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Retail Today

Picking the Right Foundation for Your First Retail Venture

When growing a business, one of the options for growth that you typically have is expanding to a physical location. However, doing business in the retail sector can be challenging, especially if you have no prior experience. People that move from online businesses into the physical realm often find it difficult and often limiting, and the advantages offered with a physical premises are often overshadowed by the glaring advantages that come with an online business. However, having both can prove to be a smart move especially if you’re able to offer a unique product or service to your local area.

But in order to do so, you need to pick the right foundation for your retail venture. The location is one of the most important things to consider, and if you get it wrong, then your entire business could collapse because of a poor foundation. This doesn’t mean the literal foundation that your business is built on, i.e the ground beneath it, but you need to pick a location that has a lot of foot traffic, is far enough from local competition to not be challenged, and close enough to other local businesses that can assist in your growth.

So without further ado, here are three important points that every business owner should consider if they want to expand into a physical business.

Location is paramount

Your location is obviously one of the most important things to think about, but many people neglect the finer details and only focus on foot traffic. While foot traffic is important, you also have to think about how your building will blend in or contrast to the surrounding establishments. You may want to hire professional assistance when planning your building, even if you have a location already picked. For instance, Westkon can help you not only pick the right location but also lay the foundation (literally) and analyse the ground around your location so that you have a sturdy building to start your business.

Understand the local competition

Another important thing to keep in mind is the local competition. If you’re going to start a clothing store, then at first glance it might be a bad idea to start one next to a whole range of other clothing stores. However, if you take a look at any major shopping destination, you’ll notice that dozens of clothing stores can live in harmony together. This is because they target different demographics and it’s important that you identify who and what your audience is before you try to start a physical location. For example, two computer stores might not work very well together, but if one of them focuses on business computers and the other one focuses on gaming computers, then you have two entirely different demographics and there is virtually no competition between both businesses.

Connect with helpful businesses

Of course, you can also connect with other helpful businesses in order to create a sense of community. For instance, if you’re going to operate a DIY store, then you can make recommendations to the nearby painting store, carpet store or furniture store. These businesses can co-exist and even help each other for better customer relations.

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