Setting up shop for the first time is a monumental occasion. Whether it’s the next step in your business plan or your first, careful planning and preparation are key to giving you the best chance of success.
In this article, we’ll provide some essential tips and tricks to help you when opening your first shop.
Conduct thorough market research
Market research should underpin the entire process of opening a shop. Identify your ideal customers, their preferences and shopping habits as well as the level of demand for your products or services. The more you can understand about the local market, the better placed you’ll be to capitalise on it.
With the insight delivered from market research, you can make informed decisions on product selection, pricing strategies, shop location and marketing channels. All of these should be tailored to the needs of your target consumer.
Choose the right location
The location of your store is significant in determining success. Look for a site with high foot traffic, good visibility and accessibility, all of which should help to maximise footfall.
The area you choose to set up in should reflect your target market and customers. Be sure to research competitors in the local area as well to assess what they’re doing right and wrong, and how you can differentiate.
Get to grips with laws and regulations
The task of owning and running a shop comes with the added responsibility of legal and regulatory compliance. Consider the types of products and services you’ll be offering and if these require specific permissions or licences. For example, alcohol licensing is a legal requirement if you plan to sell alcohol.
Health and safety should also be a key component of your planning to protect staff and members of the public. Get to grips with all the laws and regulations pertaining to your operations and ensure you’re compliant to avoid penalties and possible legal issues down the line.
Find reliable suppliers
For store operations to run smoothly, you need to have a reliable supply chain network. Having supplies delivered as and when you need them is crucial to ensure you can continue to meet the needs of your customers. This also goes for providers of shop insurance and other fundamentals, which can become trusted partners for your business.
Find suppliers who you can develop a strong working relationship with and don’t be afraid to ask the difficult questions from the start. It’s better to be firm in negotiations than strike a deal that’s not going to benefit your business in the long run.
Perfect the customer experience
Everything you do before and after opening your shop should be done with one eye on the customer experience. It’s the most important thing to consider and likely to be a large contributor to your success.
Design the shop to appeal to your target customers, make the buying process simple and ensure you create the right atmosphere. Good luck!
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