Retail business has always been a good choice for many business owners, it is one of the most common business yet a very demanded business. There is a need of retail store in every area, every mall, every city, every town. The business can differ in genre but it is required everywhere and hence provides excellent business.
First of all you will have to learn if retail business is for you.
You might make a very good career out of retail business if you possess certain qualities that are required to be a successful retail business owner.
- Multi tasking
When you start a business you must be willing to take up all the work that comes along with it. As it is your business you cannot expect someone else to come and take over all the work while you watch. When you work under a company usually you are responsible for just one task but when it comes to being an owner you have the entire business to look after. Thus you must find out if you are capable of multitasking. As it takes a lot to be an owner than to be an employee.
- Risk handling
With every business and work comes risks that is unavoidable. Since when you take up any responsibility and go on your own way, you invite risks. So to know if you can really handle a business you must find out how good are you in risk management. Risk handling skill is extremely useful for,Â if you never take up risks you will never grow.
- Can turn an eye from paycheck
When you take a decision on having your own business you cannot expect a paycheck anymore. If you cannot deal with not getting paid on the right time every month you will need to learn or rethink about going ahead with your business. As a retail business owner when you start a business most of your income will go to the inventory and that might make it look like you are hardly having any profit but when you start a business you must be ready to spend before you expect anything out of it.
- Can handle being alone
When you take a path of an entrepreneur it is lonely and you cannot depend on people. Thus you need to know that you can be alone and manage your business by yourself. The decisions and the life of your business depends on you and the responsibilities can be huge and to take it all up alone you must be prepared to bear it all.
If you possess the above qualities and have an experience in business management you can go ahead with starting your own retail business but let this not confine you. If you are made for it and you believe you can, it is your choice.
Beginning the business
This requires all the qualities of an entrepreneur. And you need to learn about your customers. Consumers at the moment have become very sensitive, health conscious and very protective. So you will have to proceed accordingly.
- Launching your business
If it is a small business it will have to stand out from other business as you cannot expect people to run into your store if you have nothing new to offer. Market is always looking for new business that have something to focusÂ on and something catchy. Your startup will have to work on getting customers and provide benefits so you can find more buyers. This will help your store create aÂ niche in the market.
- The right location
While deciding on the business that you want to take up, deciding the location for your retail business is also very important. You cannot open a retail store for expensive clothing in a neighbourhood who only go to local stores for purchasing their clothing. Make sure your store is in demand in the area you want to open your business. You donâ€™t need a supermarket in a area where there are already 4 to 5 supermarkets. Start it somewhere near a residential area and it will be helpful for the customers and bring you good profit.
- Working from home
Working from home is easy and simple. You can have your own time and work easily with not having to interact with too many people . But this brings limitations for your business. As there will be less buyers and you will not be able to advertise your business properly. Therefore it is always better for you to come out of your comfort zone and start a business.
- Commercial locations
While selecting a city for your retail store keep the following in the mind:
- Size of the trading area of the city
- Customer trends and size of the population
- Purchasing power of the customers
- Retail trade potential
- Number and size of competition
- Quality of competition
Choosing the location in the city:
- Nature of competition
- Appearance of the area
- Geographically suitable
Make sure the landlord of your store is adjustable and flexible. Most of the times the landlords might cause trouble and hinder your business from functioning properly. You cannot risk your business to your landlord hence make sure you have a landlord who understands the importance of your business.
Opening any sort of business calls for marketing. You can use any form of marketing that is affordable and effective for your store. Give out pamphlets and any sort of print media so the word gets out.
- Legal documents
Before opening your store there are certain formalities that you will have to fill. Like getting permission from the area police and other forms and agreements. Failing of which will not announce your store as legal.
Reach tracks all your expenses and budget. On its dashboard Reach allows you to see the highest selling product, highest value customer, best sales executives, profitability,etc graphically.
Reach accounting softwareâ€™s features are:
- Purchase and expenses