Connect with us

Business

How To Start Your Own Retail Business In 5 Easy Steps

Choosing to start your own shop could be a fantastic way of combating the recession and securing a reliable and stable form of income for your family for years to come. Though some people find the very thought of doing this somewhat stressful, in reality, so long as you’ve got the best advice and a strong will to succeed, there’s no reason why you can’t prosper in only a few short weeks. Sound interesting? Then continue, it only get’s better!

Technically, in the UK you don’t even have to register a company to open a shop, simply becoming self employed or starting a partnership with a friend or family member will usually suffice so long as you’re not selling any controversial items. In fact, my father and his wife did that back in August this year, and since then they’ve managed to secure a phenomenal level of monthly sales and look set to make a killing as we enter 2014 – so there really is nothing to worry about, but making the first move is often the most stressful, which is why this article will tell you exactly how to go about it in 5 easy steps…

Image reproduced with permission

1 – Find Your Niche

Let’s face it, if you open an organic food store on the same street where another already exists, you’re instantly halving your potential customer list, which is why it’s vital that you identify a gap in the market and opt to sell something no-one else does to avoid competition as much as possible (during the early stages anyway).

2 – Locate A Premises

You could get in touch with local estate agencies that deal with business premises if you wanted to, or you might feel that simply walking around your local town looking for empty shops would be a better idea – either is fine. Just bear in mind that you probably don’t want to opt for an incredibly large store just yet, as business rates have been relaxed in the UK for people operating out of small shops.

3 – Seek Out A Good Supplier

When I say “good supplier” I’m not only referring to price, as sometimes the cheapest option isn’t always the best. You need to find a firm that’s renowned for being reliable, and who is capable of delivering more stock in a timely manner. It’s all well and good selling out on your first day, but if you can’t replenish those items for an entire week, there are serious holes in your business plan. Also, depending on the type of items you stock, some may not have barcodes pre-printed, and so you may have to get in touch with a reputable company who provides printing at a reasonable price.

4 – Start Advertising

You’ll need to have a grand opening if you want to make lots of people aware of your new store, but it’s unlikely many will turn up without some serious advertising. Just don’t fall for the temptations on offer from local newspapers, as they tend to charge far too much, and nobody reads them nowadays anyway. Instead, get some social media pages up and running and save yourself a fortune.

5 – Work On Customer Service

Anyone opening a local retail business will need to have returning customers, which means your customer service skills must be impeccable. I’d even go as far as to suggest that it might be sensible for you to attend a short course in how you should deal with customers if you have no experience in this area.

So, if you follow those 5 steps exactly and continue to work hard, I’m confident you can make a serious success of the new business and avoid ever having to answer to a traditional boss ever again.

Now that’s what I call freedom – good luck!

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Advertisement

Popular How To Guides

Home Maintenance & Repair1 week ago

How To Grow The Best Roses In Your Garden

The best roses to grow in your garden are those that require the least maintenance and can resist destruction from...

Games / Video Games2 weeks ago

How to Make Money from Online Casino Bonuses

Today, virtually every single online casino dishes out welcome packages to new customers in the form of bonus money and...

Home Maintenance & Repair2 weeks ago

How To Build A Raised Pond In Your Garden

Designers of contemporary gardens often try to avoid natural features and create highly organised, geometrical gardens instead. Raised garden ponds...

Games / Video Games4 weeks ago

How To Play Blackjack

Blackjack is a simple card game. Your goal in blackjack is just to achieve a combined score of twenty-one with...

Uncategorized4 weeks ago

How to Boost Your Odds of Winning the Lottery

Have you ever thought about what your life would be like if you won the lottery? Visualize having the necessary...

Games / Video Games4 weeks ago

How to Play Bingo Online

Bingo is a great, low-stress type of game that is a great way to relax. However, it isn’t always easy...

Business1 month ago

How To Become An Administrative Manager Of A Professional Sports Team

The role of a team manager for a professional sports team is very diverse, and the skill of spinning many...

Finance2 months ago

How To Join The World of Bitcoin

For many of us, the whole idea of bitcoin is still a mysterious concept but we’re beginning to notice more and...

Trending