The retail business is full of competitors no matter what your niche or unique selling point is, which is why having a successful retail business can be tricky. But, nothing is impossible, and retail is still one of the fastest growing areas of business to date. A new shop opens all the time, and the excitement and the buzz surrounding that doesn’t go away quickly. But, of course, like any business, you need to apply certain techniques and consider a lot before launching your retail business to guarantee its success. Otherwise, you can fail at the first hurdle. I wanted to share with you the inside scoop on retail business and share with you nine tips for business success.
Location, Location, Location
The location of your store is one of the first big decisions you will make, after, of course, deciding what you want to sell or what kind of store you want. So the location needs to be something that is considered and not a decision you rush into. What good will it do you to have amazing products and great staff without having a location where people can get to you or even know you exist? You want footfall and traffic, so a location on the high street or in a shopping mall would be advantageous to your business plan. However, one last point to consider would be to scout for any competitors in the area. You don’t want to be opening a store next to your biggest competitor, and it is worthwhile to stand alone if you can. This website entrepreneur.com has some great tips for choosing a good retail business location.
Stocking those shelves
Selecting the merchandise for your store is one of the most exciting things you can do when launching your retail business. However, it can be the most time-consuming and costly parts of the job, so again it certainly isn’t something to be rushed. You need to really consider your market here, and ensure that your merchandise, whatever it may be, matches in with the theme of your store and also runs in line with the other things you are going to stock. You don't want to create a confusing message to your potential customers if on one side you have baby clothes and then on the other you are selling food, just to give you a broad example. You also need to think about how you present the merchandise you have. Perhaps pricing them up with a price gun from Americanpricemark.com or whether you consider pricing them up yourself by hand. Perhaps having them individually priced or even as a collective price in one pile. The choice is yours and often can be dictated by the type of merchandise you are selling.
Does your store or business have some sort of theme?
Do you have or want some sort of theme? Some stores do really well focusing their theme and store around their sought-after customer. For example, women or young girls. The shop may then be very girly, with lots of fun factors and stereotypically pink, for example. You may want to keep things neutral, or minimal and even then that will be your theme. These are things to consider when dressing your store.
Be current and stay true to yourself and your business focus
Sometimes it can be hard to stay true to yourself, but this is where your business can shine. After all, a small retail business can be solely around the person who created it. It is a little portion of you selling items or merchandise that you love to other people that you think will love them too.
Think about who fronts your store
Many jobs in stores are taken up by young people who are perhaps wanting to earn some extra money while studying. There is nothing wrong with this, and in some cases, a younger person can give the energy and life into a store when you can’t. In many cases, when interviewing, try and understand them as a person and find out their interests and hobbies. You would much prefer someone who shares an interest in the store theme and merchandise than someone who is purely wanting a job for the purpose of earning money. There will certainly be a difference in their approach.
Do you have a second in command?
You can’t always be there 100% of the time, and if your store is a success, then new stores in other towns or locations may be on the cards. This is why it is important to have someone who you can trust to be second in command when you are not around.
What could go wrong?
There are, of course, many things that can go wrong in any business. A lack of advertising, stocking the wrong merchandise, but one common problem all retail businesses can be succumbed to is loss and theft of items. It happens, and it isn’t something that is going away anytime soon. Having good security on your store will be essential, but you may also have to have some form of contingency fund in place for such occasions like this.
No one can resist the charm of a sale
Who doesn’t love some money off or a sale? So take advantage of this charm and have items in a sale, regular hold season change sales, or simple reduce stock as and when you want to. But a great tip would be to have a dedicated section in your store for sale items. People know exactly where to go and what they are looking for if it is clearly marked. Sales are great for business so it may be worth thinking outside of the box with customers and creating a loyalty scheme where they get access to secret sales, etc.
Customer service will be key to success
Finally, your customer service will be the make or the break of your business. Bad service from staff or even from yourself will deter someone from coming back to your store in the future. In some cases, good customer service is what makes a retail store a success. Ensure everyone adheres to this.
I hope these tips help you with your retail business.
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