7 Tips for Opening a New Retail Store

Opening a new retail store involves a lot of time, money, and effort, but when done properly, the benefits more than make up for it. Running a retail store and selling items you are passionate about is a fantastic way to make a living and to eventually gain economic freedom. It can be tough to know where to start, but with the right plan, anyone can achieve their retail sales goals. Take a look at the seven tips below to find out how you can make turning your dreams of retail ownership into reality.

 

1. Create a Checklist for Opening a Retail Store

The first thing you should do is develop an opening a retail store checklist, listing out the tasks you need to accomplish before you can consider yourself ready for business. This list should include things like exploring retail real estate options, deciding on a name, choosing a legal structure, and filing the appropriate insurance paperwork. Make sure you take your time developing the checklist and working through the items on it.

 

2. Start Writing a Business Plan

Once you have a viable business idea, you should start creating a business plan. This document may be a work in progress for a while as you obtain information and work through your checklist. Creating your business plan is important, as it keeps you on the right track. Make sure you include things like why you want to open your business as well as financial and practical information such as your intended operating hours and legal structure. If you have questions or are struggling with the more technical aspects of your business plan, consider contacting a lawyer, accountant, or business consultant for customized advice.

 

3. Think about Required Equipment

There are a few pieces of equipment all retail operations require. You need to think about the type of point of sales system you want, how you plan to facilitate debit and credit card transactions, and what type of accounting system you want. There are a deceptively large number of choices on the market available, so you may need to take a few days to complete your research. Thinking about this information now helps you budget for your opening. It also gives you solid numbers to work with when refining your business plan.

 

4. Hire Staff

When you first open, you may need to be on site at all hours. Once things start to calm down, you may want to take some well-deserved time off, or you may want to keep the store open beyond hours you want to work. In both cases, you need to hire a few employees to keep things running when you are not there. Make sure you hire responsible people and always check references.

 

5. Plan Out Your Interior

Before you find, renovate, or build your own location, thinking about how you want to lay out your store can be tricky. It can also help you decide what type of location is best, the size you need, and how you want the fixtures arranged. This information is incredibly useful when looking for a construction crew. Planning out your interior in advance also helps you narrow down the type of stock you want to carry and plan out its spot in your store.

 

6. Look for a Location

When you are opening a retail store, it is important to think first about location. Do you want your store to be a place people can pop in without having heard of it before? Or do you sell highly specialized items that people are happy to inconvenience themselves to purchase? You need to decide if you are going to be in a high traffic area, of if you would prefer to be in a smaller, quieter location.

 

7. Contact a Reputable Retail Construction Company

It is very rare to find an existing building or structure that has everything you need for your retail store to be successful. Instead of trying to make do with what you have, hire a construction company specializing in retail services to renovate, remodel, or build your store for you. These companies sit down and meet with you, discussing your needs and vision for your store. They can then make it happen, giving you the perfect location for your products.

Review the tips, strategies, and the checklist for opening a retail store above before you start work on your new store. The most important part of this process is finding a retail construction or restaurant construction contractor that you can partner with. Residents of Arlington and surrounding areas can contact Tech 24 Construction. They have years of experience in the field, giving them the skills you need in your retail construction crew. Tech 24 Construction has worked on several major retail projects, including River Bend Country Club, Safeway, and Le Pain Quotidian. Contact them today to learn more about their services or to arrange for a consultation.

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