The list of things you have to think about when setting up a new retail business can seem endless. From branding and marketing, to stock lists and staff, the jobs you have to do before the doors even open can seem overwhelming. However, some of these items are more crucial than others – below we have listed those things that you simply can’t run your business without.
1. Location, location, location. This really is the most important factor. Open your business in an area of genuine demand and the hard work’s done for you. Do your research. Talk to locals, and spend some time in the area seeing what’s there already, and where there are real gaps in the market.
2. Red Tape. You’ll be surprised by how much of this there is, even for the smallest of businesses. Make sure you get an experienced solicitor to guide you through this process, to ensure that you don’t fall foul of the law in this area. This is a cost which is definitely justified.
3. Ensure You’re Insured. Running a business is stressful enough. Buy yourself real peace of mind that you’re protected when the worst happens. Shop insurance can cover you against anything from the destruction of stock, to a claim against you by a member of the public, to accidental damage to goods in transit, to being unable to open your shop. With so many things that can go wrong, you could find yourself with significant holes in your balance sheet. Prepare for the unexpected with comprehensive insurance cover.
4. Marketing. Now you can start thinking about how best to brand your business, and raise awareness in the local area to make sure you get that essential footfall through your doors. Local press, flyers, and social media such as Twitter are all crucial means by which you can raise your profile without breaking the bank.
5. People. It’s likely that initially you won’t need to employ many people. If you do, make sure you trust the person you’re hiring and ensure that they will be invested in the business from day one – starting a new business depends on everyone and good employees will be crucial to your success.