retail business advice
DESCRIPTION
Top ten questions entrepreneurs must ask before opening a retail business.TRANSCRIPT
TOP 10
Questions Entrepreneurs must ask before opening a
retail business
…
We've all watched The Apprentice and thought "I
can do better than that" - but could you really?
Starting a new retail business can be a stressful,
exhausting and dangerous but (hopefully)
rewarding experience. You are taking a step into
the unknown and seizing control of your own
destiny.
The troubled economic times make it harder than
ever to get your own company off the ground, with
50 small businesses closing a day when the
recession was at its peak in 2008. If you don't want
to share their fate then there are some things you
have to ask yourself before you start your retail
business.
Cover Image from Pinterest
…
1.
Why retail?
It is notoriously one of the hardest consumer markets to
crack. It might sound obvious but before you even think
about starting a business you must make sure it is the
right area for you and it is what you want to do with your
life.
…
2.
Do you have
the time?
Retail businesses are 24/7 - once you have started the
pressure and responsibility are always with you. Not only
will you be working normal opening hours but you will
have to scout new products, deal with suppliers and a
million other tasks that might not immediately spring to
mind. If you can't commit to this time intensive schedule,
then don't.
…
3.
Where about will
your retail business be?
Location, location, location. Make sure your shop caters
to its surroundings and offers something the community
will buy.
…
4.
Why will people
come to you shop?
Successful businesses are both unique and innovative;
filling gaps in the marketplace and meeting customer
needs. Retail shops are ten-a-penny so you need to have
something that sets your business apart from
competitors.
…
5.
What will
you sell?
Products are the foundations of your business - planning
what kind and variety of things you will be stocking is vital
to sort out before you open.
…
6.
Where's the money
coming from?
Sadly money doesn't grow on trees so, unless you plan
on winning the lottery, you will need to have savings or a
loan in place to open your retail business. Start-up costs
are usually significant in this sector and are unlikely to be
recouped straight away. Remember business gas and
electricity prices and council rates will be higher than for
households.
…
7.
Will you sell
online?
The last decade has witnessed a massive power shift
between physical and online shopping. You have to think
if selling your products online will help your profit margins
and, if so, how you will go about maximising the internet's
potential.
…
8.
Do you know your
responsibilities?
There's a lot more to running a retail business than just
selling things. Paying taxes, bookkeeping and meeting
health and safety regulations are just some of the
complex matters you will need to know about prior to
opening your company.
…
9.
Have you sought
professional advice?
Sometimes a good idea just isn't enough. Speaking to
professionals or specialised retail advisors can help you
transform your brainwave into a viable business model.
…
10.
Would you use your
shop?
If you wouldn't then nobody else will - make sure
everything meets your own standards before you open
your retail business.
