Opening a retailing business is very thrilling experience as you are excited to promote your business and expect a high return of your investment. But starting a business without a guide will make your business prone to failure. Here are some guides to help you get started:
1. Define Your Market.
Most retailing businesses fail before they even get started because they don’t have a clear target market. So as a business newbie, you must have a list of target market so that you can consider their needs before you choose your product for selling. Ask yourself: who do I want to sell my products with? Defining your target market also provides you an idea where to put up your business. Is it near the school? Is it near the public market? Is it near the offices? Observe the needs of the persons around you.
2. Decide what to sell.
In deciding which products to sell on your retailing business you have to consider two main points: one, the needs of your target market, and your knowledge of the product. You must study your product; ensure its safety and quality. And if your product has and expiry date, you must take note of that also. You must also consider the length of time it takes to sell your product so you don’t overstock or run out of stock.
3. Design Your Business Structure.
Whether you have a small of big retailing business it is wise to have a business structure. Changing of structure later can cause unnecessary expenses so you have to plan your business well at the very start.
4. Select a Business Name.
Select a business name which is simple, striking, and will catch the attention of your customers. It must be easy to understand and to remember. Using foul sounding words is a no- no. Be creative and imaginative and do not use a generic term.
5. Write a business plan.
Business plans may be formal or informal depending on what suits you best. It will help you monitor your income and liabilities. Open to a new product that you can add to your existing ones. Also, it can help you define monthly targets.
6. Find a marketable location.
You should consider your target market in choosing your location so that they will have fewer efforts going to your store and your income stream occurs naturally. But if you have a limited budget and cannot afford the place you can try an online store where you can also reach your target market.
7. Start it Legal: Register your business.
Have knowledge about the requirements to legalize your business on your place. Submit all the required papers and register your business. Displaying a copy of your business permit and registration can help encourage customers. And, if your business booms and you want to expand, you will not have difficulties.
Any kind of retailing business, big or small, needs research and perseverance. Whether it will be a failure or success depends on how you handle it. Also, the business experience is worth all your efforts.
by: Ana Margarita Olar