Opening up your own retail business is something that hopeful Americans do every day. Since there is an enormous promise of success in the world of retail, it can be a promising goal to have. And yet, while there are so many retail store owners who meet with great success, there are many more who meet with failure.
As much as you might like to think that creating a successful retail store is as simple as opening your doors and customers flocking in, it’s not so simple. There are plenty of failed retail businesses that prove it’s not the case.
Statistics show that as many as one out of three retail businesses fail within the first two years of opening their doors. So, what is it that sets apart these successful stores from the not so successful ones?
The secret is knowing the ins and outs of what it takes to be a profitable retail business before you even get started. By understanding everything from cash flow to marketing, it’s important that you have a good head on your shoulders before you dive in.
If you’re ready to dive in, take a look at some of the best tips for ensuring your success as a retail business.
Have An ATM Machine
The first and most obvious benefit of having an ATM from ATMNetwork.com in your establishment is access to cash. If your customers prefer paying with cash over credit cards, then it’s a convenient solution to have one in your store. Your customers will appreciate you catering to their needs so that they don’t need to leave your store for access to cash.
If you are a store that accepts cash only, then it’s especially vital that you have a machine where they can access funds.
Yet, even if your store accepts both cash and credit, there still a perk to having an ATM. Imagine a customer making a purchase at the counter, then walking out only to find something they like. The problem is they’ve already closed out.
If they don’t want to charge their card again, they are left in a conundrum. That’s where an on-premise ATM machine comes into play, making it possible to withdraw money without having to run the card again. As a retailer, you want any opportunity you can to upsell your customers. An on-site ATM is one of the best ways to do that.
Catch Customer Eyes
When you think about catching customers’ eyes, the first thing that may come to mind is a great window display. While there is something to be said for bringing in passersby with a flashy window display, that’s not the only way to attract people to your store. Don’t forget that the Internet has even more visibility than your store window.
It’s critical that you have a strong presence online from your website to your social media accounts. Make sure that all of your online marketing is high quality and professional.
Above all, make sure that it’s updated regularly. Social media accounts and websites which aren’t up to date with the latest prices and inventory won’t do you much good for bringing people in.
Train Your Staff Properly
Your staff is an extension of who you are as a business. Every person that you hire should be able to positively represent you as a brand. One of the biggest complaints that customers have about retail stores is employees who don’t do their job well. Apart from being friendly and helpful to customers who come into the store, they should also be knowledgeable about the products.
There is nothing that looks more unprofessional than an employee who doesn’t know what they’re trying to sell. This reflects poorly on you as a business. Make sure that your staff is completely trained from start to finish.
Even though you might like to believe that your customers will come back to your store out of the kindness of their hearts, you’re going to have to give them an incentive to choose you over the competition. People love a good deal, so why not give it to them?
It’s important that you offer regular specials and discounts to keep people interested in coming back.
A sign in your window advertising a sale isn’t enough to get a buzz going, however. It’s important that you spread the word by also advertising in local publications, posting on social media, and letting your customers know about an upcoming sale when they come to your store.
Know Your Customers
Above all, it’s important that you’re in tune with what your customers want. Make sure that you keep up with the latest trends and know what you need to keep in stock. If customers come into your store expecting a certain item that they don’t find, then it won’t be long until they turn to the competition, and stop visiting your store altogether.
Aside from offering what the other stores offer, it’s important that you go above and beyond to offer even more than what they do.
Create a unique store that caters to exactly what your customers want while also offering them things that they didn’t even know they needed as well. A good retail store finds a delicate balance between staying up to date with what everyone else is doing, while also recognizing trends before they’ve even started.
One of the best ways to make sure that you’re surpassing your competition on what the customer wants, is to pay attention to them. Don’t be afraid to ask customers questions.
It’s important to keep in mind that even with all these tips, sometimes there are forces and influences that you cannot control.
In many cases, the success of your store will ultimately depend on dumb luck. However, by applying these tips and working hard, you can increase your chances of success. Even though success may not come overnight, with enough knowledge, blood, sweat, tears, and a little bit of luck, you can build a brand that beats out the competition.