The Retail sector in India has seen a dramatic upsurge in the past decade. Growing purchasing power of consumers has encouraged the retail business to flourish. From adopting new marketing strategies to diversifying into businesses, companies have tried all gimmicks to impress the customer.
Retail management, therefore, requires a full awareness of formalities, brands, marketing strategies and retail philosophies behind winning the customer.
Here is a check list which will help while venturing in the Retail Business.
Business Plan: A Business Plan is a road map for your business. It should have the name, amount of capital invested, polices and goals for the business.
Knowledge: be alert to the vagaries of market trends.
Legality: Be aware about laws regarding permit, license, leases, taxes, ownership and other formalities.
Location: For a retail store to run successfully, location plays a key role. Strategically placing the store in the area it is required is very important.
Employees: Hire according to your requirements. Keeping the employee motivated is equally important to run business.
Inventory: Categorizing products and price will ensure a smooth run of the business. A properly maintained inventory will help in boosting sales.
Display: Use store space wisely. Creative Display of the products will attract customers.
Advertising: Advertisement of the store is an absolute necessity to build awareness.
Everything said and done, running a successful retail business requires skills, strategy and a healthy dose of luck.