If you’ve thought about opening your own business, you might have begun to look for advice. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing.
As a seasoned entrepreneur, I can tell you that there is no perfect formula for starting a small business. I’ve learned that the best business advice usually forces you to think in a new way. So, I’ve compiled a list of tips for starting your own business that you might not have heard.
The dream of starting a retail business can easily become a reality. It may take a lot of initial work as you start your own business, but with the right planning anyone can achieve their goals. The following steps to starting a retail business should be used as a guide before you open your store.
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But before you work through these steps, let me offer one bit of caution or advice. As a retail consultant, I deal with stores every week who are struggling and on the verge of closing.
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Opening your own business is often a learn-as-you-go process.
But, the more smart decisions you make early on.
The better chance your company has for success.
If you have an entrepreneurial idea, try these ten tips.
1. Choose a Legal Structure for Your Retail Business
Choosing the proper legal organizational structure for your business is one of the most important decisions you will make. While it is possible to change your structure at a later date.
It can be a difficult and expensive process.
Therefore it’s better to make the right decision before you start your own business.
The most common structure is an LLC. While S corps have a lot of traction as well, the LLC is the simplest structure to use.
You will want to incorporate, though, to protect you and your family in the future in case all does not go as planned.
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2. Choose a Name
Dreaming up a moniker may come easy for some, but others struggle with the task.
Considering the truncated nature of social media and online searches.
You want to be careful to select a name that can communicate who you are quickly.
Too often, retailers select a name that is clever to them or just a word or their name.
But these become difficult for organic search traffic and SEO.
The more it takes to explain your name, the more it will cost you to win business online.
Your business name should cleary communicate what you sell.
For example, if I were to name my store Hudson’s, people would have no idea what I sell or why they should come see me.
True you can overcome that, but why pick a name that means you will have to spend lots of time and money “overcoming.” It’s okay to include the family name in the title if you had a “what.”
For example, Hudson Tools or Hudson’s Hardware.
There is some value to a family name, especially in independent retail in smaller communities.
Here are some more tips on how to select the right name for your retail business.
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3. File for an EIN
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number.
And is used to identify a business entity.
It is required if you have employees in your retail business.
It is easy to acquire and can be done on your own here.
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4. Determine Your Products or Services
Picking the right merchandise to sell in your store is the perfect balance of art and science.
And all products need services to support them whether its repairs or simply gift wrapping.
Consider what “extras” your store needs to be successful.
Most likely, the products you are selling are baed on the ones you have a passion for.
And why you are considering retail in the first place.
But remember, buying products is 10 percent “eye” and right fit and 90 percent math.
Getting it in your store is easy. Getting it out profitably is the hard part.
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5. Determine Your Channels
Each way a customer can do business with you is known as a channel.
Will you have an online store as well as your brick and mortar store?
Will you do catalogue or phone orders? Will you have a mobile app?
Retail is an omnichannel world today.
Customers expect to be able to engage and buy from a retailer in multiple ways.
You must determine in advance what channels you will have.
For the customer to engage you and weave a consistent brand.
And culture and experience through all of the channels.
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6. Research and Know the Laws
Understand what business licenses and permits you need to obtain.
By contacting your city, county and state government offices.
Before you start your own business, find out what laws govern your type of retail store.
Consider consulting with both a lawyer and an accountant.
As each will help you properly organize your business.
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7. Define Your Customer Experience
By far, the most important thing you can do is this step.
Millennials are telling us they still prefer to shop in a store (63 percent) rather than online.
But they demand an experience that is different than what they can get online.
They want the experience to be “worth the drive.
Too many retail businesses fail because they skip this step.
They focus on products and store design and hiring and forget about the experience for a customer.
Defining what you want the experience to be like goes way beyond customer service.
In fact, there are a ton of retailers in the graveyard who said customer service was their differentiation.
Touting service and experience and delivering them are too very different things.
Defining your customer’s experience.
Determines the types of products you must have.
And the types of services you must offer and the type of store design you need.
And the type of employee you need to deliver it.
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8. Write a Business Plan
Plans fail if they are not in writing. Period.
But the importance of writing a business plan is in the way.
It forces you to consider all angles and all areas of your business.
It requires that you do extensive research and planning.
This is one step you cannot skip.
It will take you the longest time to complete.
But there is a definite correlation between the success of the store and a well-written business plan.
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Here are the key areas your business plan must address:
- Competitive Analysis (who is already in this business)
- Marketing Plan
- Customer Experience
- Employee Plan (who to recruit and why)
- Management Plan (hours, policies, etc)
- Financial Pro-forma (3-5 year projections of your P&L)
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9. Find a Location
Where you choose to locate your retail business will have a major impact on everything your shop does.
The difference between selecting the wrong location and the right site could be the difference between business failure and success.
There is an old age in retail — location, location, location.
It’s meant to connote that picking the right location is critical.
You must balance the best location with your budget, though.
Don’t overspend to be in the perfect spot. Before you sign that lease, consider the second best location first.
