Think of the term “retail” and chances are your mind wanders to the vast land of internet shopping. Whilst a majority of people choose to shop online in 2020, there is still a demand for retail storefronts and outlets. Brick and mortar stores may not be as popular as they once were, but trust when we say there is still a huge market for it. If you are looking to open a storefront in 2020, you’ve come to the right place. Today, we have a look at 6 top tips for opening a retail outlet in 2020, so read on to find out more!
1. Gather Your Software
Retail stores are no longer what they used to be in the 80s or 90s. With the shift towards all things digital, it is important that business owners ensure that they have all the software necessary to run a successful retail business. This can include bookkeeping software, payroll software for staff and time management or employee scheduling software that will ensure you are never understaffed. Software is essential for any business, regardless of whether you are operating out of a brick and mortar store or on an online platform.
2. Find The Right Location
Location is everything when it comes to the success of any business. This is why it is so important that business owners choose their outlet’s location wisely. One of the best ways to do this is to think about your target market or customers. Who are you aiming to attract to your store? Is your preferred location one that garners a lot of foot traffic? Do monthly rental rates fit within your budget? These are just a few factors to consider when choosing the ideal retail location. Doing some in-depth research on this is an absolute necessity as the wrong location can prove to be extremely detrimental to your business.
3. Think About Your Marketing Strategy
Just because you open a shop doesn’t mean your business is automatically going to draw in customers. In fact, focusing on marketing your products and services is vital in the long term success of your business. When it comes to marketing, get creative. Cross over to the digital world and employ marketing tactics such as purchasing sponsored ads on social media platforms and websites. Just because yours is a physical store doesn’t mean you can’t utilize online marketing tools.
4. Hire The Right Employees
We can’t stress enough about how important it is that you hire the right employees for your business. Unlike an online retail business that doesn’t require customers to interact with any staff, a brick and mortar business relies heavily on a team of experienced and well-trained staff. When searching for the right staff, we highly recommend hiring individuals who have had an extensive background in retail. The last thing you want is employees that are inexperienced. Not only is that a waste of your resources, but it could potentially ward off impatient customers.
5. Make Your Business Stand Out
The retail world is one that is fierce and competitive. This is why it is so important that you make your store stand out from the crowd. Whether this means getting creative with your window displays and lighting or creating a specific theme and style for your business, having a unique selling point is essential. No one is going to bother to walk into a dimly lit business or one that simply blends in with hundreds of other stores that look just like it.
6. Maintain Web Presence
Just because you are a brick and mortar store doesn’t mean that you can slack off on maintaining your web presence. The most successful retail outlets are the ones who also operate online. This means having an up to date and modern looking website and social media pages. Staying interactive online is a great way to promote your business for free and not lose out on online sales.
Opening a storefront in 2020 can be an extremely rewarding process and experience. We hope that this article has given you a few ideas and tips when it comes to ensuring the success of your retail outlet.