Lesson 4: Tips for Opening a Retail Shop

Practical Tips for Opening a Retail Shop

Key Takeaways

  • 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.

What To Do Before the Next Lesson

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.