A Complete Guide in Starting A Brick and Mortar Business

Finally, you are ready to open your own retail business. That’s surely a big step and no doubt that you are excited to take the first steps. But do you know exactly what to do? It can be scary but if you know what you are getting yourself into, then for sure you are on the  right track. Here’s a handy dandy useful reference of steps that you can do to help you get started.

Products and Services

First, you have to decide what products and services to provide. It is important that you offer what interests you too. If you are a foodie, then opening a small restaurant or a gourmet store is the best for you. If you love coffee, then you can open a coffee shop. Or maybe you have skills in photography, then you can also use this to offer such services.

Formulate a Business Plan

Next, you need to formulate a business plan. This will serve as your guide for the future of your company. The business plan acts as a road map to help secure your funding. When drafting your business plan, you should not only think about the present but also the future of your business. Also, take into consideration the challenges that might come your way.

Budget and Financing

Your budget to start this business should be determined. If you need to get a loan, then you should make sure that you have a good credit history. When getting the financing, you should consider all the costs involved – storefront, equipment and supplies, and your staff.

Location and Commercial Lease

Of course, you also need to consider the location of your store. It should be located conveniently and should be visible to your target customers. You can start with a small space but think of the possibility of a room to grow. And once you have decided, then you have to sign a commercial lease if you are renting a space for your store. But first, ask the realtor about the terms of the lease and what this means for you.

Get Licensed

Before you can operate, you need to get the license that you need. If you are offering services, you need to obtain certifications and licenses that are required by your state. Check online about the necessary licensure and certifications that you need.

Equipment, Supplies, and Staff

Have all the necessary equipment and supplies that you need before your opening day. This way, you know that you are ready before the business is up and running. If you need to, hire staff to assist you. But of course, you need to go back to your business plan before you decide.

The Grand Opening

Now that your store is all set up, you have everything that you need, and you are staffed up, then you’re all ready for your grand opening. It’s time to open the doors and welcome your customers.

Knowing the common steps to take, from planning to the grand opening, is crucial. This will take you one step closer to your dream of opening your physical store. Yes, the process can take time, money, and effort, but it will all be worth it. By following this simple guide you know that you are on the right track.

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