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how to open a retail store

Opening a retail store can be a rewarding experience when it’s done successfully. Yet your passion for the niche you love isn’t enough to get you started, let alone sustain you.

It’s no secret that brick-and-mortar businesses require a lot of preparation. On top of paying attention to customers and staff, you’re often at the mercy of municipalities, regulatory authorities, community groups, and countless inspectors.

And that’s before a customer ever sets foot in your store. It’s a pile of work that’s enough to deter all but the most determined of would-be retailers.

Planning Steps for Starting a Brick and Mortar Store

But work, broken down into manageable chunks, becomes easy to manage. If you’re thinking about starting a retail store, the infographic below has a step-by-step overview of what to consider.

Your pre-opening retail checklist should include the following categories:

Legal Structure

Do you which legal structure is best for the kind of business you want to run?

Business Plan

Do you have a business plan that covers these 6 core elements?

Company Name

How much thought and research have you given to your company name? Does it pass these tests?

Social Media

Some social media channels are better suited for certain retail niches. You can’t ignore social media but you don’t want to spread yourself thin by focusing on the wrong ones.

Licensing

4 categories of licenses you’ll need to review before opening.

Business operations tools

Have you decided on what business tools you’ll need to successfully run your operation? The right tools can make your business life SO much easier and profitable. The wrong tools can stunt your business growth.

Here are four tools you’ll need, including one (or more) you may not have thought about.

Conclusion and Infographic

The infographic below, courtesy of retail specialist SMS Storetraffic.com, offers good pointers about how to open a retail store.

I have on last suggestion of my own, born of business startup experience. Don’t be afraid to reach out for help with your retail startup (or any startup, for that matter.) 

We all have gaps in knowledge and understanding, depending on our experience. If a professional can fill that gap, the small investment in getting the right help can save you tons of losses over the years.

If you like the infographic, please use the social buttons (upper left) to share with your colleagues!

how to open a brick mortar store

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