Not knowing how to start a retail business can be more frustrating than looking for funds.
However, before equipping ourselves with that knowledge, I think it is ideal for us to know first what retailing entails.
Retailing can simply be explained as the process of selling consumer goods or services to customers through multiple channels of distribution for the sole purpose of profit making. In retail business, demand reveals itself, and then through a supply chain, an embrace is experience,
In addition, supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to consumer.
If there be one connecting factor that links almost everyone of us in this part of the world, is our need and want for goods and services. And irrespective of believe and culture, this need is endlessly expressed.
With this in mind, retail business as we now know entails the selling of goods and services, this selling of goods and services, will yield a profitable result If the right strategies are being used from the very start. This is because profit cannot be found wanting wherever demand and supply finds oneness in romance.
However, not knowing how to start a retail business can be more frustrating than looking for funds. Many people wants to venture, but they lack the basics of retail business.
So, the question is, how can I start a retail business?
1. Write A Business Plan: Create for yourself a guide for your business to follow. This written guide will help you map out how you will start and run your retail business successfully.
Remember, business plan is a guide to follow; but should it happen that “the plan A” meets a dead end, then a plan B should be devised. Source for useful information online. it is a good way to go when planning a business.
2. Get yourself a business assistant, partner or collaborator: “Two good heads are better than one,” remember? A helping hand in business does ease the burden of making things work. The burden of business can be so heavy and frustrating at the start.
3. Choose your retail business location wisely: No matter how hard and well they try to make it work, a ™ Lewin store will lost function in my village. This is because petty village earners cannot afford the fortune of a ™ Lewin shirt. Know where the demands of your products are high and use such location as a base.
4. Brand your retail business: In a country like Nigeria where packaging is everything, remember to always use a name, logo, or time line that will be suitable for your retail business. A dumb logo or an awkward name emits a repulsive aura.
5. Use The Right Suppliers: Authenticity attracts customers. When people trust your product, they help advertise you. Africa is a region filled with all sort of fake products. Find the registered dealers or licensed wholesalers for your retail business. Link up with the manufacturers if that is possible and make use of them.
6. Advertisement: Advertise, advertise and advertise. You can advertise your retail business through the media or via mouth to mouth. The purpose of advertisement is to create awareness for your brand and business. In retail business, brand awareness is as important as meeting with demand.
7. Feasibility Study: This is the summary of the whole list. Find out everything you need to know about your retail business. This knowledge will surely pay off at the long run.
Tolerance: People are funny and perception differs. To transact peaceably with customers, one must possess a great deal of tolerance. Never return an insult. Apologize even when offended. And remember that customers are always right!
Negotiation Skill: Develop for yourself a sugar coated mouth, not a deceitful one though. This is very important when negotiating with your customers or suppliers. Everybody likes a humorous person. Secondly, know when and when not to compromise.
Vision: Vision is vital for the achievement of success. You must try to see what everyone else is not seeing concerning your retail business. Vision will give your retail business advantage over competitors
Creativity: creativity is everything! Imitation will limit you. You must find a way to personally create for your retail business ideas that will put an end to every problem, and bring a start to its progress.
Fundamentally, retailing can be divided into two categories: store retailing and non-store retailing.
Store Retailing: Here the purpose of a store in a particular location is taken into consideration to sell the products. Retail stores can be in different formats like speciality store, department store, supermarkets, convenience stores, discount store, off price retailers, and super stores.
Non-store retailing: This deals with selling products through the use of electronic media or direct selling medium. Examples of non-store retailing are direct selling, teleshopping, automatic vending or online retailing.
In conclusion, I would remind you that determination and perseverance are very important in retail business or any type of business. Recognise your weakness to business approach, and find a way to restructure it. And remember that customers will come again if you treat them with courtesy.