Owning and operating a business is a dream for many. If you’ve spent years in careful planning, you may finally find yourself in a position to open your own retail store. Congratulations on taking the leap and becoming your own boss! Now what?
Even with a solid background in the industry in which you plan to start a business, you might not know quite where to begin when it comes to launching your enterprise and taking your store from concept to reality. Here are a few major items you’ll want to cover in the planning stages.
Business Plan
The place to begin is with a business plan. This is a document that covers pretty much everything involved in setting up shop, as well as at least a 3-year plan for operations once you open your doors. It is an essential element of starting any business, not only because it creates a roadmap to guide you, but because it is the primary means of securing startup funding from lenders and/or investors.
Your business plan will include information about your supply chain, employees, needed capital and budgeting, market research, a marketing plan, a management plan, and more. If you haven’t taken business courses to learn how to make a business plan, there are numerous books that detail the process and you can even find templates online to help you get started. You can also find a number of resources on the web. Don’t be afraid to ask questions or find more-knowledgeable people for help. Success can be extremely difficult if you don’t have a solid business plan in place first.
Location
You’ve probably heard the old adage that location is everything. Truly, location is important. If you don’t get enough car and foot traffic to bring in new customers or your location is difficult to reach, it could compromise your ability to grow. That said, you have to be smart about how you spend money.
A seemingly incredible location may not be right for your business if the rent is so high that you can never earn the income to afford it. The right location can make or break your business, so you need to consider carefully before choosing.
Take a look at other merchants nearby, are the store fronts appealing? Do they give off a welcoming feel to potential customers? Take a good look at the available parking; is it easy to access? Are there sidewalks around the location for foot traffic?
Layout and Design
Once you’ve found your location, it’s time to have fun setting up shop. This means measuring your space to plan your layout and design. Again, there is no shortage of information available concerning the psychology of shopping, so take the time to learn how to set up shelving, racks, and displays to your best advantage.
You should have an idea of how your store will be set up and the branding. Working with a designer may seem expensive up front, but an attractive store attracts customers!
Expert Consultant
As a business owner, you’ll wear a lot of hats, but you don’t have to go it alone. Consultants that specialize in startups can help you nail down essential details like contracts, permits, and other legal considerations; assist you in finding an ideal location; and, give you advice about policies, procedures, and management style… and that’s just the tip of the iceberg. You can’t know everything you need to know when you are starting out, but you can hire an expert consultant to increase your odds of success when you open a retail store.
If you are interested in opening a new retail store, shop our website, Specialty Store Services, for all your retail store needs. If you have a question that you would like answered immediately, you can Live Chat, or phone us at 800-999-0771.