Before opening a retail store, make sure you have defined the legal structure of your business and picked the right name for it. You have made the right financial plans and chosen the best location. Unfortunately, your family members and friends are appalled by the idea.
Don’t judge them, they have every right to be. It was reported that as many as 2,692 retail stores shut down in the first half of 2018. Now, you are scared and thinking about changing your decision. No, you should not. Amidst the retail apocalypse, 1,569 stores opened. These stores closed down because there were unable to move with the trend.
It is important to note that, starting something new takes patience, precision and of course guts to compete with the rest of the world. We have highlighted 7 essential things your budding business would need to thrive.
1. A website
If your initial plan did not include having an online store, it should now. E-commerce is transforming retail. According to Statista, online sales account for 21.5% of the country’s retail sales. Most retail stores closed down because they could not afford to compete with online stores.
More consumers are tilting towards buying products from the convenience of their home. And as such, a website is a must-have for your retail store. It is advisable that your website starts running before your store. Or at the very least at the same time as your store. Your website should be secure and have simple web navigation.
2. Marketing Tactic
Marketing is an important strategy for every business. It does not matter how many people know, have, you need a strategy to get customers. Your marketing plan should be detailed. It should include how your website will look like, your target customers and how you intend to get them to notice your store.
It is important to combine online marketing with traditional forms of marketing. This will give you an incredible ROI. Also, you need to have a strategic social media presence.
It is not enough to have a store. You need to make sure both your online and offline stores are insured. Insurance protects your business in the event of natural disaster or other unforeseen circumstance. Your insurance should cover public liability, employers’ liability, contents cover, cyber liability among others.
4. Having the Right Staff
As passionate as you are about your business, you would still need members of staff to run it. You cannot be in the store all the time and if you are, you cannot oversee everything at once. The best way to help your business is to get the right set of people and train them.
Train your staff on how you want them to represent your store, operational procedures and customer service.
5. Store Layout
The layout or flow of your store determines how your customers shop and whether or not they would return. Plan this aspect with precision and coordination. Determine the floor type, kinds of fixtures and shelving to be used, how items are to be arranged.
Put basic items at the back of the store, and make attractive items more noticeable. This way you would have succeeded in drawing the eye of most shoppers.
Opening a store could be overwhelming. Make sure you start with small goals and work your way to the larger once. We hope this guide helps you achieve your dream. Good luck.