Retail

How To Set Up Retail Space | Retail Operation

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So, you’ve decided to go the retail way. Great! You have your business plan all drawn up, agreed on a store name and pricing structure for your retail operation, looked up a business park retail for lease, and you probably even have planned your financing. An important step, of course, is getting your permits and licensing for running a physical store. Every city has zoning specifications regarding commercial property, so you want to knock that off your list too. This article will show you how to set up a retail store.

How To Open A Retail Store

Setting up your business structure correctly is the first step to success and the best way to stay out of potential trouble down the line. As the business expands, which is every entrepreneur’s ultimate aim, keeping on the right side of the law becomes even more critical. So why delay the inevitable?

Get your business license.
Get your employer identification number (EIN).
Check with your state on a seller’s license and retail permit.

Retail LLC Startup

Check out these few companies that can assist you in getting your LLC started.

Here are a few government links you might want to visit

IRS Website

This site by the IRS is a must-see when beginning your LLC

The business structure requires your attention right away. Creating your company’s structure reduces the risk placed on you as an individual if something goes wrong. It is not uncommon to be the business’s sole owner; the idea is yours. Shared risk is safer sometimes.

Standard insurance agency list

biBERK
Three Insurance (Berkshire Hathaway Company)
Next Insurance
Thimble
Geico
Insureon
Mercury Insurance
Allstate
Chubb
CNA
Farmers Insurance
Huckleberry
State Farm
Hiscox
Nationwide
The Hartford
Travelers-Business Insurance
Liberty Mutual
Progressive Commercial

Best Places To Get Retail Small Business Insurance

Sometimes it’s best to consult a legal practitioner for these critical decisions to determine which structure best suits your new business.

Legal Consultancy For My Retail Business

Here are a few services available online

Retail Store Policies

It is essential to lay down specific rules and policies for your store. Consider fixing your store opening and closing hours, including holidays and festival/holiday shopping seasons.

Determine policies on issues such as:

Customer service practices.
Delivery service.
Dealing with theft or damage.
Returns and exchanges policy.
Special orders.

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Retail Store Planning, Retail Operation

Unless you are a big brand name, who can splurge on multiple retail floor spaces, every nook and corner of your shop layout is precious. So, you must plan the layout of your store carefully. Determine where your inventory will go, where you plan to place your checkout or cashier, and how you can optimize your aisle space and your store’s walls or corners.

You will also need to consider other factors, such as partitioning or planning an employee break room and storage space for your inventory. Can you provide public restrooms without impacting your storage space?

You will need fitting rooms if you run a fashion/apparel outlet. It would also be best if you had additional seating. In other words, you need to plan carefully and optimize your floor space for the best results.

Check out some of these retail design companies

My Retail Competition

An old but wise saying is, ‘there is nothing new under the sun. This applies to your idea. There is no totally original business idea. Some other stores are doing the same or similar. Understanding them will drive your passion for improving service, prices, quality, or customer relations. This will make a difference and increase the chances of your new business success.

Retail Store Security Policy

How much cash will you keep in the till at any given time?
Should you keep a safe on-premise?
Speak with your local police agency to learn about shoplifters or scammers

Best Business Park Location

Now, these are some of the basics of setting up a retail store, and you should have this planned and sorted out well in advance. But what comes next – the actual setting up of the store needs your attention to detail and absolute focus. So, if you are ready to take the plunge into the world of retail, here is a list of the brick-and-mortar requirements you will need to set up your retail store.

Business growth and expansion depend on an array of factors, one of which is your location. A prime location is imperative, regardless of the space’s cost and retail for lease. Excellent products at reasonable prices in a terrible area might not work. Consider these when picking a place.

Accessibility to customers.
Storage area for inventory.
Suppliers chain (easy access for deliveries).
Cost of business park rent.
Parking
Retail for lease

Retail For Lease

Here is a list of some popular commercial real estate companies:

What Are Utility Bills?

Every facility needs utilities – water, electricity, internet, heating and cooling, garbage disposal, cleaning services, etc. It would help if you had your store utilities set up, tested, and running well before opening up your shop. If you want to start transacting right away, then at the very least, you need to ensure that you set up electricity and internet in your store.

Retail Store Design

The idea is to make an impression without seeming too loud when it comes to the store’s décor and shop layout. Your décor and design elements also matter because they need to fit well with your inventory, fixtures, and furniture. If designing is not your forte, consider partnering with a local interior designer specializing in commercial layouts.

Check out some of these retail design and architecture companies

Design A Store, Shop Layout

Once you’ve planned your store’s layout, the next significant consideration is filling out space with furniture and fixtures or a retail clothing rack. Your inventory needs shelves and racks, and other holding attachments. You will need tables, chairs, and seating furniture for your customers and staff. You must make proper seating arrangements if you plan on having a lounge area.

Here are some design firms specializing in retail interior design

Here is a list of brick-and-mortar retail furniture stores in the USA

Here is a list of online furniture companies

Plan on running a café or a small eatery or bakery. Your furniture and fixture requirements will be different. Design elements aside, you will also need to factor in cost estimates – will you rent or lease or design your fixtures and furniture? Will you buy readymade items off the shelf? Again, you will need to plan this before opening your store.

Choosing A Brand Name, Retail Store Branding

Naming your store is a critical step in developing your new business. Your name, as it should, communicates a lot about your store and brand. Make sure it’s easy to remember and that it carries some unique meaning and concept.

Here are a few resources where you might get started

LegalZoom has a free name search page here

Shopify has a Business Name Generator here

There are a few companies that specialize in Trademark Registration

The United States Trademark And Patent Office

The US government trademark website USPTO is a must-see here

Apply for your trademark with the USPTO here

The Small Business Administration has a very useful site for your trademark questions here.

Take the time to ensure that at least 80% of your friends and family love the name you’ve decided upon. Keep working it until everyone in the room jumps up and screams, Yes!

We Are Hiring, Retail Operations Management

A good and dependable staff can help with the effective management of the business. They can also help drive business growth. Start by advertising job positions for the areas you plan to hire and hold interviews. Once hired, they will need training for the job.

Hiring someone with experience is, of course, the best option. However, if you are on a tight budget, consider hiring newbies or fresher for less critical jobs. If you plan on hiring a cashier or a store manager, you should hire someone with experience.

Retail Store Payroll Services

In-Store Marketing, Retail Marketing Solution

Marketing and branding are ongoing tasks, and you need to dedicate specific time to marketing your retail store. A few things to keep in mind:

Create physical branding and store advertising material – you can set up signs inside and outside your store to attract customers.
Use business cards, signage, and retail display units to invite customers and keep them engaged with your brand.
Advertise your store opening and any new offers on your website and social pages.
Claim your Google My Business Listing.
Consider offering discounts, giveaways, or sales on the day of your store opening, during the holiday season, and on special holidays or occasions.
Set up your business on leading review sites and invite customer feedback – you can then use these on your website and social sites to attract more customers.

Most first-time and new retail store owners manage their website, social, and advertising. However, consider hiring a full-time social media, website, and advertising person if budgetary constraints do not bind you.

Retail Store Social Media Presence

Set up your website and social media channels well in advance of opening your retail store. Your website design should be simple, easy to navigate, and mobile optimized. Make sure you feature the following:

Home page.
Products/service menu page with pricing.
Accurate contact and store information.
An opt-in form/page.
An About page that tells your story.
A shopping cart

Retail Website Marketing

You could even consider setting up a blog to advise and inform people about your industry, products/services, DIY advice, tips, and best practices at a later stage. This can help you market your brand and engage with customers.

When it comes to social media, identify the top social channels for your retail business, set up your account, and engage with your customers.

Upload striking product photos
Answer customer queries
Offer sales and discounts
Run promotions
Launch a new product/service
Create time-sensitive offers

These are some of the most popular ways to engage with your audience.

Lady Searching Her Phone For Shopping Malls

Small Business Retail POS Systems

Determine the types of payment you will accept – cash, card (which credit cards will you accept), or check payments.
Will you extend credit or offer payment terms to customers?
How will you handle returned checks?

Note – Considering we are in post-Covid times amid the coronavirus, you might want to consider contact-free or cashless payment options.

Retail Store POS Integration

Your accounting setup will reflect your overall performance. If you do not organize your inventory management systems, you might not know when to restock. You are most likely to run at a loss without adequate management software. An optimistic financial forecast also depends on the approximate data available from your business management software. Many software options are available, so choosing the right one for your business is imperative.

Retail Store Payments Methods

If your store has a cash-only policy, it will limit your customer’s purchasing opportunities; it does not matter how much they love your store; they cannot purchase items if they do not have cash. That said, there are many points of sale options available to help you start accepting all forms of payment.

Tap and go cards.
Swiping your credit or debit cards.
Loyalty cards to record points.
Online payments.
Coupons.
POS

Shopping/Testing Retail POS Tools

You should test every piece of technology that you will be using in your store well in advance. This includes your WiFi, cash registers or POS, your computers, portable terminals for inventory, and most importantly, your retail accounting software.

Opening My Retail Store

You might consider contacting your local chamber of commerce and organizing a ribbon-cutting ceremony with a few local officials, business owners, or associates. If you have friends in the press – leverage them if possible.

Regardless of how you plan your store opening, the idea is to let people know you are ready for business and welcome the community to your grand opening!