We wish starting up the retail store is as easy as it sounds but unfortunately it is not. You will have to consider various aspects which directly affect your growth in business like location, the merchandise you have planned to sell, marketing and promotion strategies and many other factor. For an aspiring entrepreneur it might be too tough to follow everything at a same time.
Here we are gonna see 5 checklist you should tick before opening a retail store
1. Business plan (long term and short term goal)
Business plan is like a formula, you will have to formulate business plan considering every aspect of the business from main goal of the business to its financing needs. Thoughtful business plan must be able to answer questions like
• What short term and long term goals do you have for your business?
• When and how will you reach your targets?
• Who will your potential customers be?
• What is your demographic audience?
• How will you attract and retain enough customers?
• What sets your business apart from the competitors?
Never settle for real estate because it is cheap, you need more traffic to draw more customers to your store. Make sure that your store is located in a busy area with more traffic. And look for spacious area to provide parking lot for your customers.
3. Financial support
Before jumping into your business ask yourself the basic questions like whether you could invest in business for 6 months including all regular expenses and other miscellaneous expenses? Be clear of who the owner is, is it just you? Or are you partnering with someone? Or do you have investors to invest in your business? Clear financial plan helps to avoid loss in future if anything goes wrong.
4. Customer service
Keep in mind that customer won’t buy products, they buy emotions and stories. Your business profitability depends directly on how your customers feel; if they feel happy to buy your product then without any reports and analytics anyone could say that your business is profitable and successful. Mostly customer will expect for better and faster service, if your retail store lacks to fulfil their requirement then there is high chance for you to lose customers
5. Necessary Software and Hardware For instance, imagine your store is flooded by customers on special occasion. If your employees can’t help them to check out quickly then customers get pissed off which is bad news for your business. To avoid this situation, retail owner should take necessary things like implementing POS software for retail business and assigning teams to help customers out. Oversee POS software in Chennai helps to complete billing transaction quickly because of its user friendly dashboard, which means that more room for customers in your retail store.