Tips To Consider When Opening A Shop

Opening a shop as part of your business is an exciting

, yet stressful time. Hard work, patience and dedication is needed to get customers through the door, but there are a lot of things to consider when starting out in retail. Jobs within a store vary and are highly dependent on the type of shop you are opening. Most people jump into thinking about staffing, products and turnover, but there are three things that are often mistakenly brushed over.

There are three main tips to consider during the planning stage of opening a shop that often slip peoples mind. Firstly, a decision needs to be made as to whether you are going to rent or buy the building your shop will open in. If your business is relatively new, it makes more sense to rent commercial space.

Renting requires less capital initially and is also less commitment. If you have the funds to buy a shop space outright, then obviously this is an option, but it is worth remembering that dreams of customers lined up at the shop door don't necessarily come true.

The second tip is to remember to get insurance for your shop. The type of insurance you need will again be highly dependent on the type of shop you open. If your shop is open to the public, accident cover will be a necessity to cover any accidents. Some commercial property owners require a copy of insurance documents before letting you rent their shop space.

The third tip you need to consider when opening a shop involves utilities. Be sure to consider all your utility needs, which believe it or not, is more than electric and gas. Will you need internet connection, will your store have toilet facilities, what about water and a telephone line? Where possible, get bundles from utility providers to save money, thus reducing your businesses outgoings.

by: Philip Weston

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