Retail is one of the biggest industries in the UK and it makes a significant contribution to the economy each year. It is estimated that around three million people are employed by the retail industry in the UK.
However, in the UK’s current economic climate, it is getting tougher for shops to succeed due to a consumer shift towards online shopping instead of physical. Therefore, there are a few things you should be sure to carefully consider when deciding to open your own shop.
The location of a shop is essential and is likely to be the most important decision you will make when opening a shop. It is crucial that your shop is in a good location so that you can benefit from passing trade, so you might consider looking for shops that are vacant on your local high street or on a quality retail unit of shops.
However, you will find that the better the location of your shop, the more expensive the rents will be. It can be difficult to get a shop space in a good location that is easy for your customer to access. You may also want to think about parking options so that your customers can park their cars while they come in for a browse.
Having your own shop will bring with it many different expenditures, from rents to staff wages. However, you will also need to think about the utility bills you will need to pay when running your own shop. Business utilities can include the essentials, such as gas and electric, as well as water rates and company telephones.
There are companies out there that can give you hints and tips and help you get the best deals when it comes to your utility bills. By shopping around, you can benefit from company incentives that encourage you to move suppliers.
It is essential that you get insurance for both your property and the products you have in your shop. There are many risks associated with being a retailer, such as fire and theft. However, if you plan on hiring members of staff, then you will also need to get employers’ liability insurance.
Marketing and promotion
It is crucial that you have a developed marketing and promotion plan in place for your first few weeks in your shop. You need to make your presence known to the local community, as they are potential customers. Some new businesses use discounts to entice new customers or invite their neighbours to their grand opening party!
There is a lot to consider when opening your own business in the form of a physical shop, but by following these hints and tips you can improve your chances of being a successful shop owner.