There are lots of reasons to be excited once you make the decision to open your own retail business.
You’ll be your own boss, making your own hours, and calling all the shots. You’ll probably also be working in a field that you’re passionate about. If your business is successful, you can also look forward to increasing financial freedom.
With all that said, opening your own retail business is not something to rush into.
6 Steps to Start a Retail Business in 2019
Retail can be a tough business, which is why it’s important to be prepared before you launch a new venture. Here are six factors to consider.
Put Thought Into Who Your Customers Are
Take a moment and actually visualize the kind of customers you anticipate attracting to your business. This will help you make the right decisions every step along the way.
Pick the Right Location for Your Business
The right location depends on what you’re selling. If you’re offering a convenience product, you’ll want to make sure that you’re right in the middle of the action, with lots of drive-by traffic. But if you’re selling a specialty item that is not available elsewhere, people will be more willing to go out of their way to get to you. Either way, make sure your sign has good visibility and that you have enough parking.
Determine Your Hours
To answer this question, you have to ask yourself another question: When do your customers want to do business? Next, determine how long your employee shifts will be and how you want to staff your business. The answers to those questions will help you in determining your ideal business hours. Remember, too, that they don’t have to be the same every day.
Come up with a Marketing Strategy
We all know that the Internet has changed how business is done. The days of taking out an ad in your local paper—and relying only on that to bring in business—are long gone. Think back to who your ideal customer is—and how you might best reach them. You’ll want to build a social media audience, of course, but think of other options such as e-newsletters, contests, local sponsorships, and more.
Seek Help When You Need It
Money is tight when you launch a business, but you can end up saving yourself money in the long run by seeking professional help when you need it. If numbers aren’t your thing, you’ll need somebody on your team who can handle that aspect of your business. The same is true for marketing, customer relations, and every other aspect of your business.
Consider Self Storage as an Option
Depending on your business, you may have storage needs that fluctuate. One option is to make sure that your space is big enough to handle your busiest times of the year.
But if your goal is to keep your business lean and agile (and not run up your overhead costs), you might consider self storage as an option. It’s always there when you need it, but you can easily ditch it when you don’t need it.