6 Steps to Start a Retail Store | How to Start a Retail Store? | #retail #retailstore #startretail
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Are you a startup planning to start a new retail store?
Or are you into e-commerce and wish to open a retail store?
Or are you already into retail and looking to open another store?
OR if you have the following questions?
how to start a retail store business?
Steps for setting up a retail store?
Steps to start a retail store?
In all the above scenarios, this video is for you.
“06 Steps to Start a Retail Store”
1st step: Business Plan
When it comes to starting a new store, first start with your homework to assess the business viability. 02 major factors leading to the financial failure of retail business are space rentals and inventory mismanagement-management (could be over-stocking or piling up of dead stock)
A business plan shall help you decide your breakeven sales for the fixed and recurring expenses your store has!
2nd Step: Location Validation
Once you have shortlisted a location, the next step is to check the feasibility of walk-ins at the store. If your store is in a high street or shopping mall or a standalone store then you can assess as follows:
Count the number of people passing by from the front of your store location during various times of the day and week. This is a difficult exercise but can pay off if done accurately.
You need to also check, how far or near the parking provision from your location is.
Do you have competitors, selling similar products, close to your shortlisted location or
Do you have non-competitive but complementary product stores around? (Complementary categories could be jewellery, cosmetics, and apparel)
Since how long are these stores in existence? Do you have any signature brands nearby (i.e. famous brands with high walk-ins)
All the above factors shall help you assess the organic walk-ins you can attract.
If your store location is deserted with low walk-ins, you would need significant marketing efforts to attract walk-ins.
This will help you gauge the approx. number of walk-ins which you can correlate with the average daily walk-in expected as per your business plan.
Shortlisting the location also involves other areas of assessment like the existing infra available, build-up budget, agreement terms, etc.
3rd Step: Sales & Operations Plan
This includes the following:
Which Retail POS & ERP are to be used to manage your inventory & sales?
How many employees to recruit and their roles?
How to plan your supply chain right from sourcing, warehousing, & delivery to stores.
How will you get walk-ins to your store?
How much will you spend on each channel of marketing like social media, print media, billboards, radio ads, etc
4th Step: Store Layout
There are 2 types of layouts:
Functional Layout & Interior design and civil layout.
The functional layout is designed by a retail expert. It defines the customer entry and exit points, checkout location, store planogram, operational area, warehouse area, staff utility area & so on.
Functional layout shall help you also reduce pilferage, & define security checkpoints and crowd management techniques during high rush hours within the store & at checkout stations.
Interior Store Layout is designed by an interior designer or an architect to give the desired look and feel as per your brand positioning.
5th Step: Standard Operating Procedures
Have you experienced uniformity in the experience at retail-chain store brands when you visit any of their stores? This is possible because of SOPs.
SOPs are not just for the bigger players, but for any scale retailer, as you are dealing directly with the end consumer.
SOPs act as a guiding force for the store staff to ensure the store operations are seamless and the customer happiness ratio is at higher levels.
SOPs across various functions shall help you to manage inventory, reduce errors, implement software to its best capacity, increase sales and reduce leakages across various areas like inventory, cash collection, compliances, etc.
6th Step: Get started
Time to start working on building your store, procuring the stocks, making the marketing plan for a store launch, & initial 06 months.
#retail #startretail #retailbusiness #retailconsulting #retailinsights #retailstore
Thank you!
LinkedIn - LinkedIn: your-retail-coach-yrc-
Twitter - Twitter: tweet_yrc
Facebook - Facebook: youretailcoach
Instagram - Instagram: your_retail_coach
__MUSIC USED__
Alec Koff - @YouTubeMusicLibrary
Time:
0:00 - Intro
0:32 - Step 1
1:31 - Step 2
2:59 - Step 3
3:24 - Step 4
4:03 - Step 5
4:46 - Step 6
4:55 - TAT
Are you a startup planning to start a new retail store?
Or are you into e-commerce and wish to open a retail store?
Or are you already into retail and looking to open another store?
OR if you have the following questions?
how to start a retail store business?
Steps for setting up a retail store?
Steps to start a retail store?
In all the above scenarios, this video is for you.
“06 Steps to Start a Retail Store”
1st step: Business Plan
When it comes to starting a new store, first start with your homework to assess the business viability. 02 major factors leading to the financial failure of retail business are space rentals and inventory mismanagement-management (could be over-stocking or piling up of dead stock)
A business plan shall help you decide your breakeven sales for the fixed and recurring expenses your store has!
2nd Step: Location Validation
Once you have shortlisted a location, the next step is to check the feasibility of walk-ins at the store. If your store is in a high street or shopping mall or a standalone store then you can assess as follows:
Count the number of people passing by from the front of your store location during various times of the day and week. This is a difficult exercise but can pay off if done accurately.
You need to also check, how far or near the parking provision from your location is.
Do you have competitors, selling similar products, close to your shortlisted location or
Do you have non-competitive but complementary product stores around? (Complementary categories could be jewellery, cosmetics, and apparel)
Since how long are these stores in existence? Do you have any signature brands nearby (i.e. famous brands with high walk-ins)
All the above factors shall help you assess the organic walk-ins you can attract.
If your store location is deserted with low walk-ins, you would need significant marketing efforts to attract walk-ins.
This will help you gauge the approx. number of walk-ins which you can correlate with the average daily walk-in expected as per your business plan.
Shortlisting the location also involves other areas of assessment like the existing infra available, build-up budget, agreement terms, etc.
3rd Step: Sales & Operations Plan
This includes the following:
Which Retail POS & ERP are to be used to manage your inventory & sales?
How many employees to recruit and their roles?
How to plan your supply chain right from sourcing, warehousing, & delivery to stores.
How will you get walk-ins to your store?
How much will you spend on each channel of marketing like social media, print media, billboards, radio ads, etc
4th Step: Store Layout
There are 2 types of layouts:
Functional Layout & Interior design and civil layout.
The functional layout is designed by a retail expert. It defines the customer entry and exit points, checkout location, store planogram, operational area, warehouse area, staff utility area & so on.
Functional layout shall help you also reduce pilferage, & define security checkpoints and crowd management techniques during high rush hours within the store & at checkout stations.
Interior Store Layout is designed by an interior designer or an architect to give the desired look and feel as per your brand positioning.
5th Step: Standard Operating Procedures
Have you experienced uniformity in the experience at retail-chain store brands when you visit any of their stores? This is possible because of SOPs.
SOPs are not just for the bigger players, but for any scale retailer, as you are dealing directly with the end consumer.
SOPs act as a guiding force for the store staff to ensure the store operations are seamless and the customer happiness ratio is at higher levels.
SOPs across various functions shall help you to manage inventory, reduce errors, implement software to its best capacity, increase sales and reduce leakages across various areas like inventory, cash collection, compliances, etc.
6th Step: Get started
Time to start working on building your store, procuring the stocks, making the marketing plan for a store launch, & initial 06 months.
#retail #startretail #retailbusiness #retailconsulting #retailinsights #retailstore
Thank you!
LinkedIn - LinkedIn: your-retail-coach-yrc-
Twitter - Twitter: tweet_yrc
Facebook - Facebook: youretailcoach
Instagram - Instagram: your_retail_coach
__MUSIC USED__
Alec Koff - @YouTubeMusicLibrary
Time:
0:00 - Intro
0:32 - Step 1
1:31 - Step 2
2:59 - Step 3
3:24 - Step 4
4:03 - Step 5
4:46 - Step 6
4:55 - TAT
2 سال پیش
در تاریخ 1401/09/23 منتشر شده
است.
4,155
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