If you are thinking about opening up your own retail business, there is a lot that you are going to have to consider; from property to pricing to reps and so much more.
That, however, is only the tip of the iceberg – there’s a lot more that you will have to take into account when starting out.
The first couple of years as a business owner, whether you’re selling vintage clothes or computer parts, are vital for your long term success.
So make sure that you do it right. Starting out is an exciting, and sometimes overwhelming time, but it’s important to remain aware of opportunities that could help speed up healthy growth.
Here are just some of the considerations that we recommend you prioritise when starting out as a first time retail business owner.
Your Team
You pay for what you get. And while it may be tempting to bring on a minimum-wage weekend assistant, you really want a passionate team around you when getting started.
Take a bike shop for example, yes you could bring in a part-timer to help out with puncture repairs and brake fixes, but you would be much better off with a qualified bicycle mechanic.
You want a team that is willing to engage in the necessary training needed to offer your customers a service that matches the quality of the products that you stock.
While a weekend part-timer may be needed later down the road, right now image is key. You need to make sure your team, even if it’s just one trading assistant, share your enthusiasm for your business’s success.
Local Networking
Local networking is cheap and it works! Show a bit of a presence at local events where possible.
Something as simple as sponsoring a local charity walk could bring eyes – and potentially customers – to your business.
There are lots of other ways to network too, like supporting local athletes, who can bring in different demographics.
D.I.Y Advertising
While you may want to leverage the use of a marketing agency down the road, you can keep it cheap and cheerful when you’re getting started.
Everything from the local paper and radio ads to posters on pinboards can help when getting started out.
Your main priority when getting started is the area local to your store, so make sure your advertising and marketing target them first and foremost!
Managing Finances
Sometimes, when starting out, there is going to be little to no time to focus on anything outside of setting up, customer-facing business, and staff training.
You still have bills and taxes to pay as a business owner, however, at such a hectic time, you may as well hand this responsibility to the experts.
Services like TaxKings will help you keep on top of your business accountancy, allowing you the extra time and resources needed to grow and develop your business.
E-Commerce
Everything is online nowadays, so even if you plan on running a face-to-face retail store, it’s worth investing in a website that can handle e-commerce.
While it is an extra expense from the offset, it will provide another stream of income which may help with younger demographics.