5 Pro Retail Success Tips for New Business Owners

Though the marketplace has been disrupted by e-shopping forces such as Amazon, the resilience and value of brick-and-mortar retail stores has shone through in the past few years.

Many new retail stores are opening across the United States in 2018, proving that there’s plenty of room in consumer’s hearts and wallets for a successful retail business.

But business can still be tricky. It’s more important than ever before that business owners approach their retail enterprises with knowledge, confidence, and a steady hand.

If you’re new to the world of retail, you simply won’t have the time or room for error to learn through trial and error. There are mistakes business owners can take that can prove fatal. But with the right knowledge and advice, retail success is possible for anyone.

Read on, and we’ll share with you our most important tips on how to run a retail store.

5 Pro Retail Success Tips for New Business Owners

  1. Location, Location, Location

If you’ve heard it once, you’ve heard it all the time when it comes to business: nothing is more important than the right location. Even if you do everything else perfectly, the wrong location can produce a lack of customers that makes your store as worthless as a Chick Fil A on Sunday.

There are a number of factors important in deciding on a location.

First, consider your intended audience. What type of individuals do you foresee coming into your store? Set up shop in and near neighborhoods that fit the demographic that you’re trying to reach. If you’re trying to attract working families, for example, it won’t do you any good to set up shop next to a yacht club. The inverse is equally true.

Even within the right demographic area, try to pick a location that receives a high amount of traffic. In a perfect world, you’ll be situated next to non-competitive businesses with steady client flow. This way, they’ll be some spillover from these businesses into your own.

  1. Hiring and Management

A business is only as good as its team. This is a commonly held philosophy among the top earners in the business world, and one you should hold in high esteem as well.

When looking to hire potential employees, you’ll want to hire the best. Look for young people who have an avid and invested interest in your type of business. This kind of self-propelled interest will motivate the best performance from them, and you and your customers will be able to tell the difference.

Always ask for a resume and references when hiring. You should get as close as you can to seeing the “full picture” of any potential employee before hiring them. A mistake in misinterpreting an employee’s worth and sense of values can hurt you greatly down the line, so take care during this step.

  1. Handling Businesses Taxes

No one likes talking about the dreaded T-word, but it’s inevitable in life and in business.

Starting off on the right foot with big brother is the only way to ensure a healthy future life for your business. As you begin to establish your new retail store, make sure to apply immediately for an Employee Identification Number. These applications can take time to process, so doing them up front is highly recommended.

In addition to applying, it’s advisable to reach out to tax lawyers and/or accounts to help you establish your company. These professionals can make sure you have all the necessary paperwork filed and that the financial management of your company is on the right track.

The IRS has a number of resources and guides available online for small businesses that you should read as you wade out into the waters of the American marketplace.

  1. Pick The Right Merchandise

One of the most fulfilling and creatively involved parts of opening a retail store is selecting your merchandise. Finally, with the hard work taken care of you, you can begin to carve out an identity for your store in the eyes of consumers.

As much as it is engaging and fulfilling, merchandise selection is also hard work. It’s important that you establish a brand for your store and select merchandise that supports this image. Having a random hodgepodge of everything will leave consumers confused about your store’s purpose.

Subscribing to a specific niche can help you find a place in the consumer’s minds, and choosing the right merchandise is a big part of this.

Part of this process will also involve researching prices and deciding what your markup will be. Deciding an item’s cost can revolve around a large variety of factors. Outside of the initial cost of purchasing, you may have to factor in additional costs such as transportation or security. Learning more about security tagging and other retail needs can help you determine a proper retail price.

  1. Drawing In New Customers

Once you’re up and running, the biggest responsibility you’ll have day-to-day is bringing new customers into your store. There’s no right or wrong way to do this, but there’s always a few tried and true methods that you should strongly consider.

Sales are the most obvious. Having a sales section up front can help draw in passersby and convert new customers into returning ones. Advertising sales in your window and over resources such as e-mail and social media can help draw consumers towards your location.

Social media as a whole can be an engaging way to connect with potential consumers. With more and more people online, bringing your brand into people’s online lives is a new way to connect with them.

Even if it’s just a simple photo or anecdote, these posts can help endear consumers to your store and keep you at the front of their mind’s.

Retail Success Is In Your Future

The retail world can be tricky and challenging, but with the right steps taken up front, it doesn’t have to be impossible. Establishing your business with the consumer in mind can help ensure retail success for your business for years to come.

Want more business advice, tips, and tricks? Check out our blog for more.

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