HOW TO START A RETAIL BUSINESS - BEDC · 6. Vending License 2. Letter of Credit Programme 3....
Transcript of HOW TO START A RETAIL BUSINESS - BEDC · 6. Vending License 2. Letter of Credit Programme 3....
HOW TO START A RETAIL BUSINESS
If you’re still wondering is this right for you BEDC
has a course for you! The Ice House
Entrepreneurship Programme is an 8-week
challenging learning experience designed to
reveal new opportunities, ignite your ambition and
foster skills that will empower you to reach new
heights as an entrepreneur. This course runs twice
a year once in the spring and winter.
Is the Retail Business Right for You? A. Are You a Good Financial Manager?
B. Do You Have Good Business Sense?
A Guideline for Starting a Retail Business
OST
C. Can You Deal with Long Hours?
D. Can You Balance Business Stress with Your
Personal Life?
E. Do You Have the Right Retail Experience?
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Important Tips to Consider when Opening a Retail Business
General:
Store Appearance - Exterior:
Store Appearance-Interior:
Customer Service:
OST
Retail Type
Location, location, location
Learn about your market.
b. Market Survey:
c. Focus Group
Product Offering:
Traffic Flow
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Matching Your Desire to the Market Demand
The Right Market Research Is Key to Your Success
OST
d. Market Research Outcomes:
e. BEDC Marketing Support
Other Considerations:
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Buying an Existing Retail Business Vs. Starting from Scratch
Retail Business & Risk - What you Need to Know
The Right Location is Key to your Success
a. Liquor Licensing Authority-
b. Department of Planning –
c. Department of Health-
d. HMS Customs –
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Government Approvals
e. Payroll Tax
f. Department of Social Insurance –
g. Department of Immigration –
h. Pension
i. Employment Act –
a. Determine the structure of the company
• Sole Proprietorship
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Legal Issues and Insurance
• Partnership
• Limited Company (LTD)
Limited Liability Company (LLC)
b. Health
c. Liability
d. Workers Compensation
BEDC Sources & Uses of Funds
Statement
Personal Financial Statement
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If you still need assistance with knowing the
numbers BEDC has a course for you! Financial
Statements Planning and Costing using
QuickBooks is an 8-week course focused on getting
business owners to accurately price and cost their
products and services, review and understand
financial statement and to learn how to use basic
QuickBooks functionality. This course runs twice a
year once in the spring and once in the winter.
Knowing the Numbers
Throughout the course there will be industry
professionals who will give presentations to help
you with important information to ensure small
business success. This course runs twice a year
once in the spring and once in the fall.
BEDC Government Incentive Guide
b. Loans
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e. Bootstrapping
Financing the Business
• Character:
• Credit capacity:
• Capital:
• Collateral:
• Conditions:
c. BEDC Guarantee
d. BEDC Micro Loan
BEDC
Business Plan Checklist
a. Executive Summary
b. Company Description
c. Product/Service
d. Market Analysis
e. Strategy and Implementation
f. Management Team
g. Financial Plan
If you require additional help with formulating a
Business plan BEDC has a course for you!
Entrepreneurship 101 is an 8-week course where
you will learn how to take your idea and turn it into
reality with the foundation of a solid business plan.
The Business Plan
OST
4. Global Entrepreneurship Month
5. Incubator Programme
6. Vending License
2. Letter of Credit Programme
3. Seminars
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1. EEZ Zones
Other Information to Note
Bermuda Business starts here at BEDC and BEDC is
the first stop for local business in Bermuda. For
more information and assistance with getting your
transportation business started, visit our website
at www.bedc.bm, email us at [email protected] or call
292-5570 to schedule an appointment to speak
one-on-one with one of our dedicated officers.
Sofia House, 48 Church Street, Hamilton HM12 P.O. Box HM 637 Hamilton HMCX
P: 292.5570 | F: 295.1600 | www.bedc.bm