Amazing Retail Business Tips for Beginners and Existing Owners
- Choose an appropriate area of business for you by Experience, Knowledge or Passion
- Look for right Location, Brand & Price – be picky
- Prepare a Business Plan with comprehensive Financial Planning and contingency planning
- Get an Expert Valuation of the Business
- Equip yourself and your team with adequate Training
- Make sure that you are ready before you start
- Hire the right Staff – the BEST staff, and create a Team
- Happy Trading. Make business a happy experience for everyone
Operating:
- Customer Service should be the No.1 Priority
- Invest in regular marketing and measure results
- Train Staff regularly
- Train yourself regularly
- Update and concentrate on Stock, Category management & Merchandising
- Maintain Competitive Pricing & Promotions
- Presentation of the Store is paramount as FIRST IMPRESSIONS MATTER
- Develop a Point of Difference from other similar stores
- You – Working Hard is always effective but do not burn yourself out by working too hard
- Work on the business NOT IN the business
- Be safe & ready – have cash in the bank at all times
Selling:
- Exit Planning should start as soon as you buy a Business
- Determine a Time frame based on your life plans and goals
- Plan ahead – don’t react – but prepare
- Accept Reality (market demand is subject to change & may not be always what we want)
- Price the Business for Right Value, don’t overvalue the Business
- Prepare all the necessary paperwork with Accountant
- Select a Right Proactive Agent & Reputable Firm with Industry Knowledge
- Invest in marketing
- Happy Selling
- Look for New Opportunities
