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4 Tips for Becoming a Shop Owner

Even though retailers have had a hard time over the past few years there are signs that the economy is on the mend, which means that shop owners are expecting a brighter future. This is why it may be a good time to start thinking about getting into the retail business, however for many this may seem a bit daunting as they don’t know where to start. This is why Nova Insurance is here to help with our four top tips for becoming a shop owner:

Think about what you want to offer

The first thing you need to decide when getting into retail is what type of services and products you want to offer your customers. Most people will already have an idea of this before they begin the buying process, however just because you have an idea it doesn’t necessarily mean it’s going to be a successful one. For instance, if you are planning on selling clothing you need to look at other shops in the area and see if you can realistically compete.

Getting to know your local area and its high street is a great way to help you decide what type of business you want to start, as not only will it give you an idea of the amount of demand in the area but also the type of shops that are already popular. For example, if you want to open a shop in a quiet rural area you should think about the types of products that would appeal to those that live there; instead of a high tech music store maybe focus on selling vintage radios and records instead.

Research the market

Even though the economy is improving it will still take a long time for shops in Britain to see the success they did pre-recession, which is why it is important you understand that investing in a shop is still risky. In order to reduce the amount of risk you should research the market to understand what issues you may face in the future. Don’t forget that the rate of success for businesses vary from area to area, so make sure you get information not just from the national papers but also your local council.

Another thing to keep in mind when thinking about opening your first shop is that there are a number of outgoings you will have to pay for even if business isn’t doing well. Rent, shop insurance, and even the products themselves all cost a considerable amount of money, so it is advisable that you have some sort of contingency fund in place in case you go through a rough patch.

Future proof your business

Many people claim that the demise of the high street has been partially caused by online shopping, especially as it has become increasingly popular over the years. However, there are still enough people who like the option of physically seeing a product before buying it, so as long as you give your customers the choice you can protect yourself for the future.

It is essential that when planning on buying your first shop you think about how you are going to market it online. It is very rare these days for any company not to have a website at the very least, however if you go further you could improve your business. Offering your customers the ability to order products online is just one way of doing this, however you can also utilise social media platforms in order to get to know your customers, build an online community and further advertise your store and products.

Be Passionate!

If you are still on the fence when it comes to deciding whether to open your own shop then you need to think about what you truly want. Putting time and effort into your business is the only way that it will have a chance of succeeding, and so you need to make sure that this is something you really want to do.

Owning your own shop can be great fun, especially if you have a real passion for the products you sell and want others to enjoy them as much as you do. As long as you make sure you plan ahead and give it your all you should enjoy your new career path!

2 Easy Ways To Get More Referrals For Your Business

 

Referrals can be one of the best ways to grow a business without having to spend much. In some cases they won’t cost you anything at all. With this low cost source of potential revenue at their disposal, it’s a wonder as to why more businesses aren’t making use of referrals. It may be because many businesses feel uncomfortable asking for them, but the trick is knowing how and when to ask for referrals so that you don’t come across as being pushy or annoying.

Here are two easy ways to get more referrals for your business right away:

 

Existing Clients

You can start by asking for referrals only from your regular clients that are already happy with your service or product. You already have a source of referrals, and they are your existing customers. Treat your existing customers well, give them an experience they can’t forget, and they will talk about your business. There is nothing like happy customers advertising for your business. The word of mouth from a client to a friend or family member is a very effective marketing tool

By creating some kind of loyalty reward program you can stay in touch with your customers and be able to send them thank you and birthday/ Christmas/ gift cards or weekly discount vouchers. This way they become a part of your community, a relationship develops as you learn more about them and how to help them solve their problem, and they learn more about your business.

You can leverage technology to help with this. By using tools like social media or a blog you can continue to build that customer relationship by offering them free solutions and ideas to solve any related problems they might have.

 

New Clients

Make a habit of new asking customers for feedback and reviews on how your product or service has helped them, and keep score. Don’t be afraid to ask them what you need to do in order for them to consider telling someone else about your business.

When new customers buy from you can also send them a thank you email in which you could include a discount gift code. That’s to say you appreciate them for choosing your product or service from the variety of choices they had. You might also consider giving potential customers a free trial of your product or service so as to generate a potential referral.

When you ask your customers for referrals, make sure the process is quick and easy. You should show them how to do it and give them a choice as to how they would like to refer you. For example you can let them know they can also give testimonials as a form of review/referral.

The aim is to create a continuous funnel of customers going through your referral program at all times. Each customer may be at a different stage of their journey with your business, so the programme has to be customised to each customer depending on where they are.

Don’t be afraid to ask them what you need to do in order for them to consider telling someone else about your business. Make it a habit to ask customers for feedback and reviews on how your product or service has helped them, and don’t forget to keep score.

 

In summary in order to increase the number of referral your business gets, it may be worth setting up a formal referral program for both new and existing customers. This would also involve training all relevant staff so that they are aware of how to deal with referrals when they occur.

