Setting Up Your Retail Business: 5 Must Haves

Setting Up Your Retail Business: 5 Must Haves

You have the winning Idea. You have taken the time to create an overall plan that outlines what you want your retail store to feel like and what type of merchandise you want to offer. And you are pretty sure that you have the financial backing (either through personal funds or loans) to move forward. This is an incredibly exciting place to be! And it can also be a bit overwhelming to have so many details to face and tasks to accomplish. What is top priority to ensure your success and what can be ranked lower on your list?

In this article, we will look at five “must haves” to open and run a successful retail store.

Marketing Plan

Even if you do not create a full business plan for your new retail store, I highly recommend that you create a Marketing Plan. In the process of creating a marketing plan, you will define what your website will look like, your target customer market, learn things like where they live, how much money they make, what their other interests include, and how you will reach them to invite them to come and shop.

With this information, you will be able to weigh the benefits and challenges of different locations you might consider, as well as how to refine your inventory to produce the most appeal.  In addition, this will solidify your “brand” (your promise to your customer) and assist you in deciding on the logo and artwork you will use to differentiate your store from the competition.

Your marketing plan will also spell out your planned advertising venues (internet, print, TV) as well as address your signage needs. And you will have a solid idea of how much money will be needed to attract the clientele you desire.

You should consider using an all-in-one marketing platform like SnapRetail to help you with your marketing plan. SnapRetail is loaded with features such as sending email campaigns, scheduling social media posts, and building your own website.

Website

In today’s world, a website is no longer a luxury. It is truly a necessity for every new business. In fact, Forbes Magazine states, “Multiple studies confirm that consumers report using the internet first (80% of the time) when they need a new product or service.”  With statistics like that, having a website that is easy to maneuver and attractive has to be at the top of your priority list. If you don’t have the knowledge or time to create an aesthetically pleasing website and also boost your SEO (search Engine Optimization) ratings, hire a professional. Your site should be up and running, even if you are not offering ecommerce right away, before your store opens. The sooner the better, as you can initiate on-line advertising to generate customer interest well before opening day.

It is also becoming easier for the layperson without much technical expertise to build their own website. Many companies offer templates in a variety of excellent designs, so you can build a website for your store that is hard to distinguish from those built by a professional. …

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