Opening a shop is a big decision, while it can be full of rewards, it can also be full of pitfalls. So we’ve worked with many retailers and other retail associations like the NAHS to build this comprehensive guide to opening a retail business.

 

Here’s a comprehensive guide on what to consider before opening your own retail business from creating a business plan and choosing a location to renting VS buying and some things you’ll need to consider a little further down the line; like business services, employment, layout, branding and marketing.

Navigate to different parts of the guide using the links below.

Creating a business plan

This section includes:

  • Know your why
  • Your commitment
  • Umbrella proposition
  • Philosophy and ethical positioning
  • Preparing a business plan
  • Know the numbers
  • Cashflow management: the basics

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Choosing a location

This section includes:

  • Demographics
  • Finding the perfect store
  • Buying an existing business

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Renting VS buying a property

This section includes:

  • Why buy?
  • How to value a business
  • Due diligence
  • Why rent?
  • The advantages
  • Leasing
  • Things to consider
  • Deposit
  • References
  • BIDs
  • Insurance
  • Health and safety regulations
  • Rent reviews and ending the rental

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Selecting the best retail business services

This section includes:

  • Merchant services
  • Business banking
  • EPOS
  • Utilities and telecoms

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Hiring and managing employees

This section includes:

  • Employing staff
  • Payslips
  • Looking after existing employees
  • Employment Tribunal awards
  • Inform and consult employees
  • Pensions
  • Attracting the right staff

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New shop design, layout and stock

This section includes:

  • Design and layout
  • Staff facilities
  • Stock selection
  • Trading terms
  • Merchandising and display
  • Bays and sections
  • Stockroom

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Marketing your new business

This section includes:

  • Word of mouth marketing
  • Website
  • Social media
  • Trade magazine listing

Go to section >>

 

Start at section one

 

Additional Guidance and Resources: