I'm thinking of starting my own privately owned buisness.
Good for you.  I have always wondered what would be required to start a business.
Really you just need dedication and some money! II'm thinking of opening a retail store.
Retail is a had business. Profit margins can be slim.  What type of a business are you  thinking of?
manufacturing, and Internet-related businesses such as web design and computer programming. Some professionals operate as small businesses, such as lawyers, accountants, dentists and medical doctors (although these professionals can also work for large organizations or companies). Small businesses vary a great deal in terms of size, revenues and regulatory authorization, both within a country and from country to country. Some small businesses, such as a home accounting business, may only require a business license. On the other hand, other small businesses, such
, a vice president at Directives West, an L.A.-based division of fashion consulting firm Doneger Group. The profit margins on premium jeans can be substantial. One retail executive says his gross profit margins for private-label jeans, which he makes for Wal-Mart Stores Inc., Sears Holdings Corp., and other retailers, are less than 20%, whereas the margins for his own premium lines are 40%-to-50%.
Further reading.
- Agins, Terry, "The End of Fashion: How Marketing Changed the Clothing Business