All over world people are shifting to consumerism mentality and setting up a retail store can be a profitable bet if you go about it in a designed fashion. Its not just about finding a shop and selling your products, it can be much more in today’s competitive world. This article covers tips and tricks that you can use for your Retail Store.
Why a Retail Store?
Yes eCommerce is picking trend everywhere but still not all people prefer to buy things online. So there comes an opportunity for you open a retail shop in the location where there are lot of people who would like to buy your product. But Before you start searching for a Completely Retail – Shops to Let Leicester , Do a thorough analysis on your target market, find out from where is your target market buying things from right now, or which will be the best location for your store depending upon where are the people who will buy your products. And of-course never forget the quality of the product which you are planning to sell. Make sure it is the best that you are selling and if it is only you who is selling it… that will be amazing .
Cost of setting up Retail Store
Rent of the store
This varies with respect to city, location, space and facilities given to you for the store. While deciding on the store keep the rent in mind as it is the huge chuck of money going out every month from your pocket. Do a good store shopping to get the ideal rent that you can afford. And don’t forget one time investment of security deposit that you have to give for the shop to the owner. Now-a days landlords are interested in taking percentage share in your sales which can get you started immediately. If your customers are rich people its common sense to think of parking space as well.
Sure enough you have a vision of your store in your mind and to make it come to life there are cost involved. Some basic cost will be electricity, water, cleaning and maintenance charges, And one time investments include paint, flooring, Store fixtures, including poles, racks, shelves, a cash counter and labor/employee cost.
Either you will be making the product which you want to sell yourself or will be buying it from someone else, in both the cases keep the cost in mind as this is more crucial for your store viability, people don’t like to come in an empty shop. You can cut down your cost considerably by choosing a good wholesale supplier of your products.
This can involves a lot of things, starting from the day you launch your store and pre-marketing efforts for a huge launch. Shop interiors, flyer designs and printing, Logo and Trademark registrations, business cards, Bar-code Security System, Bags and Promotional Material, Coupon design, discounts and regular advertising. Though it is the last point, don’t underestimate the marking part.
How to Run a Retail Store
Many people think a store is just a display of products but world has evolved far ahead from there surely. Retailing is an art and a science, for which a complete study is done on how people buy and what they prefer while buying, Store layout, lighting and even the music that you play in your store can make or break your sale. Below are some pointer which will help you think in right direction.
- Make and stick to process, a proper work flow should be maintained which anybody who works in your store can follow., i.e., store should run even in your absence.
- If you publish the store timings Stick to your timings.
- Guiding and assisting the customers to be done only when asked for.
- Make check out very easy and fast. People don’t like to pay, so faster it is the better.
- Smile and remember your loyal customers, a big reason of getting word of mouth publicity
- Learn from the successful store selling same products like you and decide on the layout of your store. Which products should be placed near window and entrance and near check out make huge difference in sales.
- Big Bazaar have done quite a research on Indian consumer market and you can get loads of information from the book written by its founder, Kishore biyani.
- You store layout and display of product should change according to the different types of buyers coming at different time of the day and month. Ex: Housewives go for grocery shopping in afternoon and mostly in weekdays. students hangout during evening times, working people hangout in weekends etc…
If the business is in the start-up/Growing stage, it makes perfect sense to reinvest the profits in to the business. Make sure you make proper business plan of all the cost involved, expenses every month and profit margin of you product before hand to make a good enough profit from the store. Good Luck!