There is nothing quite like the excitement that comes with setting up your own store for your business. Online shops are all very well, but if you’ve started your own company, the chances are that you have always dreamed about having a physical store of your own where customers can come and see just how special your wares are.
However, as exciting as the process of opening a store is, no one ever said that it would be easy. The Coronavirus pandemic has had a huge impact on high street foot traffic, but as the vaccine rolls out and we look ahead to a brighter new normal, there are plenty of reasons to be optimistic.
So, here are a few things that every business owner should think about before they cut that ribbon.
Remember That It’s All About Location, Location, Location
It’s true of house-hunting and it’s true of choosing a location for your store: choosing the wrong location can mean disaster. The perfect space may make you feel nice and cozy and it might make your goods look nice, but if you aren’t getting that foot traffic, no one is going to see them! How do you avoid this? By doing a little market research.
Think about who your target market is and where they are likely to be. If you’re selling sofas, for example, is that expensive spot by the train station really the best choice? An area with a high commuter footfall is much better suited for a store selling food and drink. You will have to balance the potential for customers against rent, but if you get the right location, they will come!
Think About How You’re Using The Space
How often have you gone into a large store and been completely overwhelmed by the cacophony of signage, over-stuffed shelves, and an aisle set-up that seems to have been created to make your shopping experience as miserable as possible?
If you want customers to stick around long enough to make a purchase and to keep coming back, you need to think carefully about how your store is going to be laid out. CJ Retail Solutions has experience in aisle construction, display, and signage installation, and creating retail drives for everything from seasonal promotions to new openings. They have worked with the UK’s largest retailers and their knowledge can help you to open your business with a bang.
You Will Need To Stay On Top Of Your Finances
If you have started researching opening your own store, then the chances are that you will have already discovered that there are many different costs that come with it. Outgoings and earnings, tax and rent, utility bills and other payments…and that’s before you’ve even got onto hiring employees.
Setting up a shop or store is something that you cannot rush into, you need to have a careful plan and impeccable accounting. It’s almost certainly worth hiring an external accountant or financial advisor to help you keep on top of things and to make sure you’re taking advantage of any local government or council incentives. It will take some time before things return to normal on the high street if they ever do, so preparation is paramount.
