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You’ve always dreamed of owning your own retail business, and now you’ve decided it’s time to make those dreams a reality.
Whether you’re opening a traditional brick-and-mortar store, building an online retail business, or starting a boutique, there are certain steps you’ll need to follow to ensure the long-term success of your retail store.
With that in mind, we’ve put together twelve steps you’ll need to take before you can launch and open your retail store.
Documenting your business plan is one of the most important steps you’ll take toward opening your retail store. Your retailer business plan will help you identify exactly which direction to take your business in and prompt you to consider the business from all angles, including your products or services, retail management structure, and financial operations.
If you’re looking for investors, your business plan is especially important in helping your proposal win investors over.
Your business plan doesn’t need to be set in stone -- in fact, it’s more beneficial for it to be a living document that you can refer back to and change with the evolution of your business. Here are just a few of the things to include in your initial business plan:
You can also read our full guide on how to write your own small business plan.
Before investing money into your retail store, you’ll need to know that your business idea is viable. The best way to discover whether your business will attract customers is by conducting market research.
Market research also helps you:
If you plan on opening a physical retail store, think about the following questions:
Then, you can get started with your market research. There are a few ways to conduct market research, including:
Opening a retail store comes with a ton of expenses -- inventory, premises, staffing, marketing -- the list goes on. Many first-time, and even some seasoned business owners, will need to find extra capital to support these costs.
To ensure the long-term success of your retail store, you’ll need to consider what financing options are available to you.
There are plenty of small business finance options, including:
Click here to read our guide on finding a small business loan that’s right for you.
Even the smallest of retail businesses need certain business licenses. It can be a confusing process for those who haven’t sought licenses before, and it’s essential that you obtain the right ones. In some states, running a business without proper licensing is considered a criminal offense, while in others you could be liable for significant fines.
Make sure you contact your city, county, and state government offices to find out exactly what licenses you will need for your specific business. You can also check out our six-step guide to getting a business license.
You’ll also need specific licenses if you’re planning to sell online. Click here to read our legal and regulatory expert’s advice on obtaining a business license to sell online.
Even if you’re opening a physical store, you need to also think about what other channels you’ll also sell through. Given the omnichannel nature of retail today, even if you hadn’t thought about going down the road of online retail, it’s a good idea to have a website for your store that will offer customers more information about you -- where they can find you, your background, your products, etc.
Your store’s branding will essentially be your business’s identity. This is what customers will come to associate you with, remember you by, and will (hopefully) help them recommend you to others.
Branding includes everything: your store’s name, logo, color schemes, retail merchandising choices, customer experiences, signage, storefront ideas, and even the smell of your store. The important thing to note is that you should keep your branding consistent, and let your initial market research guide your choices. Creating a balance between your brand’s personality and the needs of your target audience is key.
These days, the customer experience you deliver must be memorable, or you’ll fail to retain customers.
The customer experience, or retail experience, covers the following things:
Where you locate your retail store will have a huge impact on the success of your business. There are a few things to keep in mind while searching for the right premises:
Selecting the right retail software for your business is one of the most important choices you’ll make.
There are multiple options for retailers to choose from when it comes to the software they can use to run their business, but the most important will be their retail POS system.
Here’s what to consider when choosing a POS solution:
Don’t wait until your store is open to start engaging customers, sparking interest in your new business, and building a reputation.
These are our top tips for creating an integrated marketing strategy to promote your store:
Before you officially open your store, organize a soft opening. A soft opening means you open your store to the public, but without making a grand announcement (save the balloons for the big launch). This gives you an opportunity to see how customers interact with your store, to talk to your customers and solicit their opinions, and to generally give your store a trial run.
This also gives you the opportunity to identify issues and iron out kinks before you officially launch your store.
Choose a date and time to launch your store well in advance so that you can prepare everything with precision. Before you open your doors, you’ll need to make sure everything is in place, that your staff are trained to use your software, and that your inventory is well organized (remember what you learned during the soft opening!).
Make the most of your storefront to attract customers -- balloons, banners, staff outside handing out flyers or freebies -- but also remember to take the time to take notes on what went well and what could be improved.
Opening a retail store is no easy feat. There are multiple moving parts that need to come together before launch day, and it's the behind-the-scenes work that will ensure the success of your retail store.
Don’t rush the preparation -- the wait and rewards will be all the more worthwhile when you’re completely prepared for running your own retail store.
Our Small Business Expert
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