Make sure your jigsaw puzzle fits before you open your shop
If you are looking at setting up a retail outlet, please check, check and re-check that your idea is commercially sound before launching yourself (and your money) into the real world of the high street.
We here at enterpriseGY strive to encourage every client that comes to see us, that the most important step is to carry out market research and be as diligent as they can in their planning before opening.
You need to check a whole range of things – beginning with what are you looking to sell?
Then there is whole number of other questions such as –
- Who are your customers?
- Do they really want to buy your products from you?
- Who are your competitors? Why would your customers not buy from them?
- What are your total start-up costs? What items do you need to buy for your start?
- Is your shop in the right location? Have you checked it has enough passing trade, will people make the journey to buy from you?
- Do you know what the running costs of your business will be? For example – rent, rates, utilities, insurance, marketing, wages etc.
- How much money must you take each day, each week, each month to pay your way and leave enough for your wages and income tax etc?
- Have you looked at the lease you will have to sign? Are there any parts which will affect you negatively?
- Have you any funding to help with your start-up costs?
- Do you need any licences for food, music, environmental waste, etc?
The above are some of the things you need to assess before starting up and enterpriseGY will help you look at getting your plan in place.
If you want to understand more about planning for any type of business or for business training opportunities call us to make a free appointment on 01493 336425 or 0800 458 0146