No matter if it is selling groceries, goods for the home, homemade baby items, or having an online store, it can be a dream career for many people. There is always a demand for retail, with consumers looking to spend on essentials, as well as treats and one-off items. With seasonal times throughout the year too, such as Christmas, there is demand for retail both in-store and online. With some smart planning, having a retail business that is different from competitors can be something that thrives. If you’re looking to get into retail but don’t know where to start, here are some things to think about.
If you want to have a physical brick-and-mortar store, then the location is what can make or break it. Having a good location is ideal for people to just wander in, as well as for regular customers who love your store. This kind of location can come with a price in many towns and cities, so you need to assess your startup costs and if you will be able to make the rental costs. Not only that but if you find the ideal space, does it need to be renovated to make it work for you? For this reason, a lot of people choose to sell only online, but there are some (smaller) costs associated with that, such as web hosting and web design.
Getting insurance is crucial for any business, but especially ones that have members of the public coming into their premises. You’ll need to have coverage as an employer, as well as public liability insurance if anything went wrong when someone was in-store or with items that they purchased. You are required by law to have insurance and the right kind of coverage, so make sure all aspects have been considered. Are you covered if the store’s windows get smashed in, for example?
The layout and design of the store are really crucial for the customer experience. If anything feels too messy or unclear, then it can leave an impression on your shoppers. Any retail shop design should flow well, taking customers on a journey. Think about items that go well together and group them together, as well as drawing customers in with your new items and then bringing them into the store more to see more of what you have.
One of the next things you’ll need to consider is the number of employees that you want to have in store. As much as you might want to do it all yourself, it won’t be possible. Even with a small team, you need to think about wages, benefits, holiday pay, and so on. It is something that is important to consider and can make a real difference to the business.
Retail is something that can be fun and enjoyable, especially if you are curating, producing, and merchandising products that you love. However, it is a lot of hard work, with long hours as stores can be open seven days a week. Weigh up the options and see if this kind of business is for you.