4 ‘Starting 2 a new retail business takes research There area number of advantages to “starting a new retail business, as opposed to ‘purchasing an. existing one. ; First and foremost is the opportunity for the owner: to decide what to sell, how to sell it, and where and when. The © own style without any of the restrictions in facilities, i image and policies that an existing business might have, Another advantage is the chance for _ the owner to develop the business at his. or her own rate, an important factor if. ~~ by Phil Harti _ Manager, Terrace '; Federal Business . Perewemen Bank proach must be taken. | An example of this would be carrying a smaller line of goods that ., Would be expanded only as capital was built up. An existing business, on the other hand, might have an established large line | of: products that could put an excessive demand on capital, caus- ing. certain items to be dropped. This could present the image of a business in trouble and affect ‘revenues as customers, familiar with the existing line of goods and seeing them decrease, could move to a competitor who still carried the items that had been dropped. ’ There. also are disadvantages to starting a new retail business, however. -“It-takes time to start up, for example, which means there is “going to be an outlay of money that is not offset by revenues un- . til the business becomes operative. ". Starting from scratch means that almost every aspect of the : _ “Business must begin before the first sale is rung up on the cash ‘register, including layout of facilities, inventory purchase, -, employee hiring, market strategy, pricing strategy, and the ~ establishing of supply and credit lines.. A second disadvantage to starting a new retail business rather than’ ‘buying an éxisting one is that a clientele must be established. - This means an effective market strategy must be developed from 7 the start, since a new business has not yet built'up goodwill or reputation. ‘Another disadvantage for a new business is the higher risk and a uncertainty of the endeavour, which are important particularly when. attempting to prove a case for outside financing. There is no proven past where mistakes have been made and corrected, where it is known that the goods inyolved. definitely will-sell, and where profitability is assured. > Itis obvious, then, that a great deal of thought and planning intist go into a new retail business venture in such areas as what " to. sell and why, the market, the location, cost factors and the : various business regulations that will come into play. When starting a. new retail business — and the same holds true for buying an existing one — consultation with a qualified ac- ~~. countant and a business lawyer always is advisable. The account- ‘ant will be in a position to assist and advise in. analyzing the business. The business lawyer can-check such things as existing - titles and liens, as well as advising on all legal transactions in- . volved. | WYLER'S DRINK CRYSTALS (makes 5 litres) “473 g Tin _WYLER'S: ee - Both avaliable. in Cherry, Strawberry, Orange, Grape, - Raspberry & Fruit Punch 99° , Flovoura a ‘DRINK CRYSTALS re | _ (makes 2 litres). . ¥ capital is limited and a step-by-step ap- owner can set up a business in his or her — ‘Terrace Re view — _ Wesinesday, July 20, 1988 13” - Major scholarship to Terrace woman The winners of the 1988 GREAT scholarships have been announced by the Chairman of the Science Council. of British Columbia, Dr. Jim McEwen. They include: Suzanne Urban- ezyk of Terrace, who is working on a Master's degree in Linguistics at the University of Victoria. Urbanczyk is now. in her’ second year as a GREAT’ scholar and one of 57 students in ‘Northwest " Northwest Community Col- . lege has received an additional ~ $102,000 in government fund- ing, making a range of extra programs possible in the 1988/89 fiscal year. A com- prehensive ‘‘English as a Second Language” day program and an adult literacy class will be of- fered at the Prince Rupert cam- pus, while a business careers program will be set. up in Houston and upgrading pro- grams in mathematics and physics will be available in Kitimat. An additional $8.3 million in funding for University Transfer students throughout the B.C. college system was announced by Minister of Advanced Educa- B.C. who received the awards. The scholarship is worth $14,000 and she will use it to continue esearch. on . artificial speech, systems. . Technology. GREAT. scholar- ships were established by the Science Council to provide. assistance to students working on Master’s degrees and Doc- tion Stan Hagen in early June. According to Hagen, the fund- ing is required due to an an- ticipated increase in enrolment and will provide sufficient fund- ing to support 2,600 additional full-time students in the 1988/89 fiscal year. However, NWCC didn’t expect a sharp increase in University Transfer enrolment and instead applied for addi- tional funding for non-academic ‘programs. _ NWCC Bursar Geoff Harris says the college finds the present level of provincial funding ade- quate and no courses will be dropped this fall due to a lack of money. He says that all pro- grams offered during the last fiscal year will continue, and torates in science: and engineer- ing at British Columbia. univer- sities. GREAT. ‘scholars are ex- pected to perform a-significant - portion of their graduate thesis . GREAT stands. for Graduate Research, Engineering and research in cooperation with an off-campus industrial organiza-. tion. Funds to:support the GREAT | scholarships are provided by the government of British Colum-. bia. College adds courses. with these new additions to the curriculum the college is confi- dent they are providing a well- rounded educational resource - relative to Northwest needs. At the same time, Harris ‘points out that NWCC is serving the area in another way — as.a major employer helping to pro- vide some. stability to the Ter- race economy. Seventy percent of the total regional payroll is earned by employees of the Ter- race campus, and this figure has risen from $3.5 million in 1985/86 to $4.1 million in 1987/88 — an increase of more than 17 percent. The regional NWCC payroll in 1987/88 was $5,807,696. compact unit. - of the office to 5 letter-size pages print and graphics. ' 663 Compatibility. Canon FAX Personal Faxability! @ Sleek design combines facsimile, - telephone and copier in one ® Simple, easy-to-use operation. ... nee ® Automatic Reception lets you receive information while you're out @ Automatic Document Feeder-up. @ Fine Mode transmits detailed .@ Convenient Last Number Redial. INTRODUCTORY © — SPECIAL! _ Sugg. Retail: Intro. Special Leasing Plans: _ 24 month lease - 30 month lease _ 36 month lease ~-48-month lease © Payments are payable monthly plus - 6% sales tax, Purchase option for the 24 and 30 month leases is *10.°° ~ .plus tax. Purchase option for the 36 -. and 48 month leases is 15% in the 93rd and 45th months respectively. Leases are subject to credit approval. de oe MIMITED QUANTITIES & x Canon FAXPHONE 8 5 1,995.00 11,795." . £95.58 81.22 - 68.66 36.09 " BUSINESS MACHINES “Terrace 638-8585 4552 Lakelse Ave., V8G 1P8 FAX 635-4071 _ Prince Rupert 624-5714 737 Fraser St., V8J 1R1 oe FAX 624-5549 oY __ Kitimat 632-5037