 

 

Planning Your Grocery Store Layout

 

It is important to understand the needs of your potential customers when planning a grocery store.

By doing so you can make good plans that will result in better customer experience and increased sales.

  • Difference Between a Grocery Store and Convenience Store

While the two are similar in the the products they offer there are still some key differences between the two. For example grocery stores offer perishable items like meat and fresh produce, but convenience stores don’t. They tend to stock just the basics food items that are commonly used such as soft drinks, and prepared foods. Also a convenience store may sell petrol, offer money transfers, and other administrative services. As far as size goes, grocery stores tend to be larger and owned by national brands. Convenience stores on the other hand tend to be smaller and independently owned.

Choosing your floor plan

The floor plan is the foundation of a stores layout, it provides the base structure for organising everything else.

  • Types of floor plans

There are several types of floor plans available to any retail store. The straight floor plan use fixtures and displays placed at right angles and the angle plan use a lot of curves in both the fixtures and the displays. The diagonal floor plan places the fittings and fixtures diagonally, and the geometric floor plan places them in a geometric in shape. The mixed floor plan is a combination of diagonal and angular layouts.

  • Deciding on Your Size and Placement of Aisles

Having spacious aisles is one of the key aspects of store planning. The minimum recommended size is 4 foot wide without distractions so your customers can move comfortably around the store without bumping into each other, including those with wheel chairs and push chairs.

The placement of the aisle is important as this will dictate the flow of your customer traffic within the store. The aisles need to be placed in such a way that they expose your customers to most of the products. So you need to work out where you want your customers to go and what you want them to see.

Once you know this, it is then a case of choosing the type of isle layout that matches your objectives, bearing in mind the available space and the floor plan. There are 3 common layouts to choose from, these are the grid layout, the loop layout, and the free-flow layout.

The grid layout runs parallel and perpendicular to walls. The loop layout consists of one main isle that loops around the store. The free-flow layout is open plan.

Display and Sales

  • Mapping out your product, displays, and registers

A good way to start is by walking through the store so as to see it from a customers perspective. It will then be easier to figure out where to put what. Place new products in the best locations and everyday favourites near the back. You can keep some small items near the cash register. Fixtures and displays should emphasize the product and should be adequately spaced apart with cash registers placed away from the front of the store.

Your Store Lighting

  • Types of lighting

There a 4 types of lighting that can be used in a grocery store. There is general lighting for whole store, ask lighting for the work areas, accent lighting for specific areas of the store, and finally decorative lighting to beautify your store. All types must be used, however the most important are the task lighting and accent lighting, because they highlight your product and illuminate your work areas.

  • Setting Up Your Grocery Store Lighting

There are a few key point to take into consideration when setting up your store lighting: Make sure to factor in replacement and energy costs. Then use mirrors to reflect light and dimmer switches to control the atmosphere while reducing energy bills. Most of all the lights must not be in the customers way as it may get too hot.

Conclusion

In summary, planning a grocery store requires a lot of attention to detail. However the results are worth it for you and your customers. Also while the store layout is important, so is the way the shelves are stocked, as this has just as much of an impact on the shoppers buying habits.

 

The Bounce Back of Retailers in August

Thanks to children going back to school, needing new clothes and shops selling a considerable amount in the autumn sales, retailers have bounced back in the last month. The sunny weather has also had a lot to do with the bounce back, however groceries haven’t been so lucky due to the substantial discounts they offer according to the British Retail Consortium. Sales were up 1.3% compared to last year in August meaning that we have had the most radical growth since January. Forty six per cent of the retailers who were surveyed said that their sales were higher that 2013 whereas 25% said their sales were less. Continue reading “The Bounce Back of Retailers in August”

Retailers push for changes to Business Rates

Since the recession started back in 2008, a number of retailers have gone out of business leaving a large proportion of UK high streets with empty shop fronts. One of the main reasons retailers struggled during the recession was because people started spending less money as the cost of living increased and wages remained stagnant, however this isn’t the only reason. All retailers based in the UK have to cover the costs of outgoings including rent on their premises, shop insurance and business rates, which is why they have called on the government to abolish the latter. Continue reading “Retailers push for changes to Business Rates”

Retailers encouraging Christmas shoppers to buy Offline

In the run up to Christmas we have seen a number of news stories discussing how more and more people are choosing to do their Christmas shopping online instead of visiting their local high streets. For many, online shopping makes organising Christmas quicker and easier, as they can order everything they need from the comfort of their own home and avoid the dreaded Christmas rush.

Knowing this fact, retailers across the country have been working hard to entice customers to complete their Christmas shopping offline. In order to debunk the belief that shopping offline is tiresome and stressful, many shops have been offering reduced prices and have also made a special effort to ensure the shopping experience is as pleasant as possible. Continue reading “Retailers encouraging Christmas shoppers to buy Offline”

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