How to open your store
Very often, the first ideas associated with opening a business are associated with opening a store. This is logical, because we see similar examples everywhere. It is impossible to walk the streets without noticing around successful outlets. We’ll talk about this one.
Opening a store is one of the easiest types of business to start. It is only necessary to find what to sell and where to buy. The availability of so many simple things at first glance often leads to disappointment precisely because of underestimation of the difficulties.
Let’s imagine what issues the owner faces in the course of his activities. Depending on the products sold, the specifics of the difficulties that arise will vary. For example, selling products has endless shelf life problems. When engaging in clothes, dresses or trousers that will always be on sale will always be on sale. In addition to profitability, you should always remember about stock. Since the level of wrapping is unimportant, if the product is not for sale.
Now we are gradually approaching an important issue when opening a store, namely, the ratio of profitability and the corresponding departure of goods. If you sell goods at a purchase price, then in comparison with your competitors, you will have large volumes of sales, but you will not earn anything. And vice versa, selling a product with a huge wrap, you will have good profitability per unit of goods. But the number of operations will tend to zero. The optimal solution will always lie somewhere between the extreme points. For most product groups there is already an established level of markup. This most often refers to the most popular product groups. Pricing can significantly change business success in any direction. Do not forget about it and treat pricing as responsibly as possible.
There are general principles for opening a store, but of course, each outlet has its own products, its own characteristics when choosing a location, opening, pricing and attracting visitors. It makes sense to consider opening each type of store separately. Here are examples of opening some types of stores, what you can sell in them and what you should pay attention to when opening a business:
shop in the village
Advertising and customer acquisition
Successfully attracting customers or customers to the outlet is the key to business success. Here you should correlate the pricing policy with the people you want to see at the point of sale. The business focus on affluent customers should be confirmed by the appropriate level of service and the attractiveness of the premises. A more modest decoration and a lack of sophistication and interest in the room will provide attendance without any difference in income. Although wealthy customers, in this case, are more likely not to come. Therefore, it is better to focus on attracting exactly the category of people who are target customers.
There are many ways to attract customers. Naturally, this is an advertisement telling potential customers that you are here and waiting for them to visit. It is worth calculating advertising investments in detail so that your money does not turn out to be wasted. Instead of a single mass outflow of money everywhere, it is better to stretch the pleasure and place ads in the locations of future visitors. Let it be better for the right people to remember you more often than all at once and only a couple of days. You can talk about advertising for a very long time, and this will be discussed separately, so let’s continue.
People who accidentally pass by will always come to the outlet. Therefore, not forgetting the importance of attracting customers, you need to figure out how to make them remember and come back in the future. If they like the store, they will also advise your friends. So, a good assessment is your strategic task. This is an opportunity to expand the customer base according to recommendations. Recommendations can and should be sought. The client should like it at the point of sale, and of course, he must take with him something reminiscent of you. Create small business cards or brochures that talk about your new and exciting products. Perhaps this is expressed in the form of regular customer cards or a discount system. Give your customers discount cards and they will visit you in search of interesting offers.
Regardless of the type of products sold, the opening of a store will inevitably affect the following key issues of creating a successful business:
search for ideas and products for sale
advertising and customer acquisition
search for a place
staff recruitment and training
cash flow management
As with any other business, you may encounter other difficulties not affected here. Possible difficulties will be considered in separate examples. So get acquainted with examples of opening stores in other articles.