Do you want to make your retail store a success?
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What is retail? At its simplest, retail is the selling of goods to the public. Despite its simplicity, the size of this industry is massive—retail sales worldwide will likely reach USD 27.73 trillion by the end of 2020.
In a sea of retail stores, how can you ensure that your business stays afloat? Successful retail stores all have a few things in common, some of which we have outlined below.
What leads to a successful retail store?
It’s all in the research.
We can’t overstate the importance of taking time to thoroughly research your chosen products and industry before opening your retail store to the public. Take time to understand your future clientele, and thoroughly absorb knowledge such as advertising strategies and financial details.
Don’t underestimate the importance of keeping goods in stock.
Customers want to see plenty of stock on the floor when they step foot into a brick and mortar retail business. When a store is consistently unable to provide customers with the items they want, the business will quickly decline. An open shop should mean a stocked shop!
Follow and maintain a proper business plan.
Just like any other kind of business, the ability to open and maintain a successful retail store is incredibly reliant on the presence of a business plan. This should include goals and milestones, financial planning, marketing plans, and, most importantly, an executive summary.
Don’t skimp on advertising.
All kinds of advertising! Billboards, print campaigns, digital marketing—you name it, and you should give it a try. As a part of your advertising plan, make sure your website is up to date and easy to navigate, because four out of every five shoppers will research a product online before buying it. Get your store to the top of the searches!
Take the hiring process seriously.
Without appropriate retail management staff, a store won’t operate well on a day-to-day basis. This is why it’s particularly important to take great care during the hiring process. Whether you are hiring a store manager or a cashier, be picky and ensure that you employ only the best of the best.
Work regularly with an Online Business Coach.
Retail store owners who work with a Business Coach will be much more likely to succeed in their endeavors. Why? Online business coaching provides early opportunities to learn how to run a retail store, what topics to research, increase your sales, and how to nail the best advertising strategies. These Coaches can also help you to compose your business plan and, more importantly, make sure you stick to it!
If you are in the process of planning, opening, or currently operating a retail store, get in touch with an Online Business Coach today! Browse through our list of Online Business Coaches and message them for free!