Three Tips for New Store Owners

female retail store ownerOpening a retail store is very rewarding. Any business owner knows that a lot of hard work and stressful days have to be endured to get to this point. Having a physical retail shop poses a new set of challenges that you must prepare for. Here are three helpful tips:

Train Your Staff

The lifeblood of any brick and mortar retail store is its staff. Retail sales coaching is vital to employees who will spend the majority of their time dealing with customers and handling the daily operations of a store. Scrimping and failing to implement an effective training program can make or break a retail operation. From customer service to sales techniques, training is essential to the success of your store.

Set Aside a Sizeable Contingency Fund

For new businesses, it’s imperative to set aside a fund to cover expenses in case of a slow start. Nobody wants to anticipate a poor initial return, but it’s smart to make sure that you won’t need to cut costs on the essentials right when your business is just taking off. It’s best to refer to your business plan and be conservative when forecasting the store’s traction. This ensures that the store runs efficiently while also not being a source of unnecessary stress during lean stretches.

Embrace Social Media

These days, having a brick and mortar store doesn’t mean that you abandon your business’s other “storefronts”. Each of your social media profiles should be treated as a digital storefront where prospective customers and regulars visit to check out what you’re currently offering. It’s also now a go-to for after-sales service and support. Make sure that you don’t neglect your store’s online presence.

These are just three tips to help you succeed in the world of retail. It’s challenging but definitely rewarding. Good luck!

Posted on by Ann Klatt in Higher Learning

About Ann Klatt

Ann's love for discovering new things has led her to different parts of the world. Though she is now based in Miami and works as interior designer, she still finds time to travel and experience new culture.

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