Choose the industry

The retail owner should decide the type of retail business and the variety of products to sell before setting up the business. The retail owners should choose the industry they want to establish their business based on the competitiveness in the market, demand in the local market, cost of accessing a supply chain, and the scope for building a unique business.

Analysis of location

The retail business owner should choose a location of the retail store keeping in mind the customer requirements. If the owner wants to sell stationery items and edibles, then they should choose the retail shop’s location near colleges, schools, residential societies, etc. When the retail owner plans to establish an online retail shop, they must keep the residential address as the business address.

Choose the name

The retail store should have a name. If the business is proposed to be set up as a proprietorship, then the proprietor’s name can be kept for the store. However, the retail owner should check if the proposed name is already trademarked. In such a case, the same name cannot be kept as it will amount to infringement under the trademark law. 

Contact vendors

It is significant to contact suppliers and vendors to obtain the products and items for the retail business. A retail owner should choose a vendor or supplier who offers quality products at an affordable and reasonable price. The suppliers and vendors are usually wholesalers or manufacturers. A relationship with local and small vendors will also help to grow the business.

Determine store policies

Formulating the right in-house store policies will act as the base of the retail store and make it a successful retail business. Further, the in-house store policies will help the retail owner manage the day-to-day affairs of the hired staff, daily operations, and warehousing.

Formulate marketing strategy

A marketing strategy plays a significant part in spreading awareness about the retail store and its products. Publishing pamphlets and newspaper advertisements will help market the store and attract customers. Creating a website and social media accounts on Facebook, Instagram, and YouTube showcasing the products offered in the store with prices will also help to reach customers quickly.

Hire a team

Running a retail store by a single person can be challenging. Hiring a team of professionals or employees will help to run the retail business efficiently. A retail owner will need a cashier, sales staff, accountant, manager and cleaners to run the store. The retail owner should also ensure that the employees are properly trained to handle all future customer-related issues after hiring them.

Get the required registrations and licenses

There are certain mandatory licenses and registration that a retail business requires without which it cannot operate. The retail business will require a business certificate, tax registration and license from local authorities to run the business.