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Setting Up a Retail Business

Feb - 25 - 2013
Business Tips

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The current economic climate has seen a great many casualties on the high street, with big names going out of business due to poor sales and higher overheads. Despite this, some smaller independent businesses are thriving due to their loyal customer base, excellent products and a niche sector. If you’re thinking about setting up your own shop, then there are many things to think about. One of them is the physical property itself – here are some pointers to help you get started:

Location – The location of your business can make or break it. One of the main things you have to weigh up is the balance between the price of rent, and the potential footfall. The further you are away from the centre of other shopping areas, the lower the rent will be, but the fewer customers you’re likely to get. The flipside is that if you choose a location where there will be a lot of shoppers, you run the risk of not making enough to pay the rent. Research is essential to get this right, because once you’ve set up shop, it’s very difficult to move.

Aesthetics – The better your premises look, the better. People are more likely to be attracted to your shop if it appealing. This means making sure it looks great both outside and inside. This step can be as expensive as you want to make it, but you’ll find that very creative individuals have managed to make their shop look excellent with minimal expenditure. Remember to keep practicality in mind; carpets might look great, but durable flooring as offered by companies like www.tpscompany.com is going to be better in the long run.

Size – Getting the size of your shop right is actually quite important. You need to ensure that you’ve got room for everything you want to display, but anything larger than necessary is simply a waste of money. This will of course depend on the products you’re going to be selling; some shops rely on having a large range on display, where some clothing boutiques will have a very select range of items on offer.

Facilities – This is often the last thing that people think about, but they are important nonetheless. Depending on what type of retail premises you’re setting up, you’ll need a different range of facilities inside the building. As an example, if you’ve got a large amount of stock, then having a large stock room in the back is essential. You might also need a restroom, changing cubicles and more. If a property doesn’t have these things, then you can always have them installed, but be aware that this could be expensive.

Setting up a physical store is certainly more of a challenge than it used to be, but it’s still a worthwhile business opportunity if you get things right. The shop itself is clearly one of the vital components, and the better it is, the more likely you are to succeed.

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