How many of the young entrepreneurs are aware on how to set up a new business? Maybe a few, who’ve passed out of leading B-Schools. But, the common denominator amongst novices in the industry is the fact that they are unaware of how to lay the foundation successfully. Let us enumerate a few steps that would help aspiring entrepreneurs:
• Develop a Proper Business Plan: The most important aspect to be taken care of before starting a retail business is to have a foolproof business plan which is legally acceptable and has got an amenable structure to it. It may not be impossible to change the structure or plan on a later date, but it may come out more expensive and tedious.
• Choose an Appropriate Name for Your Business: The name of your retail business is its unique identity. A run-of-the-mill name will never get noticed by potential customers. Come up with imaginative, snazzy, contextual and sophisticated titles which attract customers.
• What to Sell, What Not to Sell: This aspect is completely the retailer’s decision. If you have something unique to offer in your kitty which other businesses do not, then there are higher chances of success for your venture.
• Be Legally Proficient: Even business comes with minute legal intricacies. If you do not have ample knowledge in this particular aspect, you may land up in trouble. It is utmost importance to have the licenses and permits to be granted by the government in place before you start a business. Additionally, always have a legal advisor for your business who can guide you through the legal do’s and don’ts.
• Find the Right Location: The location of your retail business is of paramount importance. Plant your boutique or store in such a way that it is in the vicinity of targeted customers. For example, if you are planning to set up a departmental store or a stationary shop, it would be a wise choice to locate it near a school or college rather than in a bustling suburb or residential area.
• Buying of Wholesale Products: The prices at which a young retail business owner buys commodities from a wholesaler should be properly scrutinized. Otherwise, the latter may incur heavy losses. Also, it is essential not to over-purchase goods with less demand, which may accumulate and ultimately go waste.
• Set up Store Policies: Sketch a list of policies and procedures to be followed in the business, right in the initial stages of business planning itself. There should be guidelines for both the staff and customers, so that the retail businessman won’t face a challenge of confusions once the business is up and running.
• A Clever Promotional Strategy: No business or product can be successful minus a good promotional strategy. Even if you set up an avant-garde store which homes all exquisite merchandise, it will not reach the target customers unless you publicise it diligently. Tie up with the print and electronic media, keep aside a budget for the promotional purposes because it is highly crucial for a debutant retail business to get noticed it the market.
Hence, the bottom-line would be to take risks, chances, and decisions on your own. Be confident about what you have in store, be earnest, hard-working, and also nurture a keen and bright idea about your business plans, legal nitty-gritty’s and the promotional activities; the success will be yours!