Opening a store can be fun and a great source of income.
According to Entrepreneur, at least one-third of the 500,000 new businesses launched every year in the U.S. (as of 2010) are retail operations. If you're thinking about opening a new store and gaining a significant market share within this overcrowded market, then you'll need to deploy some effective strategies.
Buying a Store
You could launch your own retail operation by buying an existing business. The two main types of businesses are franchises and independent stores. When you buy a franchise, you pay an initial fee and ongoing royalties to a franchisor. In return, you get to use the brand's trademark, receive ongoing support from the franchisor, gain the right to use the franchisor's way of conducting business and gain the right to sell its products.
If you would prefer to buy an independent store and you have a particular one in mind, examine its track record and accounts thoroughly and assess whether you can make the store a success.
Starting from Scratch
You might decide to create and launch your own retail business instead of buying one. Do you have a unique idea for your new store? It could be that you'd like to sell a product that isn't readily available anywhere else in your neighborhood. Perhaps you've thought of a new way of providing a service that will revolutionize the customer experience. Before you launch a new store, develop and implement a marketing strategy that focuses on your unique selling point.
Running a Store
Once you've bought a store, you will need to set goals for yourself and any staff. Be realistic with your expectations and their associated time frames. For example, perhaps striving a establish a chain, or multiple locations, within a very short period might be overreaching.
Don't buy random stock for your store and just assume it will sell. Work out who your target market is and stock products that they'll actually want to buy from you. There are multiple ways of doing this, such as by handing out surveys in your local area, emailing online surveys or arranging focus groups to learn their likes and dislikes.
Tags: gain right, launch your, launch your retail, your retail, your store
