It may be your long-cherished dream to enter the retail sector and open your own shop. Setting up your own shop calls for huge capital as an initial investment. There are many lenders in India that offer loans specifically for opening a shop.
Once you have taken care of the initial investment, it may appear to be a simple task to set up your shop and get it running. However, there are several important factors to be considered before you decide to invest in a shop.
How to Present your Business
Every shop or brand is unique and conveys a certain message to the community. You need to have a clear idea of what message your shop seeks to convey and the intended customer segment that you will be targeting.
Have Clarity about your Finances
When you open a shop, you do not immediately start making a profit. It may take you many months to establish yourself in the locality and build a client base. You need to make a thorough assessment of the initial expenses and the running costs of the shop. Provision for the running expenses needs to be made for the initial six to eight months before you go ahead and open the store.
Considering the financial implications of opening your own shop, it is important to choose a suitable loan for opening the shop. A Business Loan from Bajaj Finserv is collateral-free, providing large capital at competitive interest rates and a Flexi Loan facility allowing you to withdraw only the amount you need from the loan limit thereby paying lower interest.
Additionally, pre-approved offers from Bajaj Finserv on business loans and other financial offerings make it easy to avail of finance. Share a few basic details to know your pre-approved offers.
Exceptional Customer Service
Unless you have a world-class product that is exclusive and not available in any other store in the vicinity, the major differentiator between your store and another will be customer service.
If you hope to get referrals and word-of-mouth publicity for your new venture, you need to ensure that the customers enjoy a delightful experience in your store. Your sales staff needs to be trained and motivated to offer exceptional service to customers.
Investigate the Locality
Before you decide on the location of your store, it is important for you to do your research on the various spaces available to you. You need to make an assessment of the footfalls in that locality, the working hours of nearby establishments, the safety record of the area, the demographics of the place, and so on. The locality that you choose is a major determinant of the future success of your store. Even if you need to shell out more money, choose a location that has good traffic.
There are many legal formalities associated with opening your own shop. You need to decide the kind of management that you would prefer – whether it should be a sole proprietorship, partnership firm, a privately held corporation, and so on.
You need to ensure that you have secured all the necessary licenses in order to start your shop in the chosen locality.
Network with Potential Buyers
It is important to inform people in your network about your intention to open a shop. They need to be your first customers. You need to spread the word around in your community and among your friends and acquaintances. You can seek their support in bringing in more customers by spreading the word around.