Regardless of what industry you are trying to get into, there is no doubt that setting up a retail store is very challenging in today’s marketplace. After all, you are competing against the internet and the thousands of other people that have had the same idea as you. So, before you dive straight in and set up your store, you need to do a few things. And this article will take you through just a few of them.
Figure Out Your Finances
Before you get started, you need to ensure that you are in the best financial position so that you don’t risk going under before you have really gotten going. Think about how much you need to support yourself over the course of the next six months. On top of all this, you need to add your start-up expenses and regular operating expenses.
Commonly overlooked expenses include branding, uniforms, stationery supplies, and employee accessories to allow them to do their jobs. These can be tools to open the packaging. Gloves to protect their hands working in colder temperatures or even a plastic card holder to carry their employee identification or access cards. Think carefully about what you will need and factor these expenses into your budget.
Choose Your Location Wisely
The higher the foot or vehicle traffic you receive in the location that you choose, the more likely it will be that you will attract customers. Otherwise, you are going to have to work a lot harder when it comes to marketing and promotion. Don’t let excitement get the better of you and really think about the retail space and what you can do with it. Spend a little time there and investigate the surrounding area to determine who your competitors are likely to be, the level of footfall that it receives and what sort of customers you are likely to attract.
Finalize Your Product List
Your products will make or break your store, so you need to choose your product list carefully. Perhaps you are looking to specialise in a specific area like car products, so contact suppliers such as Fuelbox and establish your orders. Remember, when you are first getting started, you are better off specialising in a specific area to gain a bigger share of that market rather than being too generalised and trying to compete against larger retailers.
Design a Good Store Layout
As we already discussed, with so much business now being done online, it is essential that you give your customers an ‘experience’ which draws them into your store ahead of simply buying the same products online. So, make sure that your customer can navigate around the store as they would like and give them the opportunity to sample, try out or try on products as appropriate.
Network and Build a Name for Yourself
Just because you built it, there are no guarantees that they will come. You need to get out into your local area to generate some exposure and raise awareness. As well as this, you need to take advantage of modern online marketing techniques in order to make a name for yourself.
Though there is plenty more to consider before setting up your own retail store and making a success of it, these are just a few of the main points to bear in mind.
