How to Start a Retail Store: The Basics Explained
Starting a retail store can cost anywhere from $3,000 to tens of thousands of dollars. But don’t let that stop you from learning how to start a retail store if that’s what you want to do.
If you have a good retail business plan, starting a business can be much easier. Keep reading to learn the steps to start your new retail shop.
Decide What to Sell
First, you’ll need to figure out what type of retail store you want to start. You may want to sell clothing, beauty products, pet products, or anything else you can sell in a store.
Once you do this, you can look for wholesalers and other suppliers to purchase products. You’ll also be able to determine if you need a big retail store or if you can go with a smaller location.
Then, you can draft a retail business plan to help get the funding you may need for the new business.
Find a Location
Next, you need to decide where you want to set up your retail store. You should pick a location that has some foot traffic to help get people to come into your store.
It also helps to have plenty of parking nearby so that people will be willing to check out the store. Consider if it’s on a busy street or if people will need to drive on a side street to find it.
Of course, better locations will usually cost more to lease, but they can be worth it since you can get more customers.
Design the Layout
The next step in how to start a retail store is to design the layout. You can’t do this until you sign the lease or purchase a space to run your store.
Once you have the location, you can figure out where you want to put everything. Then, you can order custom store fixtures to help put everything together.
Check out some other stores in your area to get a few retail store ideas regarding the layout.
Next, you need to find some employees to work for you. Hiring employees isn’t as easy as it seems because you need to find people. you trust to run the shop.
Look for people with experience, especially when hiring for managerial roles. Entry-level people don’t need experience, but you might need to spend more time training them.
You should also consider the going rate for different retail jobs to decide how much to pay people.
Schedule a Grand Opening
After you have a space for your store and fill it with inventory, you can schedule a grand opening. Of course, you’ll also want to have a few employees available to work that day.
Consider holding the grand opening on a weekend since more people are free to attend. That can help you get more customers on the first day.
Do You Know How to Start a Retail Store?
Learning how to start a retail store can help set your business up for success now and in the future. Be sure to choose the right business niche and location.
Then, you can design the store and hire people you trust to help with running a retail store. Becoming an entrepreneur may be well within your grasp.
Do you want to learn about managing money in your new business? Head to our finance section.