for your own.
Advertising is essential to let people know about your business, and help you attract customers.