Most independent shop owners opt to start online, and there are many good reasons for doing so. It’s a lot easier and cheaper to sell online since having a physical location requires leasing a building, hiring staff, and keeping the store stocked. But a physical retail store has a lot of its own advantages, and if you’ve been interested in opening your own, here’s how you can get started.
Create Your Business Plan
Depending on what you want to sell, your business idea might be as simple as “I want to sell clothes to customers”. However, even if your idea is simple, having a business plan in place is vital to ensuring the success of your retail store. Your plan should include information about what your target audience is, who your competitors are, what prices you intend to set, and who you intend to involve in your business as partners.
How do you intend to stand out from the competition? Where will you look for money to open your store? There are many questions to be answered before you’ll be ready to open, so take the time to outline your plan before you spend any money on displays and decorations.
Iron Out the Legal Details
Even the smallest clothing stores need to be on top of their stuff when it comes to legality. Making sure you have the right permits and licenses for your store will help you avoid a lot of hassle and expense down the road. Knowing all the regulations surrounding a retail store will also be essential.
You can hire a lawyer who can help you understand and ensure you’re following the law, but there’s no replacement for learning about it for yourself. It’s also a good idea to ensure that you have clothing store insurance, in case of robberies or fires, floods, and other natural disasters. You can hope that nothing like that would ever happen to your store, but being prepared in case of an emergency will save you money and trouble.
Find the Perfect Location
Many stores will tank quickly simply because their physical location was less than ideal. For new stores, even if someone finds you on Google Maps, having a storefront that’s tough to find from the road is going to seriously harm your chances of anyone dropping in. It might be cheaper to go with the location tucked between a phone repair store and a Little Caesar’s Pizza, but will that be an inviting storefront for potential customers? The answer is probably no.
A good location is important enough to budget for adequately. It’s also important to ensure that your location is the right size for what you’re selling. If you plan to store extra inventory at the store, you may need a larger facility than you were originally planning for.
Build Strong Relationships With Vendors
One of the most important relationships you’ll have as a business owner is with your vendors. Ensuring that your supply chain stays consistent and trustworthy is going to be key to running your business smoothly. Make sure you get to know the salesperson and delivery driver by name, and always be on time with payments. Be as polite and friendly as possible, but don’t hesitate to speak up if there’s an issue. Vendors who don’t deliver on time or attempt to skimp on deliveries should be swapped out for a more trustworthy option.
Get Your Branding Locked In
One of the biggest parts of marketing your store, whether you’re creating flyers or making posts on social media, is having consistent and effective branding. Everything, from the font you use to your mission statement, should be consistent across the board. Effective branding will help you stand out from the competition and help customers remember your store beyond the first time they visit. Opening a store can be intimidating, but having your first steps outlined will help you get off to a good start.