How to Open a Toy Store. Opening your own toy store can be a lucrative opportunity. However, starting any business comes with risks, and many enterprises fail within a few years. You must take the right steps to ensure your success before you open the doors. Here's how to open a toy store and get your business off to a running start.
Write a business plan and include all of the reasons you are ready to open a toy store. Describe how you plan to make money, pay bills, long-term goals and anything else you plan to do with your business. Your business plan is what you take to bankers and lenders when looking for financial backing.
Choose a location and business name, find suppliers for your inventory and determine how much financial help you need to get started. This should also be outlined in your business plan to show potential lenders.
Obtain all appropriate licenses and permits. Find out what you need by calling your county's business center or the state's small business information center.
Find a lender or bank to finance your toy store. Bring your business plan and license and permit information. Show them you are serious and that you can pay back the loan with your plans.
Buy inventory and supplies, including things like shelves, desks, computers, cash registers and other store furniture. These things should be included in your business plan as things to buy in the start-up period.
Advertise your toy store in local newspapers and magazines, on billboards and fliers and at any kind of event aimed at children. Begin advertising before the store is open. Advertise for an opening day celebration to bring more attention to your store.
Hire employees to work at the toy store. Make sure you have enough employees to cover all of the open hours of the store, when someone is out sick and employees to stock.