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Retail business advice
- 1. TOP 10 Questions Entrepreneurs must ask before opening a retail business
- 3. … 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
- 5. … 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.
- 7. … 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.
- 9. … 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.
- 11. … 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.
- 13. … 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.
- 14. … 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.
- 15. … 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.
- 17. … 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.
- 18. … 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.
- 19. … 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.