We can’t deny how big e-commerce sales are today and will continue to grow. However, there is still a huge market that prefers to see, feel smell, and touch products before making the final decision of purchasing it.

Retail businesses in America account for 54% of all U.S. sales so no doubt that retail is still a big player. However, starting a retail business if no easy task. If you’re thinking of putting up your own retail store you’ve come to the right place. We can help you by giving you a guide to starting your own store.

1. Planning

At times when we have an idea, we want to make it happen instantly. We want to capture a certain market before a competitor comes in. We want to establish ourselves as a name brand before other businesses like yours are given the opportunity to develop themselves. However, opening a retail store can’t happen overnight.

There’s a lot of research and planning involved in opening a store. Even when you’ve already opened a store, there is still much to improve on to keep up with the demands of your consumers. There is a lot to consider when opening a store such as location, products to seel, the theme of the store, design, and layout of the store and products, will you be selling online on top of your retail store, etc. It’s best that you take a step back and write down what you need to see what you might be missing.

2. Location, location, location

In an episode of The Big Bang Theory, Sheldon agreed with Howard’s mother about which bathroom stall is best to use. Apparently, the middle stall is the best one to use as it is less occupied by those who need to, you know, go. In opening a store, location is key in having a successful business.

Look for space where foot traffic is consistently good — a place where you’re sure to have customers coming in and out of your store. On top of choosing a location, your store’s layout is also crucial. Even if you have the best spot in the entire world, if you’re store isn’t appealing to your market, they won’t take any interest in even looking at your window display. The layout of your products is also important to maximize sales. You can put your best selling or on sales products in front or in the middle for added visibility.

3. Monitor Performance

Always make it a priority to measure the performance of your business. With this, you’ll be able to make better business decisions to scale bigger. If you carry a variety of consumer goods some customers will favor certain brands so you’ll have to find a way to dispose of aging stocks.

4. Point of Sale System

The ultimate partner in achieving success for your retail store is having the right Point of Sale System. Modern POS Systems will not only process payments but will also keep data about your store’s sales.

With the continuous advancement in technology, we must be able to adapt to meet consumer needs for alternative payment methods. Luckily, Payment Pilot offers a range of POS Systems that can cater to your business needs. You can accept cash, card, or mobile payments at the counter or right at your customer’s seat. For some businesses, mobility is key so they need a mobile pos system to capture payments instantly and seamlessly.

5. Constantly Promote

Now it’s time to promote your retail business! One of the biggest mistakes owners make is being too complacent. Don’t wait for your customers to enter your stores, instead bring them to you.
How you want to market your store is totally up to you but now that there will be a series of trial and error in the beginning. Here’s a list of some way you can promote your store:

• Social Media Marketing
• Content creation (Blogs, Videos, and Podcasts)
• Search Engine Optimization (SEO)
• Email Marketing and Newsletters
• Event Sponsorship
• Referral Programs
• Print, Radio, or TV ad campaigns

You can experiment on which one works best for you but keep in mind that understanding your market is the first step of knowing how to communicate with them for the best return-on-investment (ROI).

Conclusion

Starting a retail business is not easy but it pays to be prepared. Don’t let fear take over you and end up pushing back your dreams. Don’t be afraid to take risks, calculated risks, and open the store of your dreams.