If this is your first business, check out this startup guide which gives you step-by-step assistance in opening your retail store. It even includes handy checklists so you won’t overlook any important details.
It sounds good to be your own boss, but it’s tough work. And retail is a lifestyle, not just a job. Long hours, late or missed meals, and worrying whether your “baby” will grow and thrive as you’ve dreamed. If you’re up for it and have realistic expectations, welcome to the exciting and ever-changing world of retail!
Be different from other stores, in what you sell and how you treat customers. Every detail should provide an exceptional experience that will bring customers back and have them touting your store. Of course, the merchandise you choose must be able to provide a profit for your store, too. One way to be sure your store is different (and get some great ideas, too) is to shop the competition.
What if your retail store will be a mall kiosk? In many ways, it’s just a miniature version of a brick-and-mortar shop. But there are also specific factors you should consider before opening a kiosk business.
It takes money to start a business. And you’ll need a substantial cash cushion to carry you through the early days – which could be early years. Don’t expect to make a profit soon, and budget accordingly. Make sure you’ve accounted for every cent of potential expense. And be very conservative about income projections.
You’ll need a business license and perhaps other permits. If your kiosk or store will be in a mall, be sure you understand all their financial and paperwork requirements, too.
Visual marketing starts before shoppers even enter your store. Once inside, customers need room to interact with products and feel comfortable as they browse. That requires just-right fixtures, signage, and technology.
Whether you’re a novice or a veteran, you must learn to be an effective manager or your retail store won’t succeed.
And, finally, remember these two morsels of advice from The Retail Doctor: