Set up and operating costs.
You don’t have to spend a fortune fitting out your new premises. But you should have a clear and detailed budget for setting up. How much you can afford for rent? How much you can spend on designing the interior of your store? Current retail trends are minimalist and industrial: focus on themes that work to your advantage if you’re on a tight budget.
Items you should factor in when creating your budget.
Rent, Landlord’s rent deposit, company incorporation fees, construction costs to customize the space, utilities, liability insurance, Accountant’s fees, tax requirements, internet, POS, credit card fees, merchandising fixtures, furniture, checkout counter, lighting, aluminium and glass doors (whatever is there already will probably be unsuitable), painting, your first inventory, security tagging devices for your products.
Grand opening costs
You may not have a huge budget for a launch or grand opening but it’s really important to have something that tells people your business is officially open and that they should come check you out. Send invites to the press, bloggers and influencers interested in having the first look at what you have to offer. Introduce yourself to businesses in the local area and invite them to the exclusive launch event.
On the day of opening, all it takes is good music, snacks, and drinks, and you got yourself an event where people get to explore your products. Allow people to get to know your brand and they will share what’s happening at the party to their audience and amplifying your reach.
Think through the number of people you have to employ to successful run the shop. Do you need them full-time or part-time. How about employment protection insurance for your employees? What kind of standards of dress and behaviour do you expect?
Do you always have to be there? If not, can you trust them to look after your business as well as you do? Hire only people you can trust. You won’t always be in store to take care of everything.