THE 4 CORNERS OF A STRONG RETAIL BUSINESS PLAN

THE 4 CORNERS OF A STRONG RETAIL BUSINESS PLAN (1).png

Setting up a retail business can be exciting. Turning your ideas and passions and turning them into a reality will give you a sense of exhilaration that can be hard to replicate. It will, however, be hard work. And, one of the most fundamental things that you will need to understand is that there will be no success without careful and thorough planning.

You will need bravery to get your idea off the ground. Then there is the ability to go out and push for the things that you want and need and the confidence to ask people for their help and support. But, knowing where to get this support will take foresight and consideration of all of the things that you require.

Getting The Product Mix Right

The bottom line when it comes to your business success is going to be having the right products at the correct prices. You will need to source, or make, a mix of products that fill a need for your customers. It may be that your customers don’t know they need it yet, and that’s where your marketing and sales skills will come into play. But sourcing the right products, and getting them at good margins is critical.  

Customer Service Is Fundamental

Whether you are dealing with your customers online, or in-person; you cannot cut corners with customer service. You need to build up a relationship with your customers. You have to show them that you are there to make sure that they buy the right product and that you will support them before, during, and after the sale.

Having The Right Technology

Technology is unavoidable in business now, and your customers will expect you to accept payments in a variety of ways. Contactless transactions are growing in popularity, and are overtaking cash for the level of convenience they offer. Many businesses are also adopting the ability to take alternative currencies such as Bitcoin too. The more options you can give your customer, the easier it will be for them.

Handling transactions means dealing with people’s data. There are strict regulations that surround personal information, and you should make every arrangement to ensure that this data is stored securely. This may mean installing additional software, limiting staff access to data through permissions, and having a lockable cupboard or safe for sensitive information.

Merchandising And Marketing

Getting your shop set-up is only the first battle, but there is much more to come. You will need to market your products to generate your sales continually. You’ll need to create two strategies to do this, one will be internal, and the other, external.

Your internal planning will look at creating great displays or effective product listings.  There need to give great information on features and benefits, and show the product in the best light.

Externally, you will need to have a strategy to bring people through the door. That might entail using social media, or having a search engine optimization plan in place. Using listing sites, and Google Maps is a great way to direct people to your physical store.