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10 Considerations To Make Before Opening A Retail Store

It doesn’t matter what industry your business is in. Starting a new enterprise is never an easy job, and it can be equally challenging opening a new retail store. For a start, there are so many things you have to think about before you action anything. And you have to pray that everything goes according to plan.

Still, opening up a retail store isn’t an entirely negative experience. In fact, far from it! If you execute a well thought-out strategy, you will end up with a successful retail shop. So, how can you achieve such an ambitious goal? The following ten pointers will help you get started:


1. Create a compelling business plan

You might think that a business plan is only useful for securing finance. But, it’s more important than you might think! You should consider the document as a road map of your retail store’s future.

2. Decide what style of store you wish to open

Opening a retail store isn’t just about adding a few shelves and stacking up some stock on them. You need to think about the layout and design. Take a look at for some examples of winning design strategies.

3. Know that you’ll likely go over your budget

Writing down a list of costs is one thing. But, what happens when unexpected expenses crop up? You need to make sure that you’ve got a financial safety net in case of a “rainy day”!

4. Think about your customer service

How will you treat your customers when they walk into your store? If you’ve got zero customer service skills, you need to learn them first. The same applies to the staff that works in your store too!


5. Choose a good location

I can’t stress enough how crucial it is you select the best area to set up your retail store! There’s no point leasing a cheap retail unit if people seldom visit the area.

6. Choose a good retail store

Once you’ve selected a decent area to start trading, you need to hunt down a suitable retail store. Be sure to negotiate the terms of the lease. Don’t just accept whatever gets offered to you!

7. Consider opting for upcycled or used display equipment

You don’t need me to tell you how expensive it is to fit out a retail store! One way to save money is by buying upcycled or used display equipment. Check out for some ideas!

8. Set a date

For the launch of your new retail store, of course! Setting a date does two things. First of all, your prospective customers know when you will be open for business. And, second, it gives you a sense of urgency!

9. Invest in payment technology

Taking cash payments from your customers is easy. But, what if they want to pay with a card? Or even using their smartphone? It makes sense to invest in smart payment technology for your retail store.

10. Get social

Last, but not least, you should build your brand by talking to people on social media. Promote your new retail store on Facebook, Twitter, and other social networks.


Besides being the main writer and owner of Life and Experiences, she is also the co-founder of Ayanize Co.

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