Opening your own brick-and-mortar business is a big step in starting your own small business. You may start this type of business with limited capital investment and use the skills you already possess. Here are some ways you can get started opening your brick-and-mortar store:
1) Identify Your Market & Business Type
Knowing what kind of market there is for your goods or services will help determine how much money you need when starting up your new brick-and-mortar business. This will help determine the level of money needed for inventory, equipment, and supplies. Do you plan on selling books? What about arts and crafts? Once you know the product(s) that you’ll be selling, you can then identify the target market and customers that will buy those goods.
This information will help determine the type of business entity needed, which is where your attorney or accountant comes in to provide advice on these matters. Some entities include sole proprietorships, limited liability companies (LLCs), corporations, and partnerships. In order to fully understand what’s involved with starting a new business, it’s best to consult an attorney or accountant for personalized advice based on unique circumstances.
2) Calculate Startup Costs
After finding out your product(s), identifying your market, and researching all available resources for legal and accounting advice on properly starting a new brick-and-mortar store, it’s time to figure out how much money is needed to start your business.
This will include expenses like buying equipment, leasing retail space, hiring employees, and marketing the business. Whether you’re looking for a small storefront or an online brick-and-mortar store, it’s best to take the necessary steps to acquire the right amount of capital to sustain yourself throughout startup costs.
3) Select Your Business Format
Once you have an idea of what products are being sold at this type of brick-and-mortar store, who will be running this business, where all goods are being stored before their sale & shipping date, and how much money is needed for startup costs – it’s time to select a business format that suits your brick-and-mortar business.
Depending on how involved you want to be with day-to-day operations, it might make the most sense for a brick-and-mortar store to be operated as a sole proprietorship or partnership. In other words, what will your direct role be in this new brick and mortar establishment?
4) Acquire Required Licenses & Permits
In order to open a brick-and-mortar store, there’s a lot of groundwork that must be done before opening day. One factor is the requirement for licenses, permits, and zoning approvals from your local municipality. Some businesses might need additional occupational licenses from the state or federal government.
These will depend on what goods are being sold at this new brick-and-mortar store. It’s important to note that some types of business (i.e., retail liquor sales) might require acquiring additional types of business entity statutes like Limited Liability Companies (LLCs). When finding what type of facility you want to operate in, you need to consider many factors like state laws, taxes, etc. For example, renting a property in a commercial mall in Denver might be vastly different from finding a warehouse for lease in Houston.
5) Market the New Brick-and-Mortar Store
After all the steps needed to open your brick-and-mortar store have been completed, advertising and marketing this new business venture is the next step. Word of mouth can help spread awareness about your brick-and-mortar establishment and attract loyal customers. Traditional marketing like print ads, social media campaigns (i.e., Facebook), and online advertising (i.e., Google AdWords) can also raise brand visibility and traffic back to your website or brick-and-mortar store’s location.
Remember that you’ll need an eCommerce website for both online & brick-and-mortar stores. This will allow customers to purchase products from any desktop computer, laptop, mobile phone, or tablet – wherever they might be located! If you’re unsure of where to start, feel free to contact Expo space. We can provide digital signage solutions for brick-and-mortar stores which include the development of eCommerce websites.
6) Contact a Digital Signage Company
Whether you have a brick-and-mortar store, an online storefront, or both – it’s important to partner with a digital signage company that can provide creative marketing campaigns for your new business.
It’s possible to open a brick-and-mortar store with a little bit of money, a lot of determination, and the right connections. While it may take some time and patience to acquire all required licenses & permits, market your business properly, and secure any necessary funding – opening your brick-and-mortar store can be an exhilarating & rewarding experience!