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Business Topics

Opening up your own Shop

If you’ve always dreamed of opening up a shop but don’t know how to, then we’re here to help. In this article, we’ll be taking you through the process to get your own shop running successfully.

Do your Research

You probably already have an idea in mind for your store. However, if you don’t understand the market and do your research, you don’t know how successful this will be. This means you have to assess the similar businesses around you and the market too.

This might seem like a lot of effort to go to, but it will help you out in the long run. If you want to gain investment, then you definitely need to have this research sorted well in advance.

Running focus groups, reviewing the market and looking at your competitors will all feed into your strategy. If there are stores like yours that have failed, then look at their track record and work out why that is. Mitigate the risks for your own store by learning from other’s mistakes.

Look for a Location

The location of your shop is very important, as you want to be as close to your target market as possible. This means you should be selective about where you buy. Take into account the cost of the store as well as others in the area. If you need extra capital then you can look to a service like Genie commercial Loan Brokers to help you with these overheads.

Define your Brand

As a shop owner, you probably know a lot about the brands that you stock. However, do you really know your own brand? Defining your brand will help you through the creation process and beyond. You can make your brand something that you identify with, or something your customers do.

This really starts to work as a compass for all of your other decisions. Especially during the shop fitting process, this will come in really handy. There are a lot of choices to be made at this time, so having brand values will guide you. This keeps your design cohesive with your brand, which makes for a better shopping experience.

Get Feedback

When customers start to come into your store, don’t be afraid to ask them for feedback. While the layout of the store might make sense to you, if they can’t find what they’re looking for then they’re not likely to buy. By asking them how they found their trip, you can move the store around to make things better for other customers.

As you get more customers, keep finding out what they love about the store and what you can make better. This will give you the edge over the competition as you provide a customer focused experience.

 

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