Getting into business is a scary prospect, but there are ways to enter the field without as much pressure. For example, retail is a tried-and-true business practice that has constantly stood the test of time. In fact, UK retail profits rose by 1.3% in July of this year alone. Therefore, retail is a great place for budding entrepreneurs to get their start.
You can’t just dive in headfirst, though. There are several things you need to arrange before you begin your retail journey. If you are unsure about how to proceed, follow this step-by-step guide to getting started in retail.
Step 1: Find An Angle
Take a walk up your local high street, and you will notice that many stores offer the same goods. How do all these stores exist in the same space and still make a profit? The answer is easy, but it involves looking further into the world of retail.
Pay attention to each clothing store, for example, and you will notice that they all feature something unique to make them stand out from the competition. One store may deal in high-end fashion, while another may have a sportswear section. Only by using this diversity can these retail stores survive, so you will need to find an angle that allows your store to become distinguished in an already crowded retail market.
Recommended reading: how to start a clothing brand
Step 2: Find Your Location
A physical storefront is a great way to catch passing foot traffic. This retail practice has endured for many years now. However, it is on a downturn. The digital age has made it possible for people to buy and receive goods from the comfort of their own homes, which is a big threat to physical retail providers.
Therefore, new retail owners will need to think hard about where they place their business. You could open a physical store, but you must make sure that you offer a reason for people to travel out to you. Even if you take this approach, it is still important to maintain a web presence. Your customers will use the internet to find out about the items you provide, so make sure you are there to catch their eye.
Step 3: Get Your Paperwork Sorted
Opening a new retail business involves more than just a savvy mind. There is also a lot of legal paperwork that you need to obtain before you can start selling to the public. Most of these are easy enough to obtain, and you can start by registering your business with the local government.
Once your business is registered you should receive your retail permit. It is illegal to sell goods on public land without one of these documents, so always keep your permit at hand. What’s more, any business that uses company vehicles will need motor trade insurance. This insurance shouldn’t set you back much financially if you find the right motor trade insurance with Quotezone.co.uk, and it will protect your motor vehicles if an unfortunate accident occurs.
Step 4: Get Your Name Out There
Once you know exactly what you provide and have the legal requirement necessary to start selling it is time to find your customer base. You should have an idea of the demographic you are targeting once you have found what makes your retail store unique. All that is left is figuring out where to find these people.
For example, a younger demographic can be found on social media, so a well-placed ad or company account can spread your name to those you wish to sell to. However, it gets trickier when you have a niche type of client. A great way to get your store’s name in the minds of potential customers when you operate on the high street is by offering free samples of what you provide. Your aim for initial marketing is to get people through the door. Do this and word of mouth will quickly spread about your retail endeavour.
Step 5: Seek Help
A successful retail business cannot be run by a single person, especially if you are splitting your services between the high street and online. Therefore, you will need to find some employees to help you in your daily duties.
Of course, employment is another legal matter you must address. There are employment contracts and laws you must adhere to when hiring people for a business. However, the world is not short on people looking for a simple retail job, so you should be flooded with applications from enthusiastic prospective hires as soon as you post the details of the job role. Try to find the people that understand your goals and values and your business will do fine.
Conclusion
As you can see, there is a lot to think about when opening the doors to your first retail business. Fortunately, you have this guide to follow if you ever need some assistance.
