If you have ever dreamed of opening your own retail store you have probably fantasized about the positive aspects: surrounding yourself with products you are passionate about, being your own boss, setting your own standards, etc. But the hard truth of the matter is that opening up a retail store is expensive. You’ll need to be prepared for all of the costs that opening up and running a retail store will require. Inc.com shares a new business owner’s experience with opening her own store, and dives a little deeper into the types of costs you will encounter during the process. Here we have touched on some of those aspects so that you know what you will be up against when opening up your own store.
Opening and Operating Costs
- When you set up your new store you’ll want to make it your own. This includes choosing retail fixtures, flooring materials, décor, painting, etc.
- You’ll need to fill your store with retail shelving, install flooring, purchase miscellaneous supplies and make sure all of the pieces and parts that make up a functioning store are in place. Check out this handy business guide to get your business off and running.
- Construction to customize the space
- Repairman to help with general fixes and installations
- Security deposit for the rental lease
- Utilities security deposit
Ordering and restocking your inventory will never go away. It is something that you will always be monitoring and maintaining. You’ll need to manage theft control, the amount of stock on both your displays and backstock shelves, and keep an eye on products that do well and those that aren’t performing. This article from entrepreneur.com tells you all you need to know about managing retail inventory.
Marketing and PR
Especially if you are just starting out, the way you market is critical to your retail store. If you are not selling online an online presence is still very important. Maintaining a social media account, blog and email list are all excellent ways to reach new and current customers. Additional marketing materials could include:
- Signs, flyers, postcards and direct mail pieces
When you are first opening a store, one of the biggest PR moves you can make is having some kind of opening night. Do a softer opening with family and friends to get their feedback before extending the invitation to the public. For your opening you’ll need to market it, provide some food and beverages, and to really start off with a bang offer some kind of entertainment. This is a great way to get people into your store to see what you are all about. With any luck you’ll get some FREE word of mouth marketing out of the deal.
No matter how far along you come in your retail establishment you will never escape miscellaneous costs.
- Hangers and updated retail display shelves
- Cleaning services and supplies
- Social media accounts and a blog
If after reading a little more about all of the costs you will be faced with when starting your retail store you are still ready to take the plunge – go for it! Best of luck with you new store and don’t forget to contact your helpful experts at Handy Store Fixtures if you need help with store planning or retail shelving!