So you are interested in setting up a store and you're feeling entrepreneurial. It is a great feeling and running your own business has pros but it also has risks.
If you are not entirely sure on what needs to be done when setting up a new business then you are in luck as that is why we over at Process Street have created this checklist.
You'll have a store opened in no-time!
The first thing you want to do is record the details of the store.
Be brutally honest and ask yourself if your store is going to have an edge over your competition; are you going to provide something that your competitors can't. Otherwise, you're going to find business tough if you don't offer anything different.
First thing that is going to be needed is the business's name to be chosen this will allow for easier planning on what your business model and the plan is going to involve.
Creating some sort of business plan, whether it is formal or informal will only help a business become more successful. It is a crucial setup in starting a retail business. Business plans are incredibly easy to write, it doesn't necessarily need lots of information, as long as there is a basic outline then the business can succeed.
When writing a business plan you should aim to add in:
Raising funding can be crucial for a new business as it will give the opportunity to pay for the initial stock and for the businesses premises. It will also allow for staff wages to be paid and pay suppliers on time.
If the store is looking to expand then there will need to be funding to pay for the new premises and costs in a new city or country. The ways you can raise funding include:
Market research is an effective way of assisting a businesses planning. It is essentially about gathering information that can provide an insight into your customers thinking, habits, and location. In addition to this, market research can also assist in monitoring marketing trends whilst an eye is on what your competitors are doing.
The ways you can perform market research include:
The best time to establish policies and procedures for any retail business is during the initial planning stages. By anticipating problems before doors are open, choose how certain situations will be handled, including the normal day to day operations. This will help avoid making mistakes once customers begin to enter the store.
Where you choose to locate your retail business will have a major impact on anything your store does. The difference between selecting the wrong location and the right site could be the difference between the store's success and failure.
Next up is formatting the store's layout. There needs to be a design in place for the store so that it is appealing for customers to look at. Beginning with the outside of the store, make sure it has appealing signage and is consistent. Then work on the design of the interior again keeping consistency and a nice mix of colors, do not use unappealing mixtures.
Also, ensure the products will be easily accessible for customers and make sure they look good in their positions. Use the sub-checklist below to make sure you have done everything:
A successful retail business depends greatly on offering the right product. So, it is crucial to the success of the business to locate the best sources for the products it sells. When decided what products the store is going to sell then it is time to find places to buy those items at wholesale.
Why wholesale? You will make a greater profit. Simple.
Hiring staff is important for a business that has plans to expand and will need extra pairs of hands around the store. If the store is in a prime city center location, then the chances of having more staff members are likely.
In today's world, creating an online presence is essential as many customers do not shop in stores anymore. For a business to remain competitive having an effective and working website with a social media presence can help increases sales and footfall to the business.
Once the store has been opened, you need to start spreading the word. Create a retail marketing plan, begin advertising and branding your retail store. Below there are ways that can bring customers to the store:
There is one task left to do in this entire checklist and an important one which is opening the store!
Congratulations!
