If you’re dreaming and/or planning to open up a new local retail store in your area, there are many business decisions to consider. As you’re perfecting your business plan, you need to know what your start-up expenses will be so that you can be prepared for a successful grand opening.
Here at M. Fried Store Fixtures, we love working with new local retail businesses to help position you for success. As the largest stocking distributor of retail gondola shelves in the country, we’ve worked with some of the best local retailers to create floor plans and shelving displays that drive sales.
Here’s a list that should help you plan for the most major expenditures when you’re opening your new local retail store:
1.) Location Costs
Any good real estate investment is always about location, location, location. This is especially true for new local retail stores who are aiming for long-term success.
It’s a good idea to launch your business with enough capital to pay your rental or real estate bills for the whole of your first two years. A new local retail store can take months to get established, and it’s good to be prepared.
You’ll also want to put significant thought and preparation into your store layout and store fixtures. When you’re planning your location, be sure to consider how you will design your floor plan and how you will display your merchandise to give your customers an ideal experience.
Investing in the right fixtures and layout for your store from the beginning can make a huge difference for your bottom-line over time. For many new stores, you often only get one chance to make a good first impression
2.) Legal / Accounting Costs
Another important expense when you’re starting out is the investment you’ll make in professional services, such as hiring an attorney and an accountant.
Depending on the type of retail establishment you are planning, you may need various licenses and/or permits. Some of these may include an Employer Identification Number (EIN), a seller’s permit, and a certificate of occupancy.
Also, don’t forget about insurance. Depending on your business type, your specific insurance needs may vary, but you’ll want to make sure that you, your property, and any employees you have are covered, at minimum.
3.) Marketing Costs
Even if you have the perfect store concept, you won’t make any money in your business if nobody knows you exist. Different businesses will have different needs and marketing budgets, but you will want to consider what advertising methods – both traditional and digital – you may want to experiment with in order to bring local traffic to your store.
And don’t forget about curbside appeal! Even if customers drive all the way to your location, or even if they just happen to be passing by, you want to make sure they feel invited and excited to actually enter into your store. And once they’re inside, you want to make sure they are satisfied – ideally so they will tell their friends and hopefully come back themselves some time.
Again, this is why investing in a smart layout and display plan for your new business can be so vital.
If you would like more support and advice in creating the perfect floor layout and choosing store fixtures for your new local retail store, M. Fried Store Fixtures is here to help. We’re experts in working with new local retail business owners just like you so that you can create an ideal retail space to launch your dream business.
To find out more, give us a call today at 1-888-260-3994