While times have never been tougher for retailers as they are today, it’s still possible to create, run, and thrive as a shop owner. There are, however, a few things you need to consider to ensure your retail venture pays off and thrives for a long time into the future. Here’s a quick rundown of everything you need to consider before setting up shop – read on to find out more!

Location is everything

The most important step of all comes before you even open your doors – it’s finding the right doors to open. Retail ventures live and die by their location, so it’s vital that you think long and hard of where to set up your shop. A high street location is likely to be the best place for you if you want to guarantee plenty of passing trade. However, rates and rents for central locations can be a lot higher – can you, realistically, afford it? That said, go too far out of town, and you could end up with a quiet shop with few customers, and you won’t last a year at most. It’s a delicate balance to strike, but where you are at will determine where you end up!

Presentation is critical

Everything about the way your store is laid out is vital to its success. You will need to go through many store ideas before finding the best solution, and it’s a work in practice, too; always ongoing and never ending. Think about how you entice your customers from the streets with razor sharp and appealing storefronts. Arrange your best selling products to suck people inside, and draw them further into the store with discounts, deals, and promotions. And above all else, make it look good! Keep store fixtures and fittings exciting, modern, and fresh – and hire a good cleaner.

Your team is vital

Retail is one of those challenging environments that you have to hire people, but can’t really afford to pay them all that well. And that means employing young people. Make sure that you always hire people who have a genuine interest and love for the products you sell. And train them, too – any customer service issues they cause are ultimately down to you. You also need to focus on building up a team of trusted individuals to help you run the place. Experience is critical in these areas, and it’s also a good idea to try and go for motivational types who can help you get the best out of people.

Protection is – sadly – necessary

Finally, sad as it might be, crime is going to happen in your store. People will steal, shoplift, and maybe even try holding you up in extreme situations. And another sad truth is that your employees might take from you, too. It is vital to have an active loss prevention strategy, as well as an in-store security system that gives you and your staff some level of protection. Most towns and cities have a local retail security network, and you would be well advised to join it.