If 2019 is the year that you plan on starting a retail business, then there is no doubt a lot on your plate at this moment. The high street can bring significant challenges - so you will need to be prepared, energetic and strategic to make a successful go of things.
To help you with your big moment, try these five essential tips - and get ready to open the doors to your new venture.
1. Understand your target market
This is something that you have probably been aware of since your initial idea popped into your head. You need to have a really clear idea of who your target customer is, so that you can not only appeal to them through the products you offer, but also with your pricing and promotion strategies, and the branding of your store.
2. Find the best staff
While it would be great to think that your products speak for themselves, for customers, the experience in-store also forms a big part of their opinion. What this means is that customer service is essential to your success - so hiring great staff is a must.
Staff should be friendly, welcoming, trained and informed about the products offered, and know how to work key equipment such as the cash register.
3. Create a professional website
Whether you plan on going down the route of ecommerce or not, you will need to build a website to go along with your new business.
Your site should look professional, no matter how basic, and inform interested consumers about what you sell, where you are located, and how to contact you.
4. Create buzz about your opening
Of course, you want your grand opening to be a success. In order for that to be the case, you need to promote it and generate excitement among potential customers.
You can promote your opening with traditional advertising in local press and on the radio, by dropping leaflets locally, or by building a community on social media. Consider boosting early visitor numbers with enticing offers, such as a discount for your first 100 customers.
5. Manage your inventory
One area that you will need to give thought to is how you plan to label your products in-store. QR barcode labels can be applied to your products, to be scanned at the cash register.
This not only helps the cashier, but also keeps tabs on inventory, helping you figure out which products are doing well and which ones aren’t moving as fast as you may have hoped.
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