What to consider when opening a shop in the UK
It’s safe to say that many consumers like to dabble in a spot of online shopping. Whether that’s scrolling to pass the time or getting essentials quickly, sometimes the first resort is having a look online.
However, now that restrictions have eased and shops are open, consumers are keen to head back to the shops to avoid hefty delivery fees and see what they’re buying before they hand over the money.
In fact, according to ONS data, the number of people shopping in-store is increasing. That’s why now is the perfect time to set up a store! If you’re considering it, we’ve put together some top tips to help you thrive.
- Consider your market
One of the most important things to consider when opening a shop is your market and your target audience. Before you go ahead and acquire a physical presence, it’s important to look at the most successful stores locally, what they’re doing and what they’re not doing. For example, if you know that an organic produce store was unsuccessful in your local area, it’s probably not the best place for your new vegan shop!
Once you’ve done your research, you’ll be able to create your concept and define your USP.
- Get your finances in order
Whatever type of store you choose to open, you’ll need some way of funding it. Although some people can and do save up to start a business venture, that’s not the only way. Whether you choose to opt for a start-up loan, business loan, or get the backing from an investor, you’ll need to stump up the capital to buy your supplies.
- Consider stock organization and management
If you’ve got as far as acquiring stock – well done! But if you’re buying in stock, you’ll need somewhere to put it. Although it can be tempting to throw your stock in the backroom, by organizing your store effectively, you can make stock checking simple and packing up orders a breeze.
One of the best ways to organize your stock room is by investing in some good-quality shelving systems. That way you can utilize all the vertical space available, keeping your floor space clear to avoid any accidents. To find out more about that click here.
You should also label your stock clearly and ensure heavy items are within easy reach.
- Consider an exit plan
Finally, it’s important to consider an exit plan. Although we all like to think our business ventures will be a roaring success, sometimes things don’t go to plan. By having a robust exit strategy in place, you’ll have peace of mind knowing that your business will be sold to the right people.
Final thoughts…
Opening a shop is exciting, but it is also nerve-wracking. With so many aspects to consider, sometimes it can be overwhelming. However, by doing your research, securing funding, and making sure you have the right storage systems in place, you can’t go far wrong.