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10. Establish Vendor Relationships
A successful retail business depends greatly on offering the right product.
At the right price, at the right time.
Therefore, it is paramount to the success of your business to be able to locate the best sources for those products.
As you take this step to starting a retail business.
And decide what products or product lines you would like to sell.
It’s then time to find places to buy those items at wholesale.
By establishing relationships.
I’m referring to selecting vendors who will partner with you.
Selling your products is only part of the relationship.
Co-op funds, marketing support, returns, handling defective items, credit.
And payments terms and dating are all part of what needs to be considered when choosing the right vendors for your store.
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11. Define Your Store Polices
The best time to establish policies and procedures for your retail business is during the planning stages.
By anticipating problems before you open your doors, you can choose how you’ll handle special situations.
As well as the normal day to day operations.
This helps avoid making mistakes once you’re faced with customers.
Spend lots of time training and role-playing with your employees on these policies.
Make them fluent so they can deliver the best experience.
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12. Craft Your Marketing
Before you open a retail store, start spreading the word.
Create a retail marketing plan, brainstorm sales promotion ideas.
Begin branding and advertising your retail store.
Learn how to use loss leaders, media buys and sales events to the benefit of your retail shop.
Your marketing plan should focus your dollars where your customers dwell.
For example, for some businesses, social media or Facebook might be where the marketing dollars should be spent.
For others, it could be the newspaper or ROP. Everyone will have a great deal for you.
All advertisers will tell you they can get you exposure.
But what you need is buyers, and that’s why you use mediums that your customers do.
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13. Recruit the Best Talent
The only way to deliver on customer experience is to have the right talent.
With Millennials now making up the largest part of the workforce, this is an even bigger challenge.
Hire people who fit your culture.
This may mean they don’t have a lot of retail experience of product knowledge.
But those are things you can teach.
Smiling, being magnanimous and compassionate those are traits you cannot train.
They must come with the employee.
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14. Soft Open
Before you open your store “officially” to the public, conduct a soft opening.
A soft opening is when you are open for business, but without announcement to the public.
It gives you and your employees a chance to do a “dress rehearsal” before the big day.
I recommend at least a week for a soft opening, but take longer if you can.
It is invaluable in its ability to flush out potential problem areas and customer experience detractors that you may not have foreseen.
Fixing these things now before your grand opening means you are putting your best “face” forward when the marketing kicks in.
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15. Grand Opening
Never grand open until you are ready.
You only get one chance to make that first impression so make sure all of your employees know how to handle all situations.
Nothing annoys a customer more than an under trained or ill prepared employee.
Make sure every incentive, every sale, every sign, every product is ready to go in your store.
Staff your store for crowds.
It is better to have too many employees in the beginning than not enough.
Make sure your employees can tell the “why” story of your store.
Why shop with you over everyone else.
They could give this commercial to every customer when they first engage your store.
Plan for lots of breaks for your employees.
Bring in lunches and dinners so that can focus on your customers.
Keep them fresh and motivated.
And make sure every customer leaves your store delighted.
A delighted customer tells her or his friends and that’s the cheapest and best form of advertising available.
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16. Address excuses
Countless people dream of becoming entrepreneurs, but they never do.
They’re burdened with excuses and fears of failing.
From money to time to responsibilities, you can make a million cases for not starting a business.
Let’s face it, being your own boss is scary.
In most cases, new business owners have a lot to lose with little insight into their chances of success.
Worrying about the risks of business ownership is normal.
But, excuses only slow you down from reaching your goals. If you really want to start a business.
You need to address the reasons you think you can’t start a business and get rid of them.
Find a solution to the issue rather than let it hold you back.
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17. Absorb everything
Listen to what others have to say—friends, family, experts, even yourself.
When it comes to things that have to do with your entrepreneurial goals, be a sponge.
As you learn, start to work out the idea in your head. Write things down.
Keep notes from all the resources you come across to develop a detailed plan.
When you tell people about your startup, read their body language.
Do they like the idea? Or, are they just being nice and really think you’re going in the wrong direction? Encourage your listeners to be honest with you.
The collective opinion you get from peers could be a reflection of how consumers will react.
Don’t ignore the power of advice from experts and veteran business owners.
These folks know first-hand what does and doesn’t work. Smart entrepreneurs learn from the mistakes other business owners have made.
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18. Be a solution
Rather than starting your idea with what to sell, think about what it will solve.
It’s a lot easier to gain a solid customer base when your business is fixing a problem.
Your startup should fill a hole in a certain market or niche.
For example, I didn’t create Patriot Software just because I had a passion for software.
I wanted to solve an issue that small business owners like me faced.
After doing some research, I found I could provide payroll and accounting software that is easy-to-use and affordable.
Home in on why you are opening your own business.
Understanding your motives will help you create a brand and market your company.
Know what problems your target customers face and how you can solve them.
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19. Keep it simple
If you’re like many entrepreneurs.
You have a business idea and you’re ready to run with it.
