If you’ve got a head for business or that famed entrepreneurial streak, starting your own company can be an incredibly rewarding experience. You’ll be your own boss and making profits that are intimately tied to your own decision making skills and innovations. However, those looking to break into retail must be aware of the vast and highly competitive nature of the industry. Small start-ups can be successful, so follow these simple steps to get your business idea off the ground.
Is Retail Right For You?
You need to be committed and extremely self-motivated to be successful in retail. Larger chains and high street brands are often able to offer goods at a reduced price, and this is how they undercut their smaller competitors. Think about the amount of time you’ll be able to devote to your business, and whether you need to seek funding in the form of a start-up loan or grant from the government. It’s definitely worth looking into the help available for new entrepreneurs.
Doing Your Research
Before investing any money in a business idea, it’s important to make sure that you know enough about the market you’re planning to enter. Many retail markets are already oversaturated, so a unique product or way of offering a product is essential. Think about whether there’s a gap in the market that you can fill and consider what your customers will want from you. The most successful businesses place customers and customer service at the centre, and provide a shopping experience that is a little different from the status quo. Find out what your nearest competitors are selling and how they go about this, and draw up a business plan that will allow you to better them.
Online or on the High Street?
Renting a commercial property can be very expensive. Retail outlets need to be in prime locations to get the customer attention they need to survive. Don’t place your business outside the city centre or in a residential suburb. Customers want to be able to browse in convenient locations rather than making special trips to a shop that is out of their way. A more cost-effective solution might be to rent a temporary or semi-permanent business space, like those available from Neptunus Structures. Many small retail business start online, as this can dramatically cut down on overhead costs and allow you to establish real brand presence and client base before you splash out on a commercial premises.