Small business

 demographics study of my community, focused on average income. I will look at housing prices particularly, as this is the best single indicator of socioeconomic status.

I will couple this with a consideration of the average age of the residents as well as number of children. Older wealthy persons have significant financial reserves, but they tend to be cautious in their spending and conservative in their clothing choices.

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I will also look for an area where many upper class persons have teenage and college age children. Younger persons tend to be more fashion conscious than older ones, and are more likely to pay a premium for name brands and the latest trends in apparel.

I will need a large storefront, as today’s shoppers demand a wide selection. My budget will need to take this into account, as well as the costs involved in hiring a professional store designer. With my customers, appearance is virtually everything.

As I will be selling highly desired products, other concerns for me will be the level of security in the mall as well as my own need to employ anti-shoplifting technology and possibly a store detective to ferret out shoplifters. Items will need tags with computerized chips that will set off an alarm if an item is concealed and the person tries to walk out with it.

If possible, I will try to locate my store near the mall’s food court, as it tends to be a gathering place for customers. Alternatively, I will want it to be located near the mall entrance, where customers will see it when they first enter. I do not want them to spend their funds before discovering me.

My opening day will be advertised on the Internet, in local papers and magazines, and possibly on nearby billboards. These ads will also need the services of a graphic artist familiar with commercial designs.

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