Running your own company comes with plenty of benefits – not just in a financial sense, but in terms of autonomy and control too. However, there are no end of challenges to contend with. Data from the House of Commons Library reveals there were 316,000 business deaths in the UK in 2020, which just goes to show how difficult it can be to survive in the commercial sector.
So, if you’re thinking about launching your own retail operation, it’s not something you should enter on a whim. Here are a few tips that might help you make a roaring success of your venture.
Create a business plan
This should be a comprehensive document that encompasses a wide range of factors. You need to lay out your business objectives as well as a detailed strategy for how you’re going to set about achieving those. Your plan should also define your product range, including price points and marketing strategies, as well as outlining your contingencies should things not quite work out as you’d hoped.
Research your market
You need to ensure there is a niche for you to exploit. Is the market already saturated with competitors who offer similar products at similar prices? If so, it may be difficult to stand out. It’s imperative for you to know all of this before you set up. So take the time to analyse your rivals, work out what they’re doing well and identify any opportunities that you may be able to capitalise on.
Gather the necessary documentation
You’ll have to register your business in order to be recognised as a legal entity.
You’ll also need to take out a robust insurance policy for your shop. This should cover things like accidental damage, public liability, employers’ liability (if you have anyone working for you) as well as protection for your stock and the physical premises.
Weigh up your funding options
It might be that you need a little assistance to get your venture off the ground. There are plenty of providers of business start-up loans out there, but it’s vital that you choose the lender that’s right for you. Take your time to do your research, compare the various products and ensure you have a full understanding of all the terms and conditions before you enter into any agreement.
Market your products
You should have already identified your target audience, but you need to be able to reach them effectively. There are plenty of different ways to market your wares – be it through your website, social media, emails, posters or good old-fashioned word of mouth. After all, you could have the best product in the world, but if nobody knows about it then your business is unlikely to survive for too long.
