Compared to other businesses, opening a shop seems like one of the easiest businesses to start. The major misconception that most people have is that opening a shop entails stocking it and waiting for customers to come and buy.
Did you know that there is a high rate of closure among the brick-and-mortar retail shops in favour of the budding online businesses? With Brexit coming along, a change in consumer tastes and preferences was inevitable.
Consumers in the UK are now warier of their choices in regard to consumer goods. How do you keep afloat with all of this turbulence? Here is the ultimate guide on how to open a shop successfully.
Research The Market Opportunities In Your Area
Your survival strongly depends on choosing the right kind of shop to open. Some of the important questions you should ask yourself are;
1. What am I going to sell? - It could be clothes, consumer goods or even handmade jewellery. Research on what is likely to sell fast.
2. What kind of shop should I open? - are you thinking of the traditional shops or the more contemporary online shop? Are stalls your best option?
3. What is my target population? - If you are targeting young adults, an online store would be the best option while the older generation prefers shopping in a physical shop.
4. What is the population in my preferred area? – keep in mind that they are your prospective customers.
Finding the right niche for your shop can be difficult but once you get through this step, the rest is pretty easy.
Choose An Appropriate Name And Register Your Shop
Your shop’s name is its identity and brand so it’s important to come up with an appropriate name. It should represent the nature of the shop and have creativity and originality intertwined with it. Go for a name that is easy to spell and pronounce, concise and memorable. You need a name that when mentioned, customers will automatically identify it with your shop.
Develop A Branding Strategy
Branding is not all about a logo and a tagline. It is the cohesive factor that brings together all the identifying factors of your shop. A good branding strategy should aim to communicate the nature of the shop and promote the shop as a whole through the colors and images used. It should speak out to your target audience.
Write A Professional Business Plan
This is the ultimate constitution for any shop and as such, it should be written based on thorough research and not speculation. The business plan will be the fuel on which your shop runs so it’s important for it to be realistic. Avoid inflating the sales forecasts as that will only lead to inevitable disappointments.
Find Your Shop’s Premises
No matter how good the branding strategy and business plan is, if your shop is inaccessible to your customers, you will fail. Before picking out the shops premises, research the best location in UK where growth is likely to be steady, bearing in mind the size of your target population. You should then pick the premises based on the size, layout and compliance with health and safety regulations.
Get Utilities And Equipment
This facilitates the smooth running of the shop. Hire London shopfitters to furnish your shop with display stands, shelves mannequins etc. to promote your products to your customers as this is what will get them into your shop in the first place. This should also include price tags and a counter to make sales. Put into consideration utilities like water, gas and electricity. If you are on a budget, you could consider second-hand items.
License And Insure Your Shop
As with any other business, it is important to comply with legal regulations. Licenses should be obtained depending on the type of shop being run. Getting your shop insured protects you from various risks and liabilities.
Recruit Staff Members
This step should happen once the shop has grown enough for you to need assistance. Recruiting the right staff members is paramount as they represent your shop’s brand. The perfect staff member should share in your shop’s vison.
Market Your Shop
Let your customers know of your shop’s existence and the products offered. Picking out the right marketing strategy should largely be dependent of your target customers, availability of funds and location.
Based on consumer growth and population, the UK is one of the best paces for your shop to thrive in. The above steps outline the ultimate steps to successfully opening a shop. With the right strategy and aggression, you are bound to succeed!
I hope you enjoyed this blog post about how to open a successful retail store in today's competitive marketplace.
Interested in more articles about retail marketing?
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