It doesn’t matter what industry your business is in. Starting a new enterprise is never an easy job, and it can be equally challenging opening a new retail store. For a start, there are so many things you have to think about before you action anything. And you have to pray that everything goes according to plan.
Still, opening up a retail store isn’t an entirely negative experience. In fact, far from it! If you execute a well thought-out strategy, you will end up with a successful retail shop. So, how can you achieve such an ambitious goal? The following ten pointers will help you get started:
1. Create a compelling business plan
You might think that a business plan is only useful for securing finance. But, it’s more important than you might think! You should consider the document as a road map of your retail store’s future.
2. Decide what style of store you wish to open
Opening a retail store isn’t just about adding a few shelves and stacking up some stock on them. You need to think about the layout and design. Take a look at debretton.com.au for some examples of winning design strategies.
3. Know that you’ll likely go over your budget
Writing down a list of costs is one thing. But, what happens when unexpected expenses crop up? You need to make sure that you’ve got a financial safety net in case of a “rainy day”!
4. Think about your customer service
How will you treat your customers when they walk into your store? If you’ve got zero customer service skills, you need to learn them first. The same applies to the staff that works in your store too!
5. Choose a good location
I can’t stress enough how crucial it is you select the best area to set up your retail store! There’s no point leasing a cheap retail unit if people seldom visit the area.
6. Choose a good retail store
Once you’ve selected a decent area to start trading, you need to hunt down a suitable retail store. Be sure to negotiate the terms of the lease. Don’t just accept whatever gets offered to you!
7. Consider opting for upcycled or used display equipment
You don’t need me to tell you how expensive it is to fit out a retail store! One way to save money is by buying upcycled or used display equipment. Check out hipcycle.com for some ideas!
8. Set a date
For the launch of your new retail store, of course! Setting a date does two things. First of all, your prospective customers know when you will be open for business. And, second, it gives you a sense of urgency!
9. Invest in payment technology
Taking cash payments from your customers is easy. But, what if they want to pay with a card? Or even using their smartphone? It makes sense to invest in smart payment technology for your retail store.
10. Get social
Last, but not least, you should build your brand by talking to people on social media. Promote your new retail store on Facebook, Twitter, and other social networks.