Classify and explain different stores based on ownership
Answers
Many forms of retail business ownership are available to budding entrepreneurs. Each business model has its own list of pros and cons. Choosing a type of retail business to start will depend on why you want to own a business, as well as your lifestyle, family, personality and what you're selling. Will you have staff, or is it going to just be you? Here are a few of the main types of retail ownership and the advantages, disadvantages, and support system of each.
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An independent retailer is one who builds his/her business from the ground up. From the business planning stage to opening day, the independent retail owner does it all. S/he may hire consultants, staff and others to assist in the business endeavor.
The opportunities are endless but prepare to wear many hats in this kind of business until you have some income: it may be a while before you can afford to pay anyone else.
This type of retail endeavor has a unique brand and struggles to be heard among the sea of retail giants. But, if done correctly, can be the preferred shopping place of local customers.
