If you are one of many people that dream of having your own shop business then be warned: there is more to being a retailer than meets the eye.Standing at the counter surrounded by your hand-picked goods and discussing life with your loyal customers while they stock their bags with your products and your till with their money might be your vision – but how likely is it to become reality?
Doing your homework will give you get the best chance of success. Think carefully about what area you would like your shop to be in and who your target market is.What is your background? Presumably your shop will be in an area that you are experienced in and you will have the contacts, relationships and knowledge to set it up in the most effective way possible.
If you have never worked in retail before then doing some training or getting experienced staff is a must. Owning a shop isn’t just about taking people’s money. You have to be aware of branding, merchandising (how to display items), finances and stock control.
Stock control is an area that can get many new retailers into trouble. You have to have the stock to fill the shop to make money – but you need to pay for it upfront. That can mean that old stock, mistakes or unwanted lines can prove to be very expensive.Running an online business along your shop outlet is more work but can also complement your brand and your trade. Not only can you sell things cheaper, but you can encourage new customers (who may also visit your shop) buy offering free delivery and online discount codes.
Don’t worry that online discount codes are going to lose you money. By carefully choosing which products you are going to sell more cheaply with promotional voucher codes, you can move old stock or sale items.Promotional voucher codes help you abide by one of the golden rules of retail: it is always better to sell something cheaply than to throw it away.
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