Start a retail business
Business bank accounts are an essential tool for new businesses. Sign up for a CashPlus account through Startups and get the first year free with 1% cashback. Funding is one of the biggest obstacles to new business. Startup loans can be a great option. Compare start up loan providers today with Know Your Money. 01 Thinking things through. Making initial decisions and considering the viability of your business idea. 02 Making a business plan. We outline the key sections that a good business plan should include. 03 Choosing a business structure. The low-down on franchises, sole .
To build a successful retail start-up you'll need to develop a good set of business skills including:. Here are ten top tips on how to start a retail business and successfully navigate the early days of trading:. Know your market - understanding your marketplace, your potential customers' expectations, trends in your sector and wider economic shifts are all extremely important when starting a retail business.
This can help you to decide whether to sell, what to sell, where to sell and for how much. There is a surprising amount of information available.
For more information see market research and market reports or contact the Business Information Centre at Invest Northern Ireland on Tel Get the basics right - working hard on your business plan will help you to establish your retail business in the right way, access finance on good terms and set goals and targets against which you can monitor your performance.
We have detailed guidance on getting the basics right when starting a business:. Find the right premises - understanding your market can help you to target the best location to set up your business. Balancing footfall against rental rates can be a difficult choice, but there are plenty of options for retail space in Northern Ireland - decide where to set up your retail business.
Find the right suppliers - suppliers offer good payment terms and credit facilities to stable businesses with a good track record. This is not something a start-up what ingredient in yogurt helps yeast infections can usually demonstrate. However you may be able to source your goods from different places enabling you to shop around for better terms. See choosing the right suppliers for your business and negotiating supplier contracts.
Using overseas suppliers can be challenging for a start up retailer, but this can also give you an important competitive advantage. See working with international suppliers. Understand selling and the law - retailing comes with a unique set of legal responsibilities when dealing with customers, for example around pricing information.
These rules can vary depending on where you sell goods to customers - see selling and the law. Get the right staff - finding and managing staff can be a challenge for a start-up retail businesses - see recruiting staff.
Smart promotion - everything you do says something about your retail business; the name you choose, the brand you design, the how is parvo transmitted to other dogs of your premises, the look and feel of your merchandising, the way you interact with customers. As a start-up retailer you may struggle to find money to promote your business through traditional methods, so think smart, eg is social media an efficient way to spread your message to a wide audience?
See how to market your retail business. Start networking - establishing your reputation with your peer group and local influencers is vital for a start-up business - introduce yourself and your business ethos by attending or creating local networking events, and get involved with business support organisations.
See networking for staff development. Think online - even if you're concentrating on 'bricks and mortar' retail it's hard to ignore the potential benefits of an online presence. You could try something as simple as driving customer interest with a simple catalogue-style website up to a full e-commerce site selling directly to customers.
See advantages and disadvantages of online retailing. Find the right support - there are plenty of organisations offering start-up support for potential retailers in Northern Ireland. This ranges from one-to-one tailored advice to financial support - see retail start-up support. Start a retail business Ten top tips for starting a retail business. To build a successful retail start-up you'll need to develop a good set of business skills including: self-motivation ability to work long hours good negotiating skills excellent customer service an understanding of your products and sector Here are ten top tips on how to start a retail business and successfully navigate the early days of trading: 1.
We have detailed how to make a balloon bunny on getting the basics right when starting a business: find money to start your business name your business cashflow management 3. Printer-friendly version. Invest NI Helpline. Federation of Small Businesses Northern Ireland. Also on this site. Chambers of commerce in Northern Ireland. Find your local council in Northern Ireland.
Finding a business idea. What's the big idea? Make your plan Write a business plan: step-by-step.
