How to Run a Retail Store
27 s1 expert advice45,144 views
Running a retail store is one way of keeping you busy and at the same time providing you an income. But you don’t just open a retail store. You need to know the steps so you can properly open and run a store in your locality.
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A retail store is one of the best businesses that you open these days.Contrary to the notion that retail stores are just like any five-and-dimes, retail stores are actually wide range and products may range from appliances to electrical and electronic gadgets, textiles and garments depending upon the store.
So how do you actually run a retail store? In running a retail store, you have to consider the following:
Know the Industry
You can compete better in the market if you have great knowledge over your business. To grow and succeed, you have to commit yourself to learn and have the desire to accomplish your goals.
Know Your Customers Well
There is no better way to serve your customers better than knowing and giving them what they want. Always think in your customers terms. Buy and sell products that they want; not what you want.
Manage your Money Wisely
No matter how unique or special your store it wont survive if its cash-strapped. To keep your business from going on, budget your money wisely. See to it that your stores income doesnt exceed its expenses.
Record your Finances
Know where your money goes. Track down every expense that you make. Keep a financial record where you can right down every dollar that comes in and goes out. Keeping your records will give you on the right track in eyeing how your business fares. Without it, youll be like a blind, not knowing where to go and what to do.
Practice Wise Management
You are your stores manager. Thus, you have to apply sound management practices. It is you who decide about customer service, time, resources, and the way of merchandizing your products and services. Likewise, as a good employer, treat your workers fairly and pay them with what theyre worth. With this, they will help your business become more successful.
Perform Regular Inventory
All stores perform regular inventory. The products sitting on your shelf costs a big part of your investment. See to it that you perform inventory as much as possible. This will give you the idea if what products do customers like and dislike most.
Buy Right and Sell Right
To know more about retailing, you have to understand that the price of your merchandise is dictated by how much your customer is willing to spend at a certain product. Be more competitive. Join buying groups and ask discount from suppliers so you can buy products lower than the wholesale price. Then, sell these products at a better price. In doing so, you can attract a good deal of customers and give the reason why they have to shop at your store.
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27 sSyed Asif Jilani said on July 4, 2010Dear Sir, i am Syed Asif Jilani from Karachi Pakistan i see your website and interested taken some valuable advise with you. I plan start the business in your country South Africa medium size Indian Retail Store How much amount required to start the business. For Example Shop Security Deposit, Shop Rent, License Fees, Furniture & Fixture, Deep Freezer, Crockery, Cash Register Machine etc eteLeslie Miller said on December 15, 2010Hello! We have recently opened a retail store in Lancaster, PA — but I am in need of a mentor. Someone that can help me determine best practices for our business: in regards to accounting, inventory, management, etc. Would you be able to point me in the right direction?ajay singh said on February 14, 2011pls guide me how to start my own small business(small Retail Store). Available any book to how to start small Retail Store businessJessica M. Cassion said on March 21, 2011Hello, I’m Jessica M. Cassion , of Cagayan de Oro City, Philippines, I want to start a Small business like Rice Retailing etc./ Retailing Store, please help me how to start. I need your positive response.
Thanks, JessicaJames expert adviser said on March 22, 2011@Jessica M. Cassion, here are the steps to start a rice retail store.
Find a store location.
File for business registration.
Find some wholesalers to negotiate the price.
If you are in require of funds then prepare a business plan and apply to local banks for loan.
Setup the store, buy required fixtures, sign board, table, chair, cash register, weighing machine, etc
Hire staffs
Jestin JamesStartup Biz Hub – Senior Advisor (Staff)maria sosa said on March 13, 2012Hi , My Name is Maria Sosa i am planning on opening soon a Adult Store. In my City their is none, I would like to know what would be the right way to Market my store and products with out being to obvious to minors?Tanya Witt said on March 18, 2012Hello, I want to open a costume jewelry/cupcake boutique in Florida. Crazy as it sounds I think it would be a cool new twist on a store.
Do I need a special food license to sell the desserts even though we would not be baking them in the store?FEROZE SHAHID said on May 1, 2012I want to open a Indian food restaurant in South Africa. Please advise me following ;
do i need a local partner to have a business there since i m foreigner ?
which is best place for my kind of restaurant in south Africa.
what kind of government permissions are needed to open food business ? are they very tough ?
how much amount needed for medium size restaurant for rent , deposit , license , gas and electricity , furniture and fixture , freezers , stoves , cookeries for one year?subrahmanyam s said on May 3, 2012Hello sir, I am from india Bangalore Koramangla would like to start a small grocery/provisions shop, in that area 6 indian small hotels are there and another 2 small grocery shops are there. Is it the right place to start my business and if yes what would be my main list of items to do a better business.
