5 Tips to Open a Retail Store

When it is time for a brand new store opening, you need a great strategy in place for a successful launch. It may be difficult to break into the market but with reliable steps, you can get the right attention. These five tips can help guide you towards better results.

5 Great Tips for Opening Your Retail Store

Before you open a new store, make sure you perform plenty of sleuthing, planning, and preparation. This will help protect your business in the future.

5 Tips to Open a Retail Store

Perform Research on Location

Think about the location before you sign the rental lease. Take time to look around the retail space and decipher whether it will benefit or harmful to your future revenue based on your industry. For example, the building your retail store is in should be well kept and maintained. The electricity shouldn’t be spotty and the neighborhood is ideally safe with low crime rates. Another aspect to consider is foot traffic. You need to find a location where there is a lot of passersby who can become customers on their first walk-in. Visibility alone won’t help you, as your store may look great on the outside but won’t do well if no one is around to see it.

Design a Great Store Layout

When you build your store from the ground up, keep your customers in mind. Will you provide them access to bathrooms and seating areas for resting. Think about what type of lighting you need for your store hours, as you may need lighting during the day and night. If you have a lot of items you want to display, you will need a store with large gaping windows. The spacing and sizing of your store will also be important for the comfort of your customers. Create an atmosphere and environment that appeals to your customers. You may consider hiring an interior designer to help you create a look that will attract your target demographic.

Community Networking

Get the word out about your store before you open up! You can get involved in community events and learn all about the neighborhood culture. Once you get connected with the community, you can expose people to your business. If you sponsor community events or nonprofits, this also helps get you some exposure with community members. Other ideas include marketing yourself at events with pop-up stands. You can hand out marketing materials like coupons before you launch as this can bring you your very first customers. If you reach out to talk-show hosts and local radio stations, you can also get them to advertise for you. Another idea you can try is to launch your own community events and dedicate the money to a nonprofit or a community goal.

Troubleshoot Your Products

A perfect product doesn’t exist at its early stages. It takes a lot of re-working, testing, and improvement for a product to suit the needs of its customers. If you hand out free merchandise at events, ask people what they think of it. You can offer additional discounts when your potential customers fill out a survey on what they think may be useful in your product or service. Try to find out what competitors are doing and how they are handling their business. This may be insightful to figuring out how to market to your demographic.

Budget Your Finances

This is a very important concept that can prevent your company from sinking. You can draft up a business plan to guide your next steps. When you create a monetary strategy it can help you make decisions that can prevent you from falling into financial ruin. Create a budget that you follow closely. Make your budget very detailed and include every aspect of your business.

The items on your budget list can include the amount you want to spend on inventory, advertising, equipment, decorations, and new hires. Make these your priority while setting aside smaller items such as office supplies and stocking supplies as a lesser priority. This is because you can find discount supplies, but you can’t sacrifice the quality for items like equipment or stock. Once you know your boundaries, you’ll know where to spend and when to save money.

Find Out More About Opening Retail Stores

When you are ready to start your retail store, you can seek additional professional advice. You can read more on Accubanker.com to learn about other great tools.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan