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Foundation stone of the retail business

It is very important for budding entrepreneurs to know the correct way to start a business. Read on

Tags: Retail Business, Retailer, Startup, Retailer brand, Indian retail sector

BY Nibedita Mohanta  |  May 18, 2017  |  comments ( 0 )  | 
Retail Business

Today, we witness a flood of entrepreneurs battling it out to sell their products or services to the consumers. They surely have an idea in place and also manage to arrange the capital, but at times it is only the start which matters. Opening a retail business or any kind of business, have something in common. The foundation of any business needs to be strong, upon which the entire business tree can depend.

So to help you in laying the foundation strong, here are the ingredients to keep in mind:

Proper planning:
To start retail business, money is important, but what is equally important is manpower, technology, brand value and a proper planning. Thus, strong planning or say blue print should get ready before even thinking of beginning to construct it. Proper planning works as the skeleton for the business empire. Starting from the location to expenditure; and at least a plan which aims at the next five to ten years of profit should be made before hand. No matter what you want to sell, basics should always remain the same.

Product knowledge:
Once the planning part is done, the very next step is to decide what you are going to sell. To have an in-depth knowledge of the product is important because unless you know about the market, it is useless to blindly unload money. Unless you know about the product, how will you convince your customers to buy the product or why would the customers buy something from you unless you tell them how unique the product is, because there are a number of businessmen waiting to overtake you and make business out of it.

Select your employees carefully:
There are greedy wolves everywhere, who are waiting for your carelessness, so that they can play their game. No one can predict what the future beholds, but one can be precautionary about ones proceedings. Not just good, but best employees will bring not only profit but will help in bringing an overall development to the business, more than one can think of. Customers need to be taken care of, sharp accountant to take care of expenses and salaries, purchasing of products and marketing team to take care in building reputation for the company, legal person to take care of legal requirements, sales people to take care of sale and earn  profits out of it and many more. You take care of employees and the employees will take care of the business and the customers. Good employees function as the second wheel of your business vehicle.

Location:
All the hard work will go down the drain if proper location is not found. Location should be identified as such that the target customers can easily locate for their needs because nobody wants to waste their time in travelling and wasting energy, time and fuel in locating the required retail store. A place, where resources can be transported easily is important, so that you can order and get your products in time.

Customers prefer to get their desired product without much of complications, thus  if in case of emergency, you run out of stock, you can place the order and the you can receive the items if the locality is easily  identifiable. At the end of the day it is the retail business in your mind as well the suppliers, which needs to be fulfilled.

Paper works
The entire business can be ruined if the paper works are not done beforehand such as land lease, work permit, NOC, pollution free certificate, acquiring license for the business and all the legal procedures, which are required to be done. Negligence in paper work can prove costly if not done in time and in proper order. These paper works also work as your protection shield against unwanted hindrances, one can face while setting up a retail business. Paper works are like seat belts, which will protect you from the upcoming hazards.

Here are the details of the wheels, which will help in smooth running of your retail business. Now turn the key and get set go to rock the business sector.





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