Did you know that many of today’s popular brands started out life in unusual places? For example, Richard Branson started Virgin Records out of a church basement. And Steve Jobs started building Apple computers in his garage along with Steve Wozniak.
Many of today’s successful businesses also started out life from humble beginnings. It can often take a while before making the transition to a retail store. Especially if products only got sold online from day one.
Are you planning to open up a retail store soon? If so, there are a few things you need to know before you begin. The following top tips in this handy guide will help you get started:
Location, location, location
You need to consider where your target market is likely to be. For example, let’s say that you wish to open a store selling fishing accessories. A retail store near a river or the coast is more likely to attract passing trade.
Put some thought into where you wish to locate your store. I recommend drawing up a shortlist of potential areas. That way, you can research which one is most likely to offer the best ROI.
Select the right size store
Next, you must determine how big a retail store you need. It’s likely you’ll have a limited budget for now. Still, that doesn’t mean you can find premises that are both big and within your means.
The Internet is a great place to start searching for commercial property ads. You should also speak with some local real estate companies too.
Negotiate a favorable lease
Once you decide on the right premises for your needs, you will need to start negotiating the price. Most companies will lease retail stores rather than buy them. That’s because it doesn’t affect their cash flow much. Plus, it means that firms can expand to other premises elsewhere.
Be sure to negotiate a fair lease for your potential new retail store. You should also take into account renovation work that must get carried out. Especially as the landlord won’t be paying for the refurbishment!
Modernize the store
Once you’ve got the keys to your first new retail store, it’s time to bring it into the 21st century! You’ll need to adapt the internal layout to your specifications. This will include things like setting up wall partitions and fitting a new ceiling.
You should also make sure your store doesn’t leak when it rains. Believe it or not, many leaseholders forget to check the durability of their store roofs! Make sure you hire a quality commercial roofing company to get your roof inspected and fixed.
While you are improving your retail store, don’t forget to select the right lighting for it. And choose a color scheme that will help entice your customers to buy things from you!
Have a grand opening day
Last, but not least, make sure you invite people to the launch of your new retail store! You could even publicize the fact in your local newspaper too. Consider getting some prominent local figures to launch the store with you.
Good luck!
