Of course, no one uses gold any more as payment for goods and services. Printed bills and coins have been on decline for some time now. Checks (the most popular modern alternative to cash) have risen in use to 24% of all retail sales. For first time in 2001 checks took a down-turn in number issued. The primary reason is introduction of check card by banks hoping to decrease use of checks to save money. As much as 20% of checks still being written are now electronically deposited into merchant’s bank account just like a credit card transaction. This saves business owners valuable time and hassle especially when checks are guaranteed, and banks save time in processing.

1. Know Yourself Know your interests, skills, abilities, and limitations. Having your own business is more than just creating a job for yourself. To be a successful retailer, there are many personal sacrifices and you have to be willing to make them. Your basic roles are in marketing, finance, administration, and responsibility of personnel. To get best results, it is rare for one person to play all these roles equally well. You must know which parts you can handle yourself and which parts you're going to need help with. That's why it's so important to be objective and take a close look at your overall strengths and weaknesses. Ask yourself following questions: * Do you know skills critical to your success? * Are you adaptable to changing conditions? * Can you take advice from others? * Do you obtain necessary information to run your business?

2. Plan Ahead Many stores are run by well-intended people who are not informed about their own operation. As a specialty store owner, if you don't know ins and outs of running your business, you'll soon be out of business. According to leading authorities, main reason 80% of all new businesses fail within first five years is not money, but lack of right information and knowledge. If you want to succeed, trick is to know how to make right decisions by implementing an effective business plan. Remember, if you fail to plan, and you might as well plan to fail.

3. Know The Industry You can gain greatest competitive edge if you understand intimate knowledge of doing business. The critical difference is to be able track those obstacles that challenge your future survival: The Competition -- Your competitors size, services, location, marketing approach, type of customers, suppliers, and pricing strategies. The Market Environment -- Your local business climate, vacancy rate of commercial space, median household income, level of education, age groups, ethnic population, and demographics of your potential customers. To thrive and prosper, you must be committed to learn, be clear about your objectives, and have desire and energy to accomplish your goals. * Does your area have a population base large enough to support you and competitors? * Should you appeal to a wider range of customers rather than a small segment of market? * Have you seen changes taking place that have affected where customers are shopping?

4. Understand Your Customer Are you listing to your customers? Make it your business to give your customers what they want, and they will do business and buy from you. They are reason you are in business, and your future depends on them. The products and services you provide should be in direct reflection to their needs. Think in your customers' terms; buy, show, sell, and say things that interest them, not just what interests you. Don't forget, it is customer that determines whether or not you succeed. * Do you know reasons why customers shop at your store? (service, convenience, price). * Do you seek suggestions from your best customers on ways you can boost business? * Do you use a store questionnaire to aid you in determining your customers' needs? * Do you ever try to re-establish lost or inactive customers?

5. Keep Good Financial Records If you don't know where your money is going, it will soon be gone. The "game of business" is played with computers -- and score is evaluated in dollars and cents. Good financial records are like instruments on an airplane, they keep you posted of your height, direction, and speed. Without them you're flying blind with no controls to guide you to your destination. If you know how much you're spending, buying and selling, you can take control and make your business more money. * Have you computerized your business to streamline everyday tasks and business procedures? * Do you use sales forecasts, expense sheets, and financial statements on regular basis? * Do you evaluate your operating expenses on a regular basis?

6. Manage Your Cash It doesn't matter how unique your business is, you can't survive without cash flow. Money coming into or out of your store is vital component that keeps your business financially healthy. A Cash Flow Statement shows amount of money at start of a period and then shows how much cash was received from various sources and reasons it was paid out. If you budget wisely and know interval of your monthly income and expenses, you won't have to worry about running out of money. * Watch your monthly overhead and operating expenses ratios * Make a budget and follow an open-to-buy plan to eliminate overbuying * Buy closer to selling season to minimize risk of making a bad buy * Don't accept deliveries you can't use or arrive after completion date