On Wednesday, September 16th, 2009, Mommy and I rode our bikes to Ethical Planet, which is a Vegan and good for the earth store and I love it! I interviewed Fran the owner about businesses and stores. Here are some of the questions I asked and answers I got:
1.What is it like to own a store? Answer: It’s a lot of fun and work.
2.What is the hardest part of work? Answer: Getting everything done and ready is the hardest. Since she doesn’t have employees, she has to do things alone.
3.When you close how do you get permission to open somewhere else (or do you)? Answer: Look for stores for lease, and sign a contract then pay rent.
4.How do you open a store? Answer: Look at all available places you can. Then contact the owner or their managers and then look at the place inside, and negotiate about rent.
5.Where do you get the stuff for a store? Answer: You can buy from the company who make something or from someone else who also sells it. Some things you might also make yourself. You will need to markup. Markup means you buy something at one price, and then charge more than that when you sell it.
6.How do you figure out what to name a store? Answer: It’s kind of a personal thing, think about what you’re selling and use that sort of as a theme.
7.How do you pick what to sell? Answer: For her she wanted something healthful, Vegan and good for the planet. She also buys what she thinks people will like.
8.How do you budget your money so that you make more than you spend? Answer: There is a cost called overhead which includes costs like rent and electricity, which you have to pay even if you don’t sell anything. So you have to markup the things you sell enough to be able to pay overhead too.
9.How do you figure out a price where it’s enough for you but still have customers want to buy it? Answer: You decide what percent to markup what you sell. Usually the company who makes a product tests prices and then when they figure out a price to have it at then they suggest it. If anything is not selling still because of its price, then you might change it.
10.When you close and then open in a different place how do you choose where to go? Answer: Go where there is more audience, like more people who want what you sell.
Those are most of the questions and answers!
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