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Starting a business > Different types of businesses > Industry types > Retail
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This is what buying and selling or running an ordinary shop is generally called. You buy from a wholesaler or factory, and sell to the public. It could be anything from groceries and vacuum cleaners to birdbaths.
It is relatively easy to start a retail business because you don't need as much start-up capital as you would need to start a factory. It is also a fairly easy business to run because it needs only a few basic well-controlled systems to start running smoothly, such as stock-control, merchandising and bookkeeping.
However, retailing is the most difficult business to succeed in because there is a lot of competition. But while there can only be a few very big retailers, there is room for many smaller ones to succeed.
The most crucial element of success for a retailer is position. Their business has to be situated in the right spot to attract customers. A retailer with a knack for judging such positions, combined with a good business head, discipline and knowledge of the area's demographics will be successful.
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