5 most important things to keep in mind starting your first retail business on a budget

When starting a small retail business it can be very difficult to become successful. The odds are not in your favor and most small businesses fail in the first 24 months so its important you have a clear direction for your business and you follow some basic steps to make sure your are not just another statistic.. I have compiled 5 things I think about and iv used to help guide myself through starting a retail business.

1. Location: is there a need or demand for your business in a specific location more than others?

2. Retail Space: Everyone wants to open up there first retail business in a big beautiful building that looks like its fit for a Starbucks super center but, You are paying for every good feature in a space so I would focus on features like access from the road. can a customer easily enter and exit your store without making U turns etc, does the building have on sight parking? Is it very visible from the street or is there a sign thats clearly visible? how many cars travel down that street on a daily basis? your realtor or a google search can answer that question.

3.Do you need this??? When making a list and doing buildout on your location ask yourself (do I need this) before every purchase you make. Once a business is making money and cash flow is positive things can always be bought later so if what you are buying doesn't significantly help you on day one of doing business consider waiting.

4.Advertisement: you will receive the daily phone calls from every advertisement company on planet, earth telling you how they can double or tipple your revenue with there form of advertisement. While every business is different I believe if you are starting on a budget there is to many free ways to promote your business rather than to give your money away to have someone else do it. Between Facebook Google, instagram and Many other social media platforms and free online directories you are able to get your business seen with a little work and consistency posting and keeping these platforms up to date.
5.Customer service: This is the single most important thing that is either going to make or break your business. A customer is going to make a decision about ever coming back based on the first minute or two of interaction with you or your staff and its important to make a good impression. Word of mouth is a very powerful things and it can make your retail spot a local sensation or just as quickly it can destroy your business before you have a chance to take off. Stress to your staff the importance of every customer getting a great buying experience every time they are in your business. Taking an extra moment to help your customer understand differences in quality features etc. go along way to a buyer in the market for really anything.

PS: ask for reviews in online directories such as google, yelp, etc.

If you follow these 5 steps you will greatly increase your chances of starting a business that flourishes. so get out there and make your dreams a reality.