You have a million-dollar idea, high-quality products, and the determination to turn your dream into a success. These make for a great foundation for a retail business, but there are more plans you need to address before you can open your doors. From attracting customers to creating smooth and efficient transactions, here are three considerations to make when opening your own retail store.
Location and Layout
Your business’s physical space plays a huge role in your store’s success. As you look for locations to buy or rent, pay attention to the kind of traffic each place will generate. Setting up shop away from other businesses will reduce your nearby competitors, but it will also put you away from heavy traffic. Don’t let poor access or an out-of-the-way location prevent customers from checking out your store.
At the same time, one of the most important considerations to make when opening your own retail store is your store layout. Do you need more open space to let customers sample products? How can you place counters and point-of-sale systems to offer the most efficient customer support? Use these questions to build an accessible and comfortable layout for your customers and employees.
A successful marketing plan is the key to identifying and appealing to your target audience. Think about how you want your customers to view you. What’s your mission statement? What are your company values? Incorporating these things into advertising helps you speak to customers and make your business more relatable—and more memorable. You can also take advantage of the excitement of your grand opening by advertising special offers and events to draw in new customers.
Come up with a long-term marketing strategy to keep customers excited about your business. Platforms like social media and email marketing are great ways to consistently interact with customers throughout the life of your business.
Digital Dos and Don’ts
Businesses of all sizes are dipping their toes into the digital world. From e-commerce to digital advertising, an online presence can prove invaluable for your business. Make sure your online efforts align with your physical store—and vice versa. An unorganized and slow website gives customers a bad impression, even if your brick-and-mortar store is booming. On the other hand, investing all of your time and money into a sleek web design can leave your in-person sales and customer service lacking.
If you want to participate in e-commerce, make sure you have a speedy and attractive website that customers can easily find and use. You must also invest in data security for your retail business. A secure website that revolves around the customer will give you a leg up in online transactions. But keep in mind that a good website will likely generate more traffic to your physical store. Be prepared to invest in more employees and other necessary resources to help your physical store location keep up with the growth.