Everyone has had a great idea and a dream to start a store, but only a small percent of those people have the courage to truly start their own business. This is because starting out by yourself without any experience seems like a very hard task which is why so many give up on the dream.
However, with the right business plan, a good idea and with enough hard work, you can finally make your dream come true.
Another reason why a lot of people give up on a retail store as an idea is because online shopping is becoming more and more popular. While it is true that a huge portion of people is buying from online shops such as Amazon, eBay, Aliexpress, etc.
many people still use regular brick-and-mortar stores because they believe are more reliable. The trustworthy characters of shopkeepers and cashiers cannot be replaced with computers and a nice design on a website.
The truth is that both online and physical stores need to exist. Some things might be better with an online shop, while some other things are better with a physical retail shop.
Reinforce your business plan
Obviously, if you want to start a store you will need to have some kind of an idea or a business plan. You will need to decide what kind of shop will you hold, what you will sell and what’s going to be different about it.
Who is going to be your targeted audience and will they be enough to keep your store running? What kind of prices will you set on your brand new products? Will you start with lower prices and then raise them if people like your idea or vice-versa? Do you have any competitors? These are the type of questions you need to ask yourself before realizing your idea.
When opening a brand new shop, you will have to go through all the steps you would do like any other business. It is very important to decide what you are going to sell to your targeted audience. You need to create something unique that will satisfy the needs of your audience.
Another important thing when creating your business plan is to find out who is your competition. You might think that there is no one to compete with your product, but the reality is that these days no idea is completely original. Everyone thinks of something that catches parts of a few different markets which means that you are going to have at least one competitor.
Once you understand what kind of competition you will face, it is time to decide on the quality of your products, your services, and the pricing. Even if your product is unique, you must do a few things that will be advantageous over other companies. As a new business, you will have to stand out if you want to be successful.
Create your brand
After you have finally created the perfect business plan it is time to create your brand by giving it a name. You will have to think of something that will have a meaning for both you and your customers. A name needs to be something that will help your customers realize what the shop is about before even entering it.
Another advice I can give you when naming your brand is to keep it simple. If I were to ask you about the first company names that come up to your mind you will probably think of Nike, Facebook, Coca-Cola, Google, Apple, etc. This shows just how much power these simple names have over the customers. So make sure you think of something that is easily pronounced and remembered.
However, if you feel like you cannot describe your retail store with just one simple word, then go for something unique and original which will help you stand out from your competitors.
Expand your niche
Since the start of online retailers, brick and mortar shops have to think of unique ways to pull in customers. A great way to do this is by offering multiple products instead of just your own.
If you own a shoe shop, then why not offer shoe soles or other related products from different companies too? If you own an antique clothing store, then why not offer traditional items from other cultures such as tzitzit strings (such as the ones on this website) too?
These are a few examples as a way to expand the reach of your store to a bigger audience.
Location, location, location
When it comes to creating an online website and shop, it can be pretty easy. Just think of a name, buy the online domain and that’s it. Unfortunately, when it comes to retail shops, it is not as easy. You will have to spend time to find the perfect place to build your business.
When choosing the location for your brand new store, you will have to consider the cost of the place or the monthly rent rate. But, you can’t just cheap out on the location as poor access can result in fewer customers which also results in less money. There is no point in saving on rent if you risk losing customers.
This is probably one of the most important factors when it comes to success with physical stores. Find a location with a busy street where you are sure that you will constantly get customers.
You will also have to consider your niche. Sure, building a retail shop in the busy part of your city or at the center of the city might seem like the best option, but if your targeted audience does not move around these parts, it will be pointless spending so much money on such a location.
You have to determine where your targeted customers spend most of their time. If your audience is located on the outskirts of the city, then it makes more sense to build it on the outer edge of the city. If most of the people you target live in suburbs, then why not move your shop to the suburbs?
You also have to consider the space of your store. The deeper you go into the center of the city, the more expensive it will be.
This means that if you want a bigger store where you can fit all of your products, you will have to fork out a lot more cash. If you move out further from downtown, you might risk having fewer customers, but you will have a lot more room for product placement and for storage too.