Hemraj Jain said on June 23, 2012Dear Sir, How i start the small business of crockery from my own house. pls guide. RegardsRaju rai said on July 21, 2012Hi I’m planning to start up a retail electric shop in Biratnagar, Nepal since i don’t have any prior experience guide me on managing the general business affairsDEBBIE said on September 6, 2012Hello, I would like to get some information on starting a full scale school uniform store, i am not sure if I want to sell the product online initially since there are no overhead cost involved. I would also like to know where I would obtain the school logos since most schools must have their logos on the uniforms. Any and all assistance would be greatly appreciated.
Jane said on November 21, 2012Hi, thanks for the information. Please I want to start a skin care business, where can I find suppliers and I would appreciate any advice from u. I live in Nigeria.ankit gupta said on November 29, 2012Hi, i am planning to start small business in crockery, & glass item supply in retail shop. pls suggest me how to start this business….surendra kumar said on December 13, 2012hi i am panning to open a retail shop in garment wear please suggest me how to open although i have better location but i want some financial assistant form ssic and ideas about govt. rules , like registration how to get incorporated certificate . where to purchase goods for mens womens kidsRachel Manju said on March 16, 2013Hi I am planning to open a provision/grocery shop in Singapore. Kindly advise on the steps and procedure to do so. And also on how to go about the suppliers. Thank you, Regards RachelPamela said on April 19, 2013Hi I would like to open a retail clothing store, but I cant find a shop that cheap and in a busy location. Is renting a shop upstairs with two or three shops upstairs in a small shopping centre, which has a pick n pay and 3 fast food take away at the bottom a good idea. Cause many times i have been in the centre to check if its busy, it seems busy but most people on shop at pick n pay, they buy their groceries and they leave, Do you advise us renting the shop and otherwise can you advise what we can do to entice people to come to upstairs, because many people feel its an effort to walk upstairs, is it a big issue when it comes to having a shop upstairs. Thankstommy said on May 18, 2013hi I’m now is a promoter of a brand that sell personal and beauty care in Singapore Harvey Norman. Now I facing a big problem is that the sale from 50k amount since 2011 until now keep on drop to less than 20k. I believe you should know that I’m promoter base on comm. now suddenly the crowd of people and spending customer getting lesser and lesser. so I really don’t know how to build my 50k back. I keep on do area cleaning, arrange my stock well and the pricing show very clear. but still don’t know why still no customer want to buy. I also can give them my full service to them, it just like instead of purchase my product I also can help other brand to sell and even home demo or service I also can give it to them if they need it. End up high chance of customer will say “ok I will think or consider” this word I heard until very tired… I now totally lost my way of doing sale… so pls give me some advice that what I can do and what I need to do. thanks you…Harish Adhikari said on July 31, 2013Hi, i am planning to start small business in crockery, glass item & gift items supply in retail shop. pls suggest me how to start this business. please suggest me
RAVINDER TYAGI said on August 5, 2013i want to start a small store of electronic goods. i am new in this line. please advice me you. start it. also suggest me, some other line store of profitable business. Thanks.Anne said on January 14, 2014I want to start a small scale business on crockery, housekeeping, glass and plastic items and cheap women accessories. Kindly suggest how to start, where to get the products and how to negotiate with dealers or manufacturers. Thank youRamnath Singh said on February 12, 2014Hello sir, I want to establish a small crockery factory in Bihar (Buxar – to be precise).
Can you guide me to the right person from whom I can take guidance and some help. Your suggestions will be very much valuable for me and I will be eagerly looking forward to hear from you. Warm Regards.anand pathak said on March 21, 2014please advise about small retail outlets in Gorakhpur, uttar pradesh indiaSanjo Zacharia Tholath said on August 1, 2014Halo sir , my name is sanjo and i’m frm kerala , india . i would like tu start a crockery business in wholesale near my village , in that place there is no whole sale shop. they brought crockery items from ernakulam town about 60km long, so this reason, me & my frnd got an idea to establish a crockry shop. plz give me more motivation statements. sry sir my english language is not good.
Karu Philly said on March 8, 2015I have a trade store, and am selling food items. i need help on how to attract customers.S.P.Sharma said on February 19, 2017Dear Sir, How can i start a Shop of crockery in india. pls guide me.Paul said on April 25, 2017Am grateful for your advice , i look forward to open a retail shop in kenya and more advice will helpful. (All the above fields are required.)
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