Setting up a retail store is a long and complex process. But it’s one thing to launch a brick-and-mortar shop and hope for the best. It’s quite another to set your retail store up for success from the get-go with proper planning and a few smart strategies.
If you want to make sure your retail store launch goes off without a hitch, read on – we’ll explore seven tips you can use to set up a retail store and promote it before opening day.
Narrow Down Your Target Market
First, you should narrow down your target market. Your retail store will only be successful if you know who you are advertising and selling to.
Once you do your target research, you’ll be able to:
- Market more directly to that group of potential customers
- Create products that offer real value to those customers
- Forge long-term relationships with your target audience
Use market research tools and agencies to figure out the demographic attributes of your target consumers and go from there.
Location, Location, Location
Location is everything when setting up a retail store. You should scour your local area for the best properties available based on cost, space, and consumer conveniences.
Don’t try to open a retail store in a rundown, overly cheap business building. If there isn’t any good real estate available, get in touch with real estate agents or wait for your opportunity. If you set up your retail shop in the wrong spot, you’ll just burn cash and time.
Design a Great Logo
The front of your store is the first impression potential customers have of your retail shop. So it’s a good idea to keep the customer-facing side of things looking fantastic 24/7! While keeping the windows clean and the store tidy is wise, you should also design an attractive and eye-catching logo for the sign over the front doors.
If you don’t already have a logo for your business, make one with a free logo maker tool like PosterMyWall. Designing your logo ahead of time is smart since:
- You can use it for all your marketing materials, unifying your branded ads and products
- You can hire contractors to install the logo around or within your sign above your retail shop’s front door
Use a Good POS System
Your retail store needs a stellar POS or point-of-sale system to succeed. Generally, your POS system needs to accept cash, chip and swipe credit and debit cards, checks, and other contactless payments like mobile wallets.
Make sure you sign up for a good POS system based on your customers and what you sell. For example, if your customer base is primarily comprised of college students, you can bet many of them will favor on-the-go mobile payments. So it may be a wise idea to sign up for Square or Clover, both of which offer handheld POS devices for fast and easy checkout anywhere in your store.
Hire the Right Staff
The right staff can make all the difference when it comes to your retail store’s launch and long-term profitability. Do interviews well before your store is ready to launch – that way, you can take your time to find the right candidates for your open positions. You should try to hire employees for your retail store a few weeks before your opening day.
Don’t Forget the Legal Basics
Lastly, don’t forget to cover any legal basics before your store fully launches. For instance, you need a business operation license, which allows you to operate legally in your city, county, or state.
If you have hired or plan to hire employees, you’ll need an employer identification number or EIN. Think of this as a federal tax ID for your business (and it also enables you to collect payroll tax). Depending on what you sell, you may further need a seller’s license. For example, if you sell alcohol, you’ll need a seller’s license to conduct business legally.
Advertise Before Launching
No matter how well you set up your retail store, no one will walk through the door to make purchases unless you advertise in the run-up to launch day. With that in mind, you should come up with some retail sale posters and other poster designs using free online templates.
Once you have your posters ready to go, you can post them around town or use them for your digital advertising efforts, like social media ads or Google PPC ads. Don’t forget to count down to your store’s opening on your social media platform or put up a few TV ads, too. The more you market your retail store, the more people will know about its launch on the first day of business!
In the end, setting up your retail store the right way is key to enjoying financial success in the future. Keep these tips in mind as you count down to launch day, and your retail store will thrive – not just survive – in this competitive market!