3 Steps to Open a Retail Store

​You can now begin your dream of starting a retail business! Although it may take plenty of initial work, with strategic planning, it’s always possible to reach your goals. Take note of the steps below to start a retail business and use it as a guide before opening your store.

Choose a Name
It may be easy for some to dream up of a moniker, but there are still those that may find the task rather challenging. Carefully decide on a name that can communicate to yourself quickly, considering the condensed nature of online searches and social media. Frequently, retailers either choose an apt name, a simple word, or only their name; however, these may become for SEO and search traffic.

If it takes a lot to explain the name of your store, it will also cost you a lot to win business online.

Determine Your Services and Products
Picking the perfect merchandise as your store product requires the balance of science and art. And every product needs certain services to support them, whether it’s gift-wrapping or repairs. Always consider the needed “extras” of your store for the road to success.

Most likely, the products you sell will be based on the ones you find passion in, along with the purpose of why you started retail in the first place. Remember, though, that purchasing products are only 10% right fit and eye, and 90% math. Getting the merchandise you want inside your store is easy, but selling it out for profit is the problematic part.

Write a Business Plan
Plans often fail if they don’t start on paper. The essentiality of writing a business plan is because it forces you to consider every area and angle of your business. It pushes you to do extensive planning and research, making it one step you must not skip. It may take you a while before you complete it, but there is a guaranteed correlation between a properly written business plan and a store’s success.

Here are primary areas in your business plan to address:

Marketing Plan

• Competitive Analysis
• Employee Plan (who you should hire and why)
• Financial Pro-forma (projections for 3-5 years of your profit and loss)
• Management Plan (policies, hours, etc.)

The steps mentioned above are vital to guarantee a successful retail business. However, other than strategic planning, you will also need protection in case of unexpected lawsuits and damages. Always remember to invest in a business insurance policy and give your store the protection it deserves.

At Oncken Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (281) 256-8310. You can also request a free quote by CLICKING HERE.