Opening a Retail Store in 2021
Opening a retail store may seem like madness right now considering all the recent store closures due to the pandemic... Yet, those closures are the reason NOW just might be a great time to take the leap.
Retail giants such as Sephora and Ikea are grabbing up prime retail space left vacant by the business casualties of Covid19. You don't need to have their teams of experts to realize that landlords aren't making money on empty stores, and they may offer incentives to those looking for a spot. Furthermore, there is an unprecedented supply of lightly used store displays, equipment, cash register systems and fixtures on the market right now.
Contrary to the many doom and gloom articles circulating on the death of retail, retail is NOT dying, but rather CHANGING.
So, you have an idea, a dream, and don't know where to start? The following will help you get the wheels in motion on your journey to success.
HAVE A BUSINESS PLAN
A business plan does not need to be long and complicated, but by putting work into it you create a road-map with clear parameters to success.
Ask yourself the following questions;
- What do I want to sell?
- What is my target market?
- Where do I want to be located?
- Is there demand for my product?
- Who is my competition?
- How am I going to get people in my store (Marketing plan!)?
- What are my staffing needs?
- What equipment and supplies do I need?
- From where will I get my equipment and supplies?
Answering these questions will give you much of the information necessary to start a financial forecast. And a financial forecast answers the most important question – Will you make money?
DOCUMENTS AND RED TAPE
Once you have a clear view of the what, where, when and how of your retail store, you need to choose the legal structure (sole proprietorship, partnership, LLC, Corporation, etc.) and contact the appropriate government authorities to register for business numbers, tax IDs, as well as state and province specific permits. Furthermore, you will need to acquire appropriate insurance coverage.
You will obviously need shelving, displays and fixtures as well as lighting and signage. Left out of the obvious, and perhaps the most important equipment, is the Retail Point of Sale POS System (POS).
A POS system, also called a Cash Register System, can include many components such as a barcode printer, receipt printer, cash drawer, customer pole display, and POS software to name a few. Elements of both hardware and software need to be carefully selected based on specific company requirements. However, a basic POS system should include the following equipment;
- POS computer
- POS Software
- Credit Card Terminal
- Cash Drawer
- Receipt Printer
- Customer Pole Display
- Barcode Scanner
- Barcode Printer
While this sounds simple enough, a proper POS system is your number one tool in offering your customers better service, increasing efficiency and business organization, reducing employee errors, reducing overall costs and creating a positive company image.
Purchasing these items, either, new or refurbished, in bundles can result in significant savings.
It is important to understand that POS systems are not one-size-fits-all and that even selecting the right barcode label printer, cash drawer or software can have an impact on your business. Therefore, it is a good idea to reach out to experts in the field, such as PointofSalePOS.com. They can guide you in selecting the right POS System and elements for your unique business.
While this is a brief, simplified lesson in opening a retail store, we hope it has set you off on the right foot in making your dreams a reality.
PointOfSalePOS.com is Your Trusted Partner for This Essential Investment
As you can see Point of Sale Systems are more intricate than slapping a credit card machine to a cash register system, adding a barcode scanner and a cash drawer. It is a fully integrated system of hardware and software, and is your greatest tool for success.
We understand that a restaurant POS system does not require the same elements as a retail point of sale system, that even selecting the right barcode label printer, cash drawer or restaurant menu software can have a big impact on your business. POS Systems are not a one-size-fits-all, just like your business is not like everyone else’s.
Let PointOfSalePOS.com guide you in selecting the right POS System and elements for your unique business. Committed to providing the hardware, software and guidance to ensure a seamless integration, PointOfSalePOS.com has the expertise and experience to help you grow your business.
We take care of your POS, so you can take care of your customers.