In the first quarter of 2022, there were seven times as many retail store openings as there were closings.
That’s great news for the retail industry. It means that consumers are comfortable shopping in person after the pandemic.
If you’re starting a new business, you shouldn’t ignore the possibility of opening a brick and mortar location. Consumers still want to have an in-person experience, no matter how convenient online shopping is.
There are a lot of things you need to do before you open a business. You’ll need to build a firm foundation to run a business and make it successful.
Fortunately, you’re in the perfect place to learn what you need to know to open a business. Read on to discover what they are.
Table of Contents
Permits and Building Codes
There are an array of licenses and permits required to open a brick and mortar business. It starts by registering the business with your state.
You then need to get a sales tax number and reseller certificate. Your city may have additional sales tax requirements.
If you rent a location that needs updates and renovations, you need to work with your municipality on building permits and inspections.
Check with your city about signage and certificate of occupancy permits. Understand what the rules and regulations are before you spend money.
This can be very confusing to new business owners. Ask your local SBA office or chamber of commerce for help.
Technology Is Essential
Brick and mortar businesses cannot survive without technology. You need a website because customers search for your products online.
Retailers need to invest in security and inventory technologies. Technology also provides a better customer experience.
According to this article by RedIron, you can use technology for price tracking. Check it out to learn more.
Don’t Underinsure Your Business
The mistake that business owners make is that they get the cheapest insurance without understanding what’s covered.
Brick and mortar businesses need general liability and commercial property insurance. You may need product liability insurance, cybersecurity, and business interruption policies.
Work with a reputable commercial insurance agent to go over all aspects of your business and make sure you have full coverage.
Location Is Everything
Retail businesses need to have the best location within a reasonable budget. If you go for the swanky downtown location, you will end up spending a lot of money before the business can support it.
If you want the best location for your business, you need to know your target customer. Know the demographic information such as age, income, and zip code.
This helps you choose a location that’s convenient for your target market. Provide a place that has parking and accessibility.
You’ll get the right location without spending all of your revenue.
Open a Brick and Mortar Store
Retail is far from dead. It’s changing, but people still love the in-person store experience. These tips showed you want to keep in mind to open a brick and mortar store.
You’ll avoid costly mistakes and open a store that thrives.
Once you open a business, you’ll need more business tips to get customers. Be sure to click on the Marketing tab at the top for great tips.