Retail is a great way to earn real money, but it takes hard work and sweat labor. It sometimes looks too easy from the viewing stands and many times attracts those who are not willing to really jump in with both feet. At Handy Store Fixtures, we are retail professionals and understand that our best customer is also a successful retailer. So here are some realistic tips for retail success that you need to do prior to signing a lease:
- Research the demographics of the neighborhood. Learning how much the average family makes within a 1- to 5-mile radius is important, along with area population growth statistics.
- Sit down with pen and paper, or computer and Excel spreadsheet, to figure sales, profit and expenses based on demographics information.
- Work with a professional retail store design team to ensure that your retail store will merchandise correctly in the location that you have selected and to ensure that you get good suggestions or even necessary requirements about square footage.
Remember this: Many start-up costs are missing from a proposal, which sometimes can affect long term success. The old adage of “you cannot sell from an empty cart” means that you need to have sufficient inventory to cover costs and some left over to make a profit!
Learn more about Handy Store Fixtures store planning services can help you take a plunge successfully.