Envision this scenario. You have been operating an online business for several years now and you have finally saved up the funds to open up your very own flagship store. As an entrepreneur you have always been keen to pursue your passions and open up your own business; now the opportunity has arisen you want to do everything the right way. You will need to improve upon your methods of payment, assess your overheads and think about hiring your very own employees. If you can relate to this scenario, the following ideas will help you get started with the finer details so that your new store will launch without a hitch.
Payment Methods
Operating a store is very different to an eCommerce business. Online you can process payments with ease through a company such as Stripe or PayPal; however you might want to think about iphone vs android mobile payments for your store. Nowadays consumers want to have several options when it comes to payments, so you should think about efficient ways in which you can accept plastic over cash, so that you don’t lose out on any sales. Cash is becoming less and less common in the modern world, so you need to invest in technology that helps you to accept all methods of payment.
Finances
When you open up a store you need to think carefully about how your finances are going to be affected. Even if you have a lot of savings, it is always going to cost you a lot more than you think to get set up. You will need to have a large amount of start-up capital to get the location and building you desire. You also need to think about buying enough stock to keep you going for the first month or so. Make sure you don’t buy too much or too little; assess how your online sales did over the months and make an educated guess about your potential sales once you store has opened.
You will need to have a large amount of start-up capital to get the location and building you desire. Fortunately, there is no shortage of funding options to help you achieve your goals. For instance, you can bootstrap if you have more than enough money. If not, consider taking business loans from banks and other financial institutions. Alternatively, you can pitch your business plan to investors who are aligned with business values. For instance, if sustainability is integral to your brand, investors like Energy Innovation Capital can be beneficial.
Overheads
Remaining on the topic of finances, you also need to consider the overhead costs of keeping your store up and running. You will need to pay for rent or a mortgage, electricity bills, air conditioning and all other overhead costs that come with keeping your business going. After the first month you will be able to estimate how much your annual bill will come to, so you can look at ways to cut down your monthly costs and save some money. Contact local wholesale suppliers for items such as stationary and printer ink, as you will be able to save a lot of money by buying in bulk.
Employees
When you hire your first set of employees you need to be sure you are making the right decision for your business. Only hire trustworthy, qualified people who are going to be a true asset to your team. You can run through all of these details during the interview process before you make your final decisions.
Most importantly, slow down enough to enjoy the process of making the move from online to your very own store; factor in all of these eventualities and your launch will be a success.
