If you’ve been dreaming of owning your own shop for some time now, the highstreet may be the perfect platform to make that dream come true. But before you take the plunge and open up your store, there are several steps that need to be taken – from deciding what to sell and crafting a business plan to registering with HMRC and financing your new venture. Let’s explore these steps in more detail.
The Self-employed Leap
At the start of 2020, when news of the pandemic began spreading around the world, it seemed as if self-employment was coming to an end. Many people made the decision to close their businesses or let go of their employees due to restrictions imposed by governments and health organizations. However, as we moved further into 2021, we saw a rise in self-employment numbers once again – a clear indication that entrepreneurship is still alive and well.
Think About What You Want To Sell
Of course, this will depend on what you want your store to represent. Suppose you want to focus on construction materials such as plasterboard. In that case, it’s important that you source quality suppliers who can provide competitive prices for bulk orders – customer satisfaction should always come first. Alternatively, if you have something unique in mind – perhaps a clothing boutique or art gallery – then make sure you research where you can find quality products at reasonable prices.
Create A Business Plan
Crafting a business plan is essential for any venture – especially when it comes to starting up a retail store on the high street. Your business plan should include everything from budgeting and marketing strategies right down to daily tasks such as stocking shelves and taking payments from customers. It’s also important that you research potential competitors to know where your shop would fit best within its local market.
Decide On Your Business Structure
If your store will employ staff members (even part-time), then it’s essential that you decide on which type of business structure would suit your needs best – whether a limited company or sole trader status. Different types of businesses have different tax obligations, so make sure you speak with an accountant or financial advisor who can help guide you through all necessary legal requirements.
Think About The Shop Floor Layout/Design
When it comes time for customers shopping inside your store, they should feel comfortable while browsing – so think about how best to use colour schemes and lighting to give off a warm atmosphere. Try placing items strategically throughout the shop floor; grouping similar items together can help customers find what they’re looking for quickly and easily while also creating an inviting layout overall. Think about ways in which digital signage could enhance the customer experience – digital displays are becoming increasingly popular with shoppers.
Register Your Shop With HMRC
Regardless of whether or not you hire employees for your store, it is required by law that all businesses must register with HMRC. This is done via an online portal which provides details regarding tax obligations along with advice regarding employment rights and other legal requirements associated with running a successful business.
Finance Your New Business
Raising capital for any new venture is always tricky, but doing so for retail space can be even more challenging due solely based on costs associated with rent alone. Consider seeking out investors either from within family circles or local business groups who might be interested in helping fund your dream project; alternatively, look into government grants available specifically geared towards entrepreneurs wanting to launch brick-and-mortar stores within their respective countries/regions.
Additionally, consider crowdfunding options, including Kickstarter campaigns which allow individuals across different networks to contribute financially towards projects they believe in!
Plan And Execute Your Marketing Strategy
Finally, don’t forget about marketing! In today’s digital age, it’s easy enough to create social media accounts dedicated solely towards promoting your brand/products/services; however, don’t forget about traditional methods such as print ads appearing in both local newspapers as well regional magazines – flyers distributed door also surprisingly effective when comes targeting specific demographics within certain areas/neighbourhoods.
Conclusion: Running a retail store has never been easy, but taking the above steps into consideration will certainly help those wanting to get a foot through the door on the high street.