You are about to open a retail business and do not know what to prepare? This article Sapo Blog will share with you all the essentials such as how to choose a retail model, retail business strategy, retail market analysis to help you get ready for business. Let’s get started now!
1. What is retail business?
Retail business is a type of business that distributes goods to individual customers and buys goods in small quantities.
Successful business people with large capital can build a chain of retail stores.
Retail business is increasingly popular and mainly operates on a small scale. It is easier for business people to join and invest more profitable than some other types of investment.
Retail business is attracting more and more participants
2. Popular retail models
Choosing a legal model for your business is one of the most important decisions to start a business. The legal model can change the structure of your business in the future, making it difficult and expensive for your business, so it is better to make a decision about choosing a legal model first. when starting a business.
Choosing a retail model is the first step of the business store opening process.
3. How to register for retail business?
Foreign companies and investors who want to do retail business must carry out complicated business registration procedures. However, if you want to open a retail business, you only need to register as an individual business household. Please read carefully the regulations and procedures to do it correctly, to ensure smooth and convenient operation of the store.
Procedures for registration of retail business
Before starting their own business, it is necessary to complete legal procedures such as business license, business forms of the store so that the store does not commit legal violations; In addition, you should learn the provisions of the law for the items and product lines that you will be trading.
If necessary, seek the advice of a lawyer and the help of an accountant to keep your business running smoothly and avoid making unfortunate mistakes with the law.
You can find out more details about the procedure to do in the article Detailed instructions on how to register a retail store business before starting a business.
4. Steps to open a retail store
Step 1: Research the retail market
Researching the retail market is very necessary because you need to have an overview of the activities of the business line to come up with an appropriate strategy.
Research the retail market before doing business
Vietnam’s retail market in 2020 is greatly affected by 2 waves of Covid epidemic. However, the retail industry still has opportunities to develop because of the abundant supply of goods and large consumer demand.
You should study the market trends to update new business methods as well as innovate the infrastructure system and product structure.
Step 2: Choose a store name
The name of the store or business should be easy to remember but impressive to everyone. In particular, it should have a certain meaning and be associated with the item you are trading, so that when it comes to that item, people will think of your store. Remember choosing a store name is also the first step in branding. Therefore, you should prepare carefully for this stage in the process of opening a business store.
Step 3: Choose a business product
Finding business items with potential and suitable for the time and market is one of the difficult decisions for retail business owners. Therefore, before deciding on the product line that they trade, store owners should consider factors related to the market, to consumption demand, to the future development potential of that product line. in order to facilitate business development.
Opening a retail store requires a variety of items
Step 4: Find quality goods and suppliers
The focal point of the supply of goods is an important link related to the later stages of sales such as: the selling price of the product, the quantity of imported goods to meet the consumption of the store, … Therefore, the focal point of goods supply is the most important factor for the success of the store.
When choosing a supplier to source goods, it is necessary to pay attention to the price of the products they provide, the quality of the goods, the delivery time, etc., so as not to affect the sales of your store.
You should look for reputable suppliers
Step 5: Write a business plan and purchase equipment
Whether it’s formal or informal, on paper or in software, the process of developing a business plan will make your store a success – it’s one of the most important steps to opening a store. best to start a business.
Learn how to create a business plan for your business, why you need a business plan, business planning software, or search and view plans. Free sample business on the Internet.
Once the planning is done, get to work on things like procuring the necessary sales equipment for an effective retail store business!
Step 6: Develop policies for businesses
The best time to develop regulatory policies for your business is during the store opening planning phase. The development of policies and regulations for businesses is based on predictions about situations arising in the sales process, in the relationship between employees, between employees and customers, how you will handle them. handle in those special situations – this helps your store get the old-fashioned way from the beginning, avoiding unfortunate mistakes in the process of dealing with customers.
5. Types of expenses needed to open a retail business
Once you’ve chosen your business model, you’ll also need to prepare for the costs of opening a retail store. Some common costs include cost of premises, cost of goods imported, equipment, …
Opening a retail store should find a nice place, a densely populated area to attract customers
Retail premises: The location of the store opening is one of the most important factors that directly affect the sales of your store, choosing the wrong location can very well cause your business to fail.
Depending on the budget to choose the location to open the store, however, the store fronts on the main roads and densely populated often bring obvious business results.
Sales equipment: The sales support equipment will help you manage your store more scientifically and easily. Some necessary equipment in the store include: Computer, sales management software, invoice printing software, barcode scanner, receipt printer, …
6. How to effectively manage a retail store
6.1 Develop a marketing plan
Marketing is an activity to bring customers closer to your store, to make your products known to many people, to build and promote your business’s brand to users – this is a powerful tool. A must for every store and business.
Use marketing channels for your business
Currently, there are many ways to market your product, for your store, be it using traditional marketing channels or channels over the Internet, these marketing channels will help increase sales of your business. your career.
In addition, you should refer to the marketing practices of businesses with the same model and draw lessons from your retail store opening experience.
6.2 Applying technology to business
The advent of computers and the Internet has created a great turning point for mankind, including the retail industry. The application of information technology to retail is an inevitable thing, storing information about goods, sales, customer information, etc. manually by taking notes and memory is no longer suitable. In line with current sales work, sales support software began to be born, solving difficulties for retail work.
Use modern sales support tools to help your store do business more efficiently
Choosing a sales management software that ensures safety, many features to support store operations at an affordable price is a necessity for a newly built, young experienced business. least.
You can refer to the following article to find out how the software will help in sales management at the store.
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7. How to attract customers in retail business?
Attracting customers in the retail business is not an easy task. Because each seller has its own advantages to compete with competitors in attracting customers to the store.
Promotions, sale off to help attract customers to the store
Therefore, you also need to equip yourself with some small tips and tricks such as: Implementation of discount campaigns, promotions, incentives; Pricing in odd numbers; Change the arrangement of items,…
You can refer to the article 10 tips to attract retail customers to sell more products to help the business grow.
8. What is the secret of a successful retail business?
As with any business, there is a secret to success. So what is the secret to success in retail business? Some secrets are shared by many people such as Know how to manage sales staff; Investment in management technology; The combination of online and traditional business;… Follow along with the following article where we summarize the secrets that many business people have distilled and drawn during many years of the retail business.
See also: 10 secrets of success in retail business
So the article has shared with you the steps to open an effective retail business. Make sure you understand and follow the correct process to make your store operate efficiently. Along with that is flexibly applying the secrets to store management! Good luck!
