Lesson 4: Tips for Opening a Retail Shop

Practical Tips for Opening a Retail Shop

You need a decent retail base before you decide to open a physical location. It’s important to develop your name and reputation outside of the hail trail and/or at dealerships. If you’re doing 75% of your work in retail, then yes – you’re ready for a retail shop! If you’re not, focus on getting retail clients and building a retail customer base
Document your customers with a CRM software (like Mobile Tech RX) so you have a complete list of your customers with names, emails, addresses, etc. Collect data now so you can contact them and tell them when you open your shop!
Make sure to have enough cash to float for a year before you open a shop. (Everything is more expensive than you think it’s going to be!)
Think ‘Profit First’. Put profit in a separate account every month. Think about protecting your profit so you don’t spend what you don’t have.
How do you pay yourself? Put yourself on a salary or a commission. Pay yourself the market rate for what you’re doing.

Apply these tips to your own business.

Do you want to open a retail shop? Count up your retail customers and divide that number by your total customers to find your percentage. If it’s 75% or more retail, you’re probably ready!
Assess how you are keeping track of your customers. Find a CRM (customer relationship management) software if you don’t have one. Try Mobile Tech RX for free!
Start a spreadsheet or use a software to calculate your costs, revenue and profit.
Decide how much you are going to pay yourself and stick with it.