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Basic Steps to Opening a Retail Store

If you have a great product, or a line of products, you may want to consider opening a retail store to sell your product. Or maybe you’ve been selling products online for a long time and you’re ready to take it to the next level. Well, here are the basic steps you need to take for opening a retail store.

Selecting the Location

The first challenge is selecting the location for your shop. You need to do a lot of research and find a location that is conducive to your potential clients. You also need to figure out pricing for the lease, and negotiate as much as possible. Your lease will probably be one of your biggest expenses, so make sure you really look at the financials of the location.

Building the Store

After you find the location and sign the lease, you need to build your actual store. This will involve a lot of work, and could be expensive. You should make sure that your storefront conveys the brand of your product or company, so that your customers understand it. You will also need to buy signing and fixturing to outfit the store.

Setting Up the Infrastructure 

After you get the store built, you need to setup the infrastructure for your business. This means getting point of sales systems setup (cash registers), and integrating your accounting system into it. You also need to make sure that you are setup to do business. This means getting the permits you need to operate a business in your town, and getting the proper liability insurance so that you are protected should anything happen to your store. When you have the public coming into your shop, you never know what can happen, so it is essential that you’re prepared.

Hire and Open Up Shop

Finally, you just need to hire some people to work in your shop, and train them appropriately. Once you’re ready, open the doors and start selling your product to the public. Consider having some special promotion surrounding your store opening to drive traffic and get off to a good start.

Article publié pour la première fois le 01/10/2012

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