Retail Startups – What You Need to Know to Get Started

retail startups

We live in a digitalized era, where customers are now comfortable and used to shopping online, but that does not mean that there is no market for the brick-and-mortar retail stores. However, these stores have upped their online presence to higher levels than ever before, in order to keep up with the online traffic of e-commerce. 

Retail startups: what you need to know

If you are thinking about opening a retail store or taking your brand online, we have picked few basic points that will help you achieve your plan.

1. The importance of finding your niche

Finding a specific and unique product will not only help you in knowing what you want and being more decisive, but it will also help your customers, as you would be their go-to destination for a specific product that they won’t be able to find at their local department store.

Make sure you do a thorough research when you decide on your niche. You can look at Google Trends, local potential competitors and of course social media, so you determine whether the wanted product has a money-making potential. If you cannot find any stores nearby that have your product, go bigger on the research. Find the products on Amazon and see the industry statistics. See if the numbers fit your idea of successful startup and work with the results.

2. Business plan and logistics

Creating an official business plan is the most crucial part of starting a business. It gives you a fixed path to follow and sets you up for success. In the business plan you outline the company’s mission, your target audience, problem resolving strategies and employee policies. You need to outline the market analysis, what kind of products you will sell and the marketing strategy to promote the said products. It is also important to detail the financial plan for your business. By setting a financial timeline for the first few years, you will have a clear plan to follow and of course update along the way if needed.

Once you’ve got the plan in place, it is time to search for suppliers. It is better if you order few samples from different suppliers in order to check if the quality and appearance match your idea. The cheaper option is to contact overseas wholesalers, but you have to watch out for the transport and import costs. Do the math and see which option is better for you – domestic or overseas manufacturers/wholesalers. 

3. Develop your brand

Having amazing products is one thing, and providing an impeccable customer experience is a whole different thing in the retail world. 

You need to know why your business exists and you need to get the idea out to your customers, so they can link to it and create a special relationship with you. 

The store name and slogan should be unique to you. If they carry a special meaning, you get extra marketing points for the story that you can create with it. Take time to decide on the visual branding as well. Things like logo, colors, packaging, social media appearance and website presence are maybe the crucial part of your image. If you are not so tech savvy, use Canva so you can create a distinct logo, open the IONOS domain checker to see if your domain is already taken and when it expires, and just play with colors and words until you find your shtick and stick to it. 

And last but in no way the least, you must build a thoughtful relationship with your customers. The old rule “the customer is always right” still applies to this day. They need to connect with your business and feel appreciated and properly attended. This will guarantee you returning customers, and free promotion whether on any media or by word of mouth. It all plays a huge part in the success of your business!

While these are not the only things you need to plan and watch out for while opening your new business, they are certainly the basic steps you need to take in order to get going. Once you determine the above key points, you are good to go and take your business idea to the realization process. 

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