Amazing Retail Business Tips for Beginners and Existing Owners
- Choose Correct Field by Experience, Knowledge or Passion
- Look for right Location, Brand & Price
- Do a Business Plan with comprehensive Financial Planning
- Get an Expert Valuation of the Business
- Equip with adequate Training
- Make sure that you are trained and ready
- Hire right Staff
- Happy Trading
Operating:
- Customer Service should be No.1 Priority
- Train Staff regularly
- Train yourself regularly
- Update and concentrate on Stock, Category management & Merchandising
- Maintain Competitive Pricing & Promotions
- Presentation of the Store
- Develop a Point of Difference from other similar stores
- You – Working Hard is always effective but do not burn yourself out by working too hard
- Work on the business NOT IN the business
Selling:
- Exit Planning should start as soon as you buy a Business
- Determine a Time frame based on your needs to sell
- Plan ahead
- Be safe & ready
- Accept Reality (market demand is subject to change & may not be always what we want)
- Price the Business for Right Value, don’t overvalue the Business
- Prepare all the necessary paperwork with Accountant
- Select a Right Proactive Agent & Reputable Firm with Industry Knowledge
- Happy Selling
- Look for New Opportunities
Service Station Specialist Karthik Arasu
