5Steps to Consider When Opening a Retail Business | Retail | Retail Business | Retailers
Find out all you need to know about the steps you need to start a retail business.
00:00 Introduction
00:30 Course Agenda and goals
01:30 What is a Retailing Business?
04:00 5 Key Steps to Starting a Retail Business
05:35 Create a Business Plan
10:05 What are you Selling?
11:50 Who are you selling to?
13:50 Choosing the selling medium for your business
16:37 Building your Financial Statements
20:05 Supply Chain and Margins
21:00 Build a Forecasted P& L highlighting
22:17 Investigate the foundations needed
24:40 Conduct your market research
29:34 Create your Buyers Persona
31:55 Make sure you're well-financed
37:15 Decide your concept and branding
38:43 How do you start creating your brand?
40:57 Think about your customer
42:22 Conclusion
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All this means that while now might not the ideal situation to start a business in, if you can keep atop of new and emerging trends you'll be well on your way to success. Amongst the ‘new normal' for in-store shopping is an emphasis on creating smaller, more affordable sales outlets that can deliver on service rather than a warehousing of goods. These experience-led locations can showcase concepts, provide human service and engagement opportunities and even, if appropriate, house social occasions. Your business plan is perhaps one of the most important documents you will create. It should outline your business idea, market strategy, funding and costs, as well as a development plan for your product or services. However, while a business plan is important for keeping you on track to creating a profitable business, it should by no means be rigid. The nature of planning a business is that there will be peaks and troughs. This means your business plan should be realistic – and not just a speculation based only on hope. First and foremost, you need to do your market research. Before you commit to a physical presence on the high street, it’s essential you conduct thorough market research. Review other successful stores, and look at how they have established themselves in your target location.
This means it’s worth asking yourself the following questions:
Is there a demand for your product in the local area?
What does the competitor landscape look like?
If you are completely set on opening a certain type of shop, what can you do to be different?
Once you’ve conducted thorough market research, you’ll be able to create your shop concept and work on a unique selling point (USP). Just keep in mind that you’ll need to consider both the retail industry in your area as a whole, and the industry in which your shop’s products and services will fall (fashion, homeware etc). Conducting market research isn’t just about working out which products to stock and which services to offer. It’s also about learning what attracts your target market. It’s important to conduct thorough and in-depth market research on your core target consumers. Find out what they read, where they shop [and] how much they spend on outgoings. For example, say your target audience is young, fashionable, and ethically conscious–you’ll want to know what their interests are, and the types of places they shop in general (e.g. independent stores rather than huge retailers). Most importantly, how much are they willing to pay for an item? For example, there’s no point pricing your ethically sourced jeans at £90 if 70% of your target audience believe £50 is a reasonable price to pay for good denim. our branding is effectively the common thread that ties together your shop’s name, your business’ logo, the shop’s interior design, the tone of voice you use when communicating with and advertising to customers, the way the shop’s website looks and feels, and the posts you share on social media–making all of these facets recognisable as a part of your business. Branding needs to communicate the personality of your business. Whether you’re a haughty high-end jeweller or a fun-loving chocolate shop, your branding should make your tone obvious. Represent the preferences of your target audience. Which colours, imagery, and communication styles tend to resonate with and draw attention from shoppers? Promise a good quality product and shopping experience. When coming up with your initial branding concepts, make sure you refer back to your market research, as this should contain valuable information on your target audience.