The key steps to opening a store are:
What you need to do to start a business: choose a legal structure, see if you need licences and insurance, learn about reliefs and benefits Set up a business - funslovestory.com Cookies on funslovestory.com Jun 19, · 13 common business startup costs. 1. Research. Coming up with solid business ideas and then understanding how to start a business in the UK requires thorough research. And before you 2. Equipment. 3. Registration fees. 4. Business premises. 5. Inventory. 42 Things No One Told You About Starting A Retail Business: 1. Your retail shop will be solicited for donations before you make your first sale. 2. People in your town will assume you are rich because you have your own business. 3. Some days you will donate more products to charities in your community than you will sell in your store that day. 4.
June 19, Before you can launch a new business, you have to have enough cash to get it off the ground. But, how much exactly does it cost to start a new business? This figure varies widely depending on your chosen industry, location and venue—launching an online freelance writing business will cost significantly less than opening a brick and mortar retail store.
But, as only Financial preparedness helps you to budget for expected and unexpected costs. A clear-cut view of your financial health can help you make better business decisions, keep your business afloat and ultimately boost profits.
According to the same Geniac study , approximately two-thirds of small business owners experienced unexpected costs during their first year, leading to reduced profits and stunted growth. By strategically calculating your own business startup costs and factoring unexpected expenses into your budget, you increase your chances of success. If you fail to calculate your startup costs before you launch, you may end up grossly underestimating your needs.
Expenses can rise over time, so account for that inflation in your startup costs. You may want to seek business advice to help you determine the best legal and financial models for your business type, as they vary based on your business goals. On the legal side, you have to determine your company formation type before you can register your business.
Will you be registering as a sole trader, a limited company, a business partnership, or a limited liability partnership? Each has its pros and cons as well as varying rules regarding taxes, reporting and responsibilities. We will detail the exact costs of registering your business under each company formation type in a later section. Quick Tip: To learn more about how to choose your company formation type as well as the benefits and drawbacks of each, read our guide on how to register a business in the UK.
Then, register your business for free with Tide and get a free business current account in the process. This includes choosing the right accounting method and knowing the three main financial statements so that you can work bookkeeping tasks into your business plan. Quick Tip: To learn more about how to streamline your small business accounting process, read our complete guide to accounting for startups. This is key for helping you to accurately create a cash flow forecast and determine your projected revenue, things you need to include in your business plan if you are looking for investment.
These are your startup expenses. These expenses are essential in not only getting your business to market but determining how successful you are in the early months and years of your operation.
This simply means they retain their value over time. These all have sell on asset value and could be sold to make your business some money back. UK website for the latest numbers. Here are the most recent reported amounts, as of June According to GOV.
UK , you can claim capital allowances on:. Not all costs are created equal. With some costs, you will never earn back what you spend, while others are paid with the intention of earning a return on your investment ROI.
Quick Tip: Learning how to manage your expenses is crucial to business survival. Read more about how to save money, pay the right amount of taxes and keep a pulse on your financial health in our guide to business expenses. Coming up with solid business ideas and then understanding how to start a business in the UK requires thorough research. A lot of research, like searching on Google, scanning social media sites, finding competitors and questioning family and friends, for example, can be done for free.
But if you need to dig deep into industry data, you may need to invest in a market research firm or paid online market research platforms. This post by B2B product and service directory Approved Index looks at average industry prices. If you buy stock from a wholesaler, you may need a van to transport goods.
On top of the equipment you need to do the work, you may need other essentials to provide a comfortable workspace — things like kitchen appliances, water coolers, air conditioning and bathroom fittings, for example. Quick Tip: You can find out more about business structures and the fees involved in this process by reading our guide on how to register a business in the UK.
If you need to rent commercial space, costs vary widely. Working out how much stock you need can be challenging. In the case of hospitality, in particular, this can mean spoilage and, thus, financial losses. On the other hand, too little stock may leave you unable to meet demand.
A website is your online business shop front and an important sales and marketing tool for any new startup. If your site will primarily promote services, a template-based design on an all-inclusive platform such as Wix or Squarespace may be suitable. Quick Tip: To learn more about joining the online business world, read our guide on how to start a business online.
