With so many businesses starting up online, and the convenience of working from home, it is a wonder anyone would want to get into retail. There are also lots of empty retail units out there that may lead you to think now is not the time to start a business in this way. The good news is that lots of small independent businesses are making a go of it in the retail sector, and they are thriving. Yes, it is expensive to run a retail business, but there are lots of deals to be had when it comes to rent and business taxes that could be favorable to you right now.
There are many expenses to consider when starting up in retail. You will have to pay rent on the unit you are situated in, but you may be able to negotiate a good deal if the unit has been empty a while. Shopfitting can be done on a budget if you are willing to put in the hard work yourself. However, it may take you longer, costing you more in renting a unit you’re not earning anything from.
Depending where you are, you may have to pay rates to your local authority. Some local governments are trying to encourage small start-ups and are offering favorable or discounted rates for the first year. Ask at your local office to see what help you can get if you start up in retail. There may also be additional power and water charges to supply your retail unit on top your rental charge. Make sure you know what you are getting into before signing on the dotted line.
Retail isn’t easy for a start-up, but it can be highly rewarding. Your customer’s response to your service or product is instant. You can see it on their faces and hear it in their conversations as they browse. None of this quality feedback is available to online retailers, so you have a chance to take this information and enhance your business with a quick turnaround.
When it comes to taking payment from customers, there are far more options to consider in a mall or on the high street. You should be able to take cash and checks, but also card payments from a variety of providers. Talk to your preferred supplier about a high-risk merchant account to see if you can offer your customers everything they need at a rate you can afford. Always ensure you have plenty of security in place to protect you and your customers.
Starting up in a retail unit is hard work, but you can see it grow and develop and succeed in a way online retailers and businesses can’t. You can put your own personal stamp on things and make changes based on face-to-face feedback. You can also build rapport and relationships with your customers based on your own personality and customer service skills. Retail is an exciting venture to undertake, and can be incredibly rewarding. Enhance your business with online social media and an informative website.