Launching a retail business or restaurant
Whether you're opening your very first store or restaurant, or ready to expand, you deserve a professional who has not just the expertise, but the commitment to be your strategic partner throughout the process.
4 Critical Steps for Retail Success
1. HAVE A PLAN: BE PREPARED.
A good Business Plan is Critical. It is the Road Map that will take you from “Do your Dream” to running a successful business. Know who your customers are, have a focused niche and do your homework first. Experience is a great teacher: If you are not buying a franchise, work in your targeted field first. Understand the “numbers” of your business by speaking to as many people as you can in your business or related businesses, including professional organizations.
Many colleges with business schools have Small Business Development Centers which can assist you, consult with SCORE through the SBA or hire a professional who does Business Plans.
2. PUT YOUR “FINANCIAL HOUSE” IN ORDER.
Hire an accountant/financial advisor who understands your dream as well as the numbers of retailing. Being cognizant of all the location costs involved with starting your business will do wonders for your ability to weather any storms that might-and likely will-come your way. Underestimating the costs and the time involved with launching your business-especially when it comes to your location-is one of the most common startup mistakes, and one you can avoid if you plan properly: Take into account everything from attorney, engineering and architect and design fees to advertising, zoning and planning costs. Overhead expenditures and time to startup can very widely.
3. SURROUND YOURSELF WITH EMPOWERING AND COMPETENT PROFESSIONALS.
Believe in yourself and listen to your advisors who believe in you! Hire specialists: An attorney who has experience with negotiating leases in the retail/restaurant sector is key. Choose a retail planner and designer, a visual merchant, who can assist in creating the merchandise as “actor” on your stage which translates into increased sales. Hire a contractor who will give you “line item” pricing and is experienced in the retail sector.
Know an insurance advisor who deals in this field and comprehends all the nuances of the clauses in your lease related to Landlord requirements as well as protecting your inventory. Get referrals from others who are happy with their point of sale and credit card vendors. That relationship with your Banker can translate into a business loan. Learn all you can about SBA and other loan programs.
4. FIND YOUR WINNING LOCATION BY HIRING AN EXPERIENCED RETAIL REAL ESTATE SPECIALIST
Your location is your signature and the key to your profits. Profitability begins with locations that are centered within the precise geographic areas and shopping districts which are frequented by your target customers. It is important that you are represented by a professional who has extensive experience working with both the Landlord and the Retailer/Restaurateur. Whether you lease or buy properties, A Store Is Born, Inc. will put you in the ultimate posture for negotiation.
Please contact us to receive your copy of “27 Questions for Success”. Click here.
Mira’s grandmother, Anna Goldberg, owned a dry goods store and Mira just helped clear out the building she purchased to bring retail to Atlanta’s Castleberry Hill Historic District.