Business is business! All businesses whether retail, service or combinations of the two adhere to the same fundamental principles. The differences appear in the type and structure of individual businesses.

Basic guidelines for all businesses include:

  1. accurately defining your product and consumer base;
  2. name should reflect your specific business;
  3. marketing targets your main customer/client;
  4. training employees to know customer/client needs and fulfilling them in a friendly professional manner;
  5. monitoring competition and adjusting your business to surpass them.

Modifications in the operation of specialized businesses are:

  1. location and hours of operation must be convenient to customer/client;
  2. monthly budget should incorporate all your specific expenses;
  3. net margin relates directly to the cost and sale price of merchandise, service fees and monetary losses;
  4. inventory, supplies, furniture, fixtures, equipment, maintenance and security are tailored to your particular business;
  5. insurance varies with exact requirements.

To help structure your individual business guidelines, SCORE, A Resource Partner of the U.S. Small Business Administration, offers free, confidential one-on-one business counseling with experienced executives plus a day long monthly Workshop for a nominal fee. For the location, phone number and counseling hours of the office nearest you, call our main Dallas SCORE Office at (214) 987-9491

Similarities & Differences in Retail & Service Businesses