Introduction

Opening your own retail store carries a lot of benefits. You can decide on your own work-life balance while also giving your money the opportunity to grow and prosper. However, putting up a retail store can be challenging, especially if you’re unfamiliar with the basics.


Taking the proper steps is the first step to establishing a successful retail store. Here are a few key pointers:

The Retail Store Checklist

  • Research on Your Business

Before putting up any kind of business, it helps to do ample research on what you are going to do. Determining your target market and deciding on a business niche are some steps you can take to learn about your business.

  • Set Business Objectives

Deciding to open a retail store can vary for different reasons, however establishing what the store wants to achieve is a crucial factor in its success. Take the time to determine what you want the retail store to achieve to manage expectations.

  • Create a Business Plan

How you will be running your store is reliant on a business plan as it is not only a matter of how you will manage your finances and employees. It is also how you will organize your business to help you make smarter financial decisions and minimize losses.


  • Decide on a Location

Once you’ve made up your mind to put up a retail store, you will need to consider where it is placed, both physically and virtually. For physical locations, consider spaces that are near your target market. As for virtual presence, a website is also a vital aspect of your location and can help your consumers reach you online.

Retail Store Essentials

After establishing the purpose of your retail store, let’s take a look at some of these commercial essentials that you might need:

1. Commercial Lighting

Good commercial lighting plays a significant role in displaying your store merchandise and adds to the appeal and design of your store. Efficient commercial lighting also helps make your store look well-lit and easy to navigate.


There are different types of commercial lighting, which can include:

  • Accent Lighting

This kind of lighting can be used to emphasize specific products.

  • Task Lighting

Task lighting helps give supplemental lighting to key areas of the store, such as the register’s area and general office space s.

  • Ambient Lighting

Whether as backdrop lighting or your primary light source, ambient lights can help maintain visibility throughout the retail store.


2. Store Flowers

Regardless of whether you are opening your first store or establishing your 20th branch, you can never go wrong with placing store flowers. Flowers help connect you with your customers and can leave a positive impact on moods. Plus, as indoor plants, flowers can also help purify the air.


3. POS devices

A 2015 study by Matthew Cole found that by using a point-of-sale (POS) system, businesses can improve growth, profit, and even customer service. This is made possible by POS devices that quickly process transactions, manage inventory, and automate manual tasks.


Choosing the right POS devices is crucial for your business, as they will be handling the majority of your transactions. A good rule of thumb is to first decide what type of POS system you need. Here are some key points to consider:

  • If you only need to process transactions, a simple cash register will do the trick.

  • If you need to track inventory, reports, and integrated payments, invest in a legacy POS system along with a POS computer and on-site server.

  • If you need a comprehensive inventory and staff management system, tracking for integrated payments, and advanced reporting capabilities, consider a cloud-based POS system.

4. Asset Management Systems

Asset management systems help you keep track of all your assets, which include where these assets are located, how they are used, and any relevant changes. The system’s main function is to help ensure effective utilization of assets, review past performance, and help avoid unnecessary costs.

In addition to an asset management system, a solid asset management plan helps you develop, operate, and maintain your retail store costs efficiently.


5. Virtual Assistant

Hiring staff for your retail store does not have to be an issue. Virtual assistants can function as well as in-store personnel when it comes to providing good customer service.


The versatility of virtual assistant tasks also extends beyond handling customer inquiries. Retail virtual assistants can also:

  • Take Care of Admin Tasks

Retail stores require lots of legwork, which includes tracking invoices, managing inventory, and organizing sales data. Virtual assistants can help ease off some of the load that comes with owning and managing a retail store.

  • Handle Bookkeeping

Aside from the usual admin tasks, virtual assistants can also take care of the lengthy bookkeeping process to help you identify best-selling products and services and provide an accurate representation of your financial health.

  • Manage Website and Marketing

In cases where you want to promote your store website online, you can count on your virtual assistant to take care of your online presence.


6. Business Insurance

Let’s face it: accidents happen. You should always take into account risks such as property damage when putting up a new business.


Consider investing a microinsurance plan to protect business assets while you are putting up a new retail store. This type of insurance plan can cover property security to employee payroll to ensure that your retail store runs smoothly.


7. Retail Store Appliances


Retail store employees are not robots. Like any other employee, your workers need a break room where they can rest in between breaks. This is why it's important to equip your store break room with appliances from a reputable appliance store.


Make sure to stock up on the basics: water dispenser, coffee heater, and a refrigerator. You can also invest in sprucing up the break room with microwave ovens, air conditioners, and even smart appliances if necessary.