According to recent figures, monthly online retail sales fell for the first time in 13 years during July, as hot weather and soaring consumer confidence encourage shoppers to hit the streets. This is part of a wider and more diverse global trend, with online sales in the U.S. also diminishing as proposed tax changes continue to impact on e-commerce outlets. With this in mind, it appears as though the current market is offering a window of opportunity for those who wish to establish a physical retail business.
How to Establish your Venture: Bring your Business Vision into Life
So what practical steps can you take to establish your physical retail business and bring a commercial vision into life? Consider the following: –
- Focus on a Staring Point and Developing a Scalable Business: While you may dream of owning a globally recognizable brand and numerous retail outlets, it is important to incorporate this vision as part of a scalable, long term venture. Initially, you should focus on creating a single physical store that is profitable, before expanding into targeted geographical areas. Consider using resources such as Completely Retail to identify affordable locations, as this will enable you to start in a modest and financially responsible manner.
- Select a Viable and Clearly Defined Product Range: Regardless of the precise nature of your retail business, it is preferable to have a viable and clearly defined product range. Although it is possible to sell an eclectic collection of goods, it is far easier to establish a strong and memorable brand with a more streamlined choice of products for sale. Remember that your final choice must also reflect the wider business model and target consumer, as it will impact directly on cost and retail pricing.
- Secure Affordable and Flexible Storage Options: As a novice trader, you will undoubtedly experiment with the layout and appearance of your store during its infancy. In addition to this, you will also be required to hold a certain amount of stock in order to trade effectively, and both of these factors will dictate the need for affordable and flexible storage solutions. Whether you invest in portable, on site storage or conveniently placed fixed resources, these facilities will allow you to optimize your layout and create a seamless flow of trade.
The Last Word for Aspiring Retailers
While the e-commerce business model remains increasingly popular in 2013, there is little doubt that consumers are beginning to rediscover their love for outdoor shopping and visiting physical retail outlets. This provides a tremendous opportunity for individuals who are hoping to establish a profitable retail brand, especially if they are able to manage their expectations and invest in a scalable venture. Patience is the key, as over-exuberance may cause you to spend outside of your means without establishing a sustainable revenue stream.