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?
I was thinking of a retail store dedicated to board games, and miniature wargames.
Interesting.  I used to patronize a store like that called "Sword of the Phoenix".  Put some tables in the back where people can have tournaments.
Did they play Games Workshop games there?