Word of mouth and social media are two of the most effective ways of promoting a business and both are completely free. However, you may want to get the word out about your business through paid online, print or media advertising, or by hiring a marketing company to promote your business.
According to Nuanced Media founder , Ryan Flannagan, you can work out your marketing budget by calculating your revenue and company size. Quick Tip: To learn more about creating an effective marketing strategy to drive traffic to your product or service even before you launch, read our guide on how to build a go-to-market strategy that attracts ideal customers. To learn more about how to grow your customer base through engaging content, read our beginners guide to digital marketing strategy.
Branding is a reflection of who you are and what you do as a company. But it might not be cheap. The best practice is to consistently revisit and evaluate your brand presence as your business evolves.
To learn more about what makes up a brand and when and how to rebrand as you grow, read our five-step approach to rebranding your company. Small purchases like paper, pens, printer ink and first aid supplies can soon add up when purchasing everything at once, so focus only on the things you need and look at where you can save by doing things digitally.
For example, rather than using paper forms, think about using online forms for processes to reduce paper and printer ink usage. As tempting as it is to do everything yourself as a new business owner, getting professional help can benefit you in the long run.
Prices for business consultants vary depending on the discipline and amount of help you need. In some cases, you may be able to get advice for free.
However, for specialised, on-going expertise you should add professional services to your startup costs. This price often covers a specific time period that the business consultant will be working with you. Some consultants charge hourly or daily prices, while others charge based on the project at large. This varies widely from consultant to consultant, so make sure to get a full understanding of how your consultant will charge you before moving forward.
Quick Tip: It may be smart to talk with an accountant or bookkeeper to guarantee your business finances are above board, organised and categorised correctly for tax purposes. To learn more, read our guide on how to choose an accountant for your small business. Insurance is important to protect your business, assets and customers should anything go wrong. Insurance costs vary depending on the type and amount of cover you need, excess amount and additional features.
The easiest way to find out how much a premium will be is to get a quick online quote through a comparison website like Simply Business. Hiring full-time employees will mean paying wages , as well as regular pension and insurance payments.
Using contractors or freelancers will give you greater flexibility, but the one-off costs will likely be greater. Recruitment fees depend on the industry, the salary and whether the vacancy is temporary or permanent, as this infographic by Agency Central shows:. Here are typical prices for the leading job boards, from Recruitee :. You can also find freelancers on sites like Upwork , Fiverr , Toptal.
Depending on the site, you may need to pay a small fee to use their services. Software prices can range from a few pounds a month for a basic page up to hundreds for a top-end premium solution. Some of your required startup costs will have defined prices that are easy to find. Other costs, such as the price of raw materials or office suppliers may be hidden from public view. To calculate your startup costs, you need to create an expenses list that covers the costs of everything you need to open your business.
Download this spreadsheet template for free. Our free template helps you to easily and automatically calculate these costs. The top half is designated for monthly costs and the bottom half for one-time costs.
The spreadsheet will automatically calculate your Total Monthly Costs in the far right column. As they are one-time costs, there are no further calculations necessary. Create a formal report for your costs and add them to your business plan. Having clearly presented figures will help you in securing capital or investment. Because slow and steady wins the race. Because many startup costs are sunk costs, it may take you some time to break even. If you can keep your costs low, you will break even and reach profitability faster.
If you can get into the habit of keeping costs low and thus retaining more revenue, you will give yourself a better chance of successfully scaling your business. Plus, if you can retain more revenue, you can reinvest that money back into your business.
Quick Tip: Working online is a great way to reduce startup costs. Working online allows you to work remotely, often requires little to no large upfront costs and gives you ultimate freedom and flexibility over where and how you spend your workday.
To learn more, read our in-depth guide to starting a business online. If your predicted costs are small, utilising an overdraft of your business account or applying for a business credit card might be an option. Quick Tip: There is also a wide range of government support for startup business. Take a look at this list of grants and funds that could be available to you. Determining your startup costs depends on your business type, vision and goals.