If you’re planning to open a retail business then you’ve come to the right place. Articles on the internet point out the massive drop in preference for brick and mortar stores. Did you know that this is not always the case? If you are savvy enough, you would know the importance of both online and physical shops. Here are eight tips when opening a retail store.
When people hear the word “retail”, online shopping comes into mind. In fact, some studies suggest that shopping in physical stores are making a comeback. People will always argue that online is more convenient. However, nothing could beat a physical store’s personalized experience.
Generate your business plan
This the foundation of your business. Your plan should ask the most essential questions regarding your business. This is where you will tailor your products and define its Unique Selling Proposition (USP).
When you understand where your product stands out, it will be easier for you to communicate with your customers. You will have an idea of how to market your business and your products. This phase also requires you to take note of your costs. List them down in a paper. Find which one will let you save some money.
Note that a well-thought-out business plan will save your company from collapsing in its early stages.
Choose a (good) name
This is probably one of the easiest to do and easiest to mess up parts of the business. Your business name should follow three key factors. First, it should have meaning. It should have that “wow” factor whenever your customers ask the meaning behind your business name. Second, it should be simple. No one likes a complicated and hard to pronounce name. Using long words isn’t probably going to be good for your branding. Lastly, it should be unique. Like your products, it should create a distinction between you and your competitors.
Cover your legal basics
This means that you should acquire the necessary permits and licenses to operate your business. The requirements vary per state so you may want to check your local government for the forms you need to accomplish.
Find the right location
Your location is a make or break situation. Choosing a cheap location may not always be a great idea. The same goes for choosing a prime location only to be drowned out by other competitions. The location of your business should be a perfect balance between operating costs and the number of sales it would give you.
Create a personalized experience
Like what Amazon CEO, Jeff Bezos likes to tell people, you should be customer-centric. Invest and prioritize customer experience and customer service over making money. Make sure that your business would cultivate a healthy environment for your customers so they would have an incentive to come back.
Personalized experience and quality in-store shopping experience would attract customers constantly. This goes hand in hand with the preceding tips. When choosing a location, it should take note of the business model you are operating in and how it would give your customers a unique and pleasant experience.
Build vendor relationships
Being friendly and making alliances with your vendors doesn’t hurt. With the changing global supply landscape, its important to make a few friends in your industry.
Invest in Marketing
Explore ways in which you could market your business. A popular trend is by opening pop up shops in a different part of the city or state. It allows you to connect with new customers. If they ask where you are located, tell them where your brick and mortar store is. If they happen to love your products, some might even drive all the way up to your shop.
Plan a grand opening
A grand opening doesn’t really mean that it should be expensive. Instead, it should build hype around your neighborhood. Invest in social media. Plug your grand opening in social networking sites to create buzz around town. It also wouldn’t hurt if you pitch your grand opening idea to other local media outlets. In this way, they will be able to help you in reaching out to people. Just make sure you follow the proper guidelines in pitching to journalists.
The success of your retail store depends on how you take care of these parts of your business. Do you want to know the reasons why businesses fail? Read here.
Opinions expressed by AsianBlurb contributors are their own.
The editorial team for AsianBlurb.
