how to open a small retail outlet?

DON'T! What kind of retail? Most retail is a dog. If Walmart doesn't have what you're selling, Target or some on-line retailer will. You need to build an experience not just sell products. First figure out what you are going to sell and then figure out who is going to buy it from you.

I have stopped taking on retail clients because of their failure rate. Try to figure out how many sales it will take you each month just to restock and pay rent. If you can't find a way to come up with enough customers to make your sales target, find something else to do.

I know too many "used to be nice" people who went into retail, lost lots of money and have become wretches.

You should always talk to your small business association.In order to get help with opening a small retail outlet because they can help you and they will also know whether or not your business will stay open after a year or not.

Find a suitable location that is right for your product, get the proper licences. Stock the shelves, get employees if needed, and hang up an OPEN sign. This is a very simplified explanation but very close.