When you have success online, it can be tempting to set up a brick and mortar business so that you can have more direct interaction with your customers. Having an online business is far different than having a brick and mortar store.
It’s important to make sure that you take the right steps when establishing your store to ensure that it can have as much success as possible. The guide that follows walks you through a few tips to use when opening a brick and mortar business.
Choose the Right Building to Lease
When you open a store, it’s best to lease a commercial building rather than buy one. This allows you to move the business later on down the road if the location you choose doesn’t yield as many customers as you need. When searching for Villa Park Commercial Buildings, it’s important to know how large of a business you need, where you want it to be located, and how much you can afford to pay for it each month.
It’s best to lease the space for a year or two at a time; this allows you to see if the store is large enough to suit your needs and if you are able to have success with it. If you lock yourself into a five or ten-year lease and the business isn’t successful, you could still be contractually obligated to pay the lease for the remaining period of time on the contract.
Invest in the Right Business Insurance
Business insurance is essential when you own a brick and mortar store because if anything goes wrong, you want to be sure that you will be reimbursed for anything that goes missing or becomes damaged. Invest in business insurance that not only covers your inventory but also covers any accidents that could occur within the store.
There are times when people will sue a business if they accidentally fall or trip over something while they’re in it. This could cost you everything that you worked so hard for if you don’t have the right business insurance.
There are many options, so take the time to discuss all of the ones that are available to determine which option is the best for your particular business.
Have a Security System Installed
When you own a business, it’s important to take the time to protect your investment. You want to be sure that there are cameras in place to catch shoplifters so that you do not lose merchandise without knowing about it. You also want to be sure that you can monitor your staff to ensure that they are doing the right thing when you are not around.
It’s best to have a security system installed that can be operated remotely. This allows you to be sure that the doors are locked when no one is in the building. If the system is operated remotely, it allows you to be in complete control of when the doors are locked and unlocked so that no one can go into your business without your knowledge. This will cut down on the chances of someone being able to gain entry to the store after hours.
Invest in Enough Inventory
When you open a business, you want to be sure that you have plenty of merchandise on the shelves; it can be difficult to know how much merchandise to invest in though. You don’t want to invest in too much merchandise, because it’ll be hard to know what’s going to sell and what’s not going to sell well.
It’s best to invest in a few of each kind of item that you plan to sell and monitor how quickly each sells so that you can restock them as soon as possible. This can help you to know which items you need to keep a steady stock of on hand and which items you may want to take out of the store completely. Any item that doesn’t sell well will be taking up space that could be filled with a different item that’ll sell better.
Set Up the Business
Once you have leased a space and have the inventory available to you, set up your business. Take the time to make sure that you choose décor that is fitting for your business. You don’t want it to look too overwhelming or it could be too difficult for people to feel comfortable when they’re in your business.
Be sure to consider the placement of racks, shelves, and other items in the store to ensure that your customers can move around within the space with ease; you don’t want the space to feel cluttered. If customers do not feel that they can move around within the business with ease, it could deter them from wanting to return in the future.
Hire a Great Staff to Work in the Store
You won’t be able to work at the store at all times. It’s best to hire a trustworthy staff to help you run the store so that everything can go smoothly, and you don’t become overwhelmed with the business.
When hiring a staff, be sure to run a background check on anyone that you plan to put in charge of a register or in a managerial position. You want to be sure that the people you hire don’t have a violent past or have a history of being a thief.
Before opening your business, it’s important to train all of your associates thoroughly. You need to be sure that they know what the expectations are, so that they know what you want to be done at all times. This will make running the business less stressful for you because you’ll be able to rest assured that your business is in good hands while you are away.
Market the Business Properly
In order for the business to be as successful as it can possibly be, you need to market it properly. You can use television, print, internet, and even radio advertising to market the business. You want to be sure that you are able to reach as many people as possible so that you can get as much business into the store as you possibly can.
When marketing the business, be sure to take into consideration who your target audience is. You want to be sure that your advertising caters to the target audience so that you can entice them to come into your store.
When the business first opens, you may not get a huge rush of customers. It may take time for word to get out about your new store. It’s important to make sure that you keep a steady track of money coming in and out of the business so that you can determine if it’s a profitable investment for you.
If you notice that the business is not making as much profit as you want, you need to be willing to tweak different aspects of the business until it starts being more profitable. Most businesses are not profitable for quite some time, but once they take off, it’s often smooth sailing for the business owners, but if they took the time to properly prepare their business from the start.