Entrepreneur: Ever thought of starting a retail business? Here’s how

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Retail store

When
you think of starting your own retail business, think of selling
consumer goods or services to customers through multiple channels of
distribution, for the purpose of profit making.
A process where demand and supply meet you. 
However, in other to make progress with this, it is important that we know the meaning of supply chain.

What is supply chain?

The
supply chain is a system of organizations, people, activities,
information, and resources involved in moving a product or service from
supplier to consumer.

How to start a retail business?

1. Write a business plan

Try to map out a plan that will guide your business. Not just any plan though, but a well logical build up.
It’s
worth thinking about. If you don’t have family or friends who can help
with reasonable contributions, a business partner can help. They can
also help share the risk.

Store retailing 

Store retailing
(The balance)

2. Determine the right business for you.

It
is quite funny that a lot of people venture into businesses because
they think they have what it takes to do it. And often, the reverse is
always the case.
Once you’ve succeeded in
developing a business plan and have a clear idea of what it is you wish
to retail, you will need to decide which type of retail model is right
for you.
Traditional choices include
store retailing, online retailing, non-store retailing (such as
door-to-door sales, mail order, etc.) or a combination of any of these
three.

3. Find the right location

No
matter how hard and well they try to make it work, a ™ Lewin store will
not function in my village. And this is because petty village earners
cannot afford the fortune of a ™ Lewin shirt.
As
a new retail business you definitely need to be where your customers
are, and you can do this by simply finding out where the demands of your
products are high.
Above
all, when it comes to location, you’ll want to ensure you combine
visibility, accessibility, affordability and commercial lease terms that
you can live with, through the good times and the bad.

Store retailing 

Store retailing
(Dayo Aditiloye)

4. Brand your retail business

In
a country like Nigeria where packaging is everything, the importance of
using a well packaged name, logo, or time line cannot be over
emphasize.
A dumb logo or an awkward name will only birth a negative result.

5. Use the right suppliers

If there’s one thing you must not forget when it comes to supplying customers demand, is that authenticity attracts customers.
And this is because when people trust your product, they help advertise you.
Africa
is a porous region filled with all sort of fake products. Find the
registered dealers or licensed wholesalers for your retail business.
Link up with the manufacturers if you can and make use of them.

6. Advertisement

Advertise, advertise and advertise. T
The
importance of advertising your business through the media or  mouth to
mouth can not be over emphasize. And this is because advertisement
create awareness for your brand and business.
In a retail business, brand awareness is as important as meeting with demand.

7. Feasibility study

This
is the summary of the whole list. Find out everything you need to know
about your business, because this knowledge will surely pay off in the
long run.

Planning 

Planning
(Linkendln)

What are the types of Retailing?

1. Store retailing

In other to sell a particular product, the location of a store is taken into consideration.
Retail
stores can be in different formats like a department store,
supermarkets, convenience stores, discount store, off price retailers,
and super stores.

2. Non-store retailing

Non-store retailing involve the use of electronic media or direct selling medium to sell a product to customers.
Examples of non-store retailing are direct selling, telemarketing, automatic vending or online retailing.

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