Be careful not to let your concept snowball into something over complicated.
You could end up with an expensive, elaborate end-product that nobody wants to buy.
As a new business owner, try to start small and narrow your focus.
Learn how to test your business idea. Create a simple, quality good or service.
A successful business idea should fulfill promises to customers and exceed expectations.
Cut unnecessary features that water down your offerings and cost you money.
As a small business, you don’t need all the bells and whistles of a giant corporation.
It will be easier to add to your business as it grows.
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20. Count the costs
Once you start to develop your business idea, add up how much it will cost.
You will need to factor in every business expense necessary to launch and operate.
Some costs to keep in mind include your location, rent, supplies, marketing, and more.
Come up with the most educated number you possibly can.
Then, take whatever you think that dollar amount is and quadruple it.
Seriously, quadruple it. You’ll experience unexpected costs of running a business around every corner.
It’s better to be over prepared than short on funds when bills start to roll in.
When you’re thinking of the cost to start a business, don’t forget about your personal budget.
Look at how much money you need to live, including rent, food, gas, healthcare, etc.
Lay these expenses out in order of which ones you must pay (e.g., mortgage) to ones that can slide if the money runs out (e.g., entertainment).
Once you have a grasp on all your expenses, start to create a business budget.
At first, you might need to get some outside capital to make ends meet, like a small business loan.
Go over all of your options before putting your money into the startup.
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21. Imagine yourself with zero money
I mean zero. There is a high probability that this will happen.
I’ve had several businesses not make it for the long haul. And, I’ve come close to bankruptcy.
Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money?
It’s a good idea to come up with a “just in case the worst outcome happens” plan.
You might need to get a job on-the-fly or temporarily live with your parents.
You might have to go without comforts that you’re used to.
Figure out how you would get by if your business plan went south.
Look at your current sources of income.
What do you earn from your current job?
How long would your savings last if you quit?
What unexpected things could mess up your plan (e.g., you wreck your car or your furnace breaks)?
Prepare yourself for all the situations that could happen if the business idea doesn’t work out.
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22. Earn while you build
If you want to start a small business, don’t quit your day job—yet.
Launching a successful startup is a process.
Build your business in stages and gradually transition from employee to entrepreneur.
As a new business owner, it will take some time to earn a steady income.
Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages.
Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.
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23. Speak up about your business
One challenge many business owners face is that they don’t know how to sell.
It can be intimidating to share your business with the world, especially when you’re new.
If you’re worried what people will think about your business, you need to get over it.
If you can’t convince consumers to buy from you and support your company, it’s difficult to make money.
Not outgoing? Fake it ‘till you make it.
If you really want business success, you can’t afford to be shy.
In my early days as an entrepreneur, I had to to do public speaking for the first time.
Back then, I didn’t have any training or experience in talking to large groups of people, not to mention I wasn’t very keen on the idea of facing my worst fear.
But, if I wanted my young company to succeed, I need to to get out of my comfort zone. This came in the form of planning and hosting nearly 70 three-day conventions for my customer base of network recruiters.
I can’t begin to tell you how afraid I was.
As it turned out, I became a lot more comfortable in front of people after speaking at the conventions.
Though I was more introverted than extroverted, I learned to “put myself out there” for the sake of my business.
Be ready to speak confidently about your business, even if it makes you uncomfortable.
As a new business owner, you will need to market and network constantly.
From networking with clients to negotiating supplier payment terms, you must be able to communicate.
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24. Know the legal requirements for starting a small business
Starting a business is exciting. Laws are not.
But, you need to understand the rules that come with opening a business.
If you fail to follow government regulations, you could face steep penalties.
From forming a legal structure to setting up an accounting system, you must follow laws.
You need to register the business with your state.
You must also take care of business-specific tax liabilities.
And as you hire workers, you need to follow employer laws.
The rules that apply to you depend on your state, business structure, and industry.
Consider talking to a small business accountant as you set up your company.
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25. Balance passion with wisdom
One of the most important ingredients in a successful business idea is passion.
Passion will consistently drive you to improve your process so your business grows.
That said, don’t let passion take over all your decisions.
Passion will move you forward, but knowledge will point you in the right direction.
Conduct market research on your industry and talk to target customers to find out your business’s potential.
Ask experts questions about launching a startup.
Reach out to professionals that can help you with certain areas of business, such as financial advisors and lawyers.
As your business starts to come together, think of it like driving a car.
Let your passion hit the gas pedal and your mind control the steering wheel.
That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.
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26. Educate yourself on new ways of doing things.
Whether by embracing new technologies or incorporating new ideas from your people.
Make it a goal to stay at the forefront of new innovations in the business world.
27.Build a relationship with your employees.
Get to know your people, their needs, and their career goals.
As this will help them be motivated to help build your company with you.
28.Make a habit out of showing your employees you care.
Recognize your people’s hard work and show them compassion regularly.
Gestures like offering flexible schedules when your employees need time-off make a difference in earning their trust and loyalty.