Tips for New Retail Store Owners

Security.

This isn’t one of those things you can skimp on, because you will, at one point, find yourself wishing you had better security if you didn’t splurge. Do you need armed guards at the door? Not at all! But you DO need security cameras, and preferably ones that are monitored, to take that edge off whenever you’re away from the shop. Depending on where your shop is located, there are a lot of retired law enforcement or military veterans who would love to volunteer for security services as well — to give themselves something to do.

Look for patterns.

By this, we mean in your customers’ purchases and interests, rather than what days are your busiest, or how many people suggest a BOGO event. There is oftentimes little to no consistency in your traffic patterns, so you real tells will be in the sales. Those consistent customers will typically be what shape your products, and that’s okay, because you can have an entire group of people tell you what they want, but they will never set foot in your store.

The customer is right… with some boundaries.

When you start retail, you’re always told one important message: The customer is always right. However, this isn’t the full story — it’s simply a summary of a philosophy. While, yes, it’s ideal to keep your clientele happy and keep them coming back, remember to ensure you stay confident in your policies and respectful of your employees. Keep your customers happy, but make sure they aren’t taking advantage of you, your store or your employees — as a healthy workplace is equally as important as pleased customers.

Starting up a business is hard, especially in the retail world. There’s always going to be some people who don’t like what you’re carrying, how the price is set, or even the color of the walls… But, on the flip side, there will be many people who love what you sell and what you do. You run your business how YOU want to, because it’s yours. Just remember to keep your products and your employees safe!