The end of the tax year is almost upon us, and the warm weather is on its way. That makes now the perfect time to set up an independent retail store. If you have a passion for something and you’re looking to turn it into your new business, but you’re not sure how, don’t panic. We’ve created this comprehensive, concise guide that explains the basic first steps to help you turn your dream into a viable reality.
We don’t have the space to cover everything in the greatest detail here, but hopefully, having listened to our advice, and with some further research, you’ll be able to come up with a practice business plan and a strategy that can allow you to begin creating your new independent store.
Is there a gap in the market?
The first step to creating any business is market/ audience research. You’ve probably got the exact thing in mind that you want to sell, but you need to find out whether it would be feasible to sell it in your local area. Is there a market for it? Do other people, where you intend to set up, show/ have the same interest or desire for your product as you do? And how many competitors are there in your niche.
This is particularly important when you’re independent, where having a large degree of separation from your competitors is crucial for success.
Create your business plan
Once you’ve done the necessary research, it’s time to write it all down and make sure it all ads up to something that’s practical, and financially viable to implement.
The best way to do that is with a business plan – a simple guide can be found here. There are a number of considerations that you’ll want to think about:
- The location of your store (cost, footfall, terms of rental agreement, facilities)
- Payment options you’re going to allow your customers to pay by (cash only, or a more advisable card payment system like those offered by a provider like Card Cutters)
- The wages you’re going to pay yourself and your staff
- Your opening hours
And many more…
Approach the right people
Finally, if your business plan ads up and you think you’ve got some projections of your incomings and outgoings, you’re ready to go on to the next step. The best thing to do is to take your research to professional and legal advisors who will be able to check your figures and ask you questions you might not have had the foresight or understanding to ask yourself.
Ultimately, starting an independent retail store is not the easiest task in the world, but with the economy picking up and a new found optimism in the air, following our advice could help you to turn your dream into a reality.