You have decided to open a new retail store? Congratulations! What an interesting, challenging and rewarding professional future you have ahead of you!
You and your big ideas. So, you have a vision of the store you’d like to open. You’ve decided what type of merchandise you’d like to sell and you can just see yourself greeting customers, assisting shoppers, ringing up sales and having a good time. That’s great! Visualizing what you want is the first step toward acquiring it. You will also want to think about what will set you apart from your competitors. What merchandise or services are you going to offer that customers cannot get from a nearby competitor? Making your business stand apart in a positive way from the competition will be the difference between being perceived as average or remarkable.
Capital. You need some capital to get started, of course. This can come through various channels such as a bank loan, investors or from money that you’ve socked away just for this reason. If you are going to apply for a bank loan or approach investors, it would be a great idea to formulate a business plan first. In fact, most banks or investors will insist on it. Here’s a nifty website I came across that can help you write your business plan and it also has some handy calculators to help you determine various costs.
Location, Location, Location. Location can make or break a business. Some things you need to take into consideration include zoning, parking/public transportation stops and traffic flow. Think about the customers that you hope to attract to your store. Is there a particular neighborhood that attracts your potential customers? Can you rent space at a busy strip mall or commercial building that already generate a lot of traffic and interest? Which brings us to how much rent you can afford or whether or not you are going to purchase a building. Either way, you want to make sure the space’s wiring can handle your electrical display requirements as well as Internet, phone and fax, if needed. Is the plumbing adequate for your needs, will you need to install a kitchen or break area? Also, don’t forget to scope out the competitions’ locations! For instance, you may not want to open up your craft store right across the street from an already established and popular craft store, right?
To staff or not to staff? New businesses usually start out small and that means the owner(s) are manning the store themselves and will hire maybe one or two employees in the beginning. New business owners wear many hats and often, all of those hats at the same time. While many people thrive when handling the whole kit-n-caboodle themselves, you don’t want to face burnout so if the budget can handle it, a couple of motivated, dependable employees can be life savers. Be sure to look at your numbers to see what you can afford to pay an employee. New business owners may start employees at a wage that they find difficult to handle if business doesn’t start booming immediately. If you’ve never hired anyone before, then this blog entry about hiring employees may be able to guide you along the way.
Stocking the store.Deciding exactly what to stock and where to purchase from can be fun but it is also a challenge. I found this article that had some good advice and pretty much sums it all up. I know you’re excited but try not to go nuts when ordering; pay attention to the guidelines you set for yourself and don’t get sucked into in impulse purchase of 5,000 troll dolls because the sales rep tells you “they’re coming back”. It’s the same principle as “do not grocery shop when you are hungry” because at that time, everything looks good (no offense to the troll doll collectors out there…and I know you’re out there). Remember; you can always order more or different product later.
Displays and store maintenance. There are oh-so-many choices when it comes to displaying and packaging your merchandise. From clothing racks to show cases to fixtures to impulse bins to the bags you send home with your customers….I can go on and on. The professionals at Specialty Store Services can help you figure out just what you need to display your product and can even design a floor plan for you. Keeping your store in tip-top shape is very important and this blog entry on merchandising and store appearance can help you see your store through fresh eyes. Store window displays are huge attention getters so check out this blog entry to get some tips!
Show and sell. Okay, you’re almost ready to roll! Have you gotten the word out about your fantastic new store? Issue a press release to the local papers and post on free press release sites online. If you do not have a Facebook page, you may want to think about starting one and posting information about your store opening and other events and sales as they crop up. Hang up your custom banners to let people know that your store is coming and don’t forget your grand opening banner for the big day! Indoor and window signage can really generate business so make sure the signs are legible, to the point and professional looking. Think about hosting some in-store events to generate interest and get potential customers into your store to take a look around.
Now, these are just some general guidelines. It would be advisable for you to sit down with professionals that you trust, such as other successful business owners, an accountant and possibly an attorney to help you hash out the details and offer advice, both professional and legal. You can also check out this website for a little more guidance.
Good luck on your new adventure! Please feel free to send me photos of your store opening or visit Specialty Store Service’s Facebook page to touch base.