Determine the best legal structure for your business. Decide whether your business is run as a sole proprietor, with a partner or as a corporation. There are costs and benefits to each type in terms of taxes, government dealings, as well as funding. Organizational structure can be changed with the help of a lawyer if you determine that a different structure would better benefit your retail business.

Ensure that your business' name is appropriate and marketable. You want an original name that stands out in people's minds. In the age of the Internet you want a name that will come up in customer's searches for the merchandise you sell.

Have a valid tax identification number (EIN: Employer Identification Number). This is how the federal government identifies your retail business. It is also mandatory to have in order to obtain credit from lenders. Many town and city governments also have special permits that businesses are required to maintain. Hire a business attorney and an accountant to assist with any local issues.

Sell products that people want to buy. It seems obvious, but it bears mentioning. Are your items marketable? Do local people, your potential customers, have a need for it? Can they afford your pricing? If you find yourself struggling to answer these basic product questions, you may want to rethink exactly what your business sells, or how you go about selling it.

Follow a business plan. A simple definition of a business plan is a formal statement of business goals, how they are attainable and the plan for reaching them. Refer back to your plan often. This will allow you to always keep focused on your goals. Running a retail business can be a complex process. You don't want to lose the forest for the trees.

Develop a marketing strategy. There are as many places to advertise as there are businesses, and you do not want to over extend your marketing budget. At the same time, without enough exposure your customer base will never grow. There are many companies that specialize in creating advertising campaigns, and for a small retail business owner these can be a valuable option. Options include Lamar Advertising, which specializes in outdoor campaigns, and HTP Company, which deals in internet marketing.

Have quality employees. Always take your time hiring your employees and do a thorough screening process. Your employees need to be friendly and have experience in sales. Your employees are a direct extension of you and your business; be sure you can trust them to represent you and your interests.