THINKING OF OPENING A RETAIL STORE?
HERE’S WHAT YOU NEED TO KNOW
Has opening a retail store been on your mind lately but don’t know where to start? That’s completely okay since opening a retail store can often be overwhelming. However, to make things easier, the very first step is to narrow down all that you will need to do in a simple list. This will not only help set a clear end goal for you but also help to feel less overwhelmed by all that you need to do.
Luckily for you, we have already compiled a list with all the basics that you need to address and fulfill before achieving the end goal of opening a retail store.
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Analyze and Ascertain your Target Audience
Before we start on the actual list though, it is important to narrow down your target market before opening a retail location.
Despite the fact that many customers these days often relate the term “retail” with online shopping, most studies suggest that many people still prefer the experience of buying in person which cannot be created when ordering online. Hence, online and in-store retail, both still have a future ahead of it where they can possibly coexist. Moreover, many businesses prefer to do both where they have their own in-store retail as well as online web portals for shopping. This manages to attract a wider range of audiences.
Decide on an IDEA and Business Plan
Now that you already know your target audience, you need an idea and develop a business plan. To do so, you’ll need to be aware of what kind of retail store you want to open. To help decide that, you’ll need to keep in mind all the following questions:
What will you be selling?
Who is your target audience?
What kind of prices will your business set?
Who are the competitors in your industry and local area?
Who will be on your team?
Knowing the answer to all these questions will help set a clearer picture in mind of what kind of business plan should you develop for your business. Especially knowing your competitors so that you know what to do differently to make your store stand out from the rest.
Choosing a NAME for your Retail Store
The first thing a customer might notice about your business is your business name or logo which is why it’s important for it to capture the essence of your business. When deciding a name for your business, there are few things to keep in mind.
Try to find a name for your business that is not only meaningful to you but also conveys some sort of meaning to the customers. Perhaps that meaning could be developed with time but it is important for you to have a brand name that is instantly recognizable by customers.
Some often get carried away when naming their business, but it’s important to keep your name as simple and short as possible. The simpler the name is, the more effective it will be since it’ll be easier to say and remember.
It’s also important for your business name to be original and unique in comparison to your competitors so that it can help make your business stand out. It’s better to not look for inspiration in other brand names and rather try to come up with something that is completely authentic to you and your business.
Once you have finally decided on a name, remember to make sure it’s not already taken. While the name should not be the main focus when opening a retail store, it will act in your favor in getting your business’s attention from customers.
Cover your Legal Basics
Once you have decided your name, you can officially register our business. Before moving on any other step, it is important to look into what kind of permits or licenses you might need to open your retail store. These things can be dependent on what area you are opening your store in so make sure to do your complete research. This will help out in the long run since it’ll be harder if you forget any one of these and have to suffer after you’ve already opened your shop.
Finding the Right Location
The location for your business might arguably be the most important for the success of your store. The location will also be heavily dependent on your target customers and where you think they will come the most. It is also better for your store location to be out in the open so that it can easily grab other people’s attention in comparison to being located in a spot where it is tough to find by others.
Create a Personalized Experience
The main reason why many people still prefer in-person shopping in comparison to online is because of the personalized experience. Hence it is important to create a successful personalized experience so that the customers can truly enjoy your products and you can profit. These experiences could include free samples or being able to try out the products in-store.
Develop good Vendor Relationships
Opening up a store could be tough as it is, which is why it is important to develop and build strong relationships with your vendors. This could potentially help in the long run to avoid any last-minute product shortages or accidents. It will also make your retail store experience easier and you will be able to rely on your vendor in case of any last-minute accidents.
Think of different Marketing Opportunities
No matter what kind of store you have, marketing is crucial to get any customers and for a business to run successfully. Now a day, there are many new ways of marketing to customers including advertisements, posters, slogans and so on. More direct ways of marketing also including pop-up shops which open in temporary locations just to promote their products or having store opening events that could attract attention.
Nevertheless, no matter what marketing experience you choose, it is important for it to stand out in comparison to your competitors.
Go for a Grand Opening
Similar to how we mentioned before, the opening of your store can make a great marketing experience. It is also important so that your target customers become aware of your presence. There are many ways to do this such as planning an opening event with a different kind of entertainment for your target customers.
However, it is not always necessary to spend so much on a grand opening. Many shops also offer promotional sales or free testers as a gesture of a grand opening and to attract more customers to try out their products. Other ways also include spreading as many posters about your shop as possible by giving them along with newspapers or so.
At the end of the day, the point of this list is to give a clear set of instructions of what you will need to do to open a retail store so that it is easier for you to start. Start by narrowing down your target audience. Once you know that, you will be able to figure out which location will work best and cover the legal basics. Plan a grand opening and open your retail store for business!
