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10 Simple Steps Starting a Retail Business

March 24th, 2011

While happy thoughts of becoming a business owner may whirl around in your head, the realities of everyday life may suggest something else. You may be wondering if now is even the time to consider launching a business in this uncertain economic environment.Undoubtedly, starting a retail business is a bold move in any economic climate. However, it can also be one of the most exciting and rewarding opportunities that you can have in life. < The mindset
There is a certain mindset that’s required for success. Passion, determination, and sheer will- whether it stems from a burning desire to be your own boss, realize your dream, or simply out of economic necessity – are the requisite traits. There is a huge swath of territory between your ‘idea’ and actually turning it into a business. This is why planning is so critical for your success, regardless of the type of business that you’re going to start. Planning runs the gamut from getting the right experience, writing a plan, pitching investors (whether it’s Uncle or the bank), setting up the business, hiring staff and implementing a marketing strategy to attract customers.
Given that retail sales and consumer confidence are once again on the rise, retail businesses should see some bright light in the new year. Regardless of your business type, here are some tips to help you start a successful retail operation:
1-What is your product?

What is the specialty product or line of products that you’re going to sell? To put it another way, is there a particular product that you’re just crazy about… one that you can see yourself selling 24/7? If so, then you’ve got yourself to the starting block. The next question to consider: Is there is a market for your product? If you see similar products in other malls or in other parts of the country that are selling well, you might think there is a strong likelihood that you can make a solid business out of it. Finally, how are you going to make money from this product? Are you making the product yourself or buying it wholesale and then reselling it? In either case, determine how much your costs are and then see how much you can sell it to a customer for.
2-Industry know-how
Think about your practical experience in a retail environment. If you’ve worked retail, especially at a management level, then you have a sense of how business operates, from customer service to inventory management. Before you strike out on your own, get experience. One of the key reasons businesses fail is lack of experience. While you’re at it, find a mentor—someone who has significant experience in the business area that you’re entering. A mentor can share insights and experiences so you can apply them to your business.

3-Business structure
The business structure dictates how you’re going to set up your business legally. While you should consult a professional, consider what type of business you’ll be operating and what your budget is likely to be. If you’ll be self-funding a business that has a low risk for a customer getting injured, you might consider a sole proprietorship, which is easy and practically free to set up. If you plan on selling food or exercise equipment, or will be getting money from investors, the Limited Liability Company or LLC is a better fit. While it may cost more to set up, it could offer you liability protections and tax benefits. There are other business structure options, but these are generally recommended for startups. Register the business in your state so you can legally do business. If you’re concerned about trademark your name or logo down the road, you can do a quick search on www.mca.gov.in website to make sure that no one else is using your name. If in doubt, consult a professional.

4-Business planning
Create a road map to profitability. Figure out your start up costs remembering to include all the costs of your product, POS systems, signage, printed materials, insurance and any wages for employees and consultants. How are your costs stacking up? If you don’t have enough money to fund this business yourself, you’ll need investments, so craft a business plan to show how you’re going to run the operation, including how you’re going to market your business. Even if you don’t seek outside investment, this can be a great idea to document your game plan so you have it writing and can share it with key employees or partners.
5-Funding

For many start-ups, you’ll need to secure funding. Sometimes if you’re franchising, the franchiser may give you a loan. In many cases though, you’ll need to raise money. The easiest way is to ask friends and family for a loan to help get you started. You could also consider a Small loan from a community bank as the government is trying to make those more widely available to early stage businesses.
6-Retail location; set-up permits
Setting up the retail location is important.,make sure that you are comfortable with the terms of the lease, including length and annual payments.Remember, everything is negotiable. As always, you can consult a legal professional if you’re not sure what to do. At this point, you’ll need to make sure that you have a bank and merchant account so you can accept credit cards. This can generally be connected directly to your POS system. Most banks offer these business services so they’re not difficult to get, but there is an application process so be sure to allow two to three weeks before you open the doors for business. Finally, make sure you have the necessary legal permits from your city/state to do business.
7-Building the team: Staffing

While you may be operating the business as a sole proprietor, you may need staff to help you operate your business. Find people who are motivated and offer incentives so that they can be as excited about your product as possible. You’ll need to provide solid direction, so an employee handbook is a must. If it’s a franchise, you’re going to get a handbook from the franchiser, which will spell out dos and don’t in detail. Also, make sure you have a job description that explicitly addresses job responsibilities. Finally, remember to check references for any potential hire. If you’re thinking about a business partner, make sure that you both agree to job descriptions with accountability so that each party knows what is expected. This will minimize friction down the road.
8-Inventory management
You’ll need to figure out how much to invest in inventory at the time you launch your business (and then think about ongoing time and costs for maintaining inventory). It helps to buy in bulk, but then you’ll need storage. Based on your start-up cost budget, how much can you purchase at any one give time? Is this enough to fill your shelves? You want to make sure that your shelves are stocked, as it looks better and you’re more likely to sell more, too. Your POS system can be a great tool for managing inventory, so take advantage of those features as it will save you time from having to track and manage inventory manually.
9-Branding
Branding is how you’re going to differentiate yourself from your competitors. Think about your product’s value proposition. It’s what you do that’s unique, whether it’s the actual look of the product, the customer service, or a combination of both. Create your logo, signage, uniforms (if applicable) and packaging. Remember, you want branding to form the entire customer experience from the time they see your store, interact with you or your team and purchase a product. You want to delight your customer.

10 -Ready for opening day

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Posted in Retail Buying Systems, Retail Category Management, Retail Concepts,Strategies,Practices, Retail Recruitments, Retail Store Management, Start up Retailer

CV Optimisation for Retail Position

March 20th, 2011

Conciseness and relevancy will play vital roles in your retail resume. This is not the time to try and impress the potential employer with a long list of experiences and accomplishments. They just want to quickly see if you are qualified and if you understand and are capable of what the job consists of. Therefore, whittle down your resume until it contains only the information that needs to be on there, and it will surely be considered for hire by your potential employer.

When applying for a retail position, the requirements you’re expected to fulfill will vary drastically depending on the position you’re looking to fill. For an entry level retail position a resume is not necessarily required. Some employers will throw away resumes that are not accompanied by standard job applications. If on the other hand you are applying for a higher level retail position, you will want to submit a resume along with any other paperwork you’re required to fill out.

When crafting a resume for a retail job, you should focus primarily on your customer service skills because the retail industry is highly customer service-oriented. Convey details regarding situations where you have helped customers and colleagues in the past, and where you have gone above and beyond the call of duty to meet needs and solve problems.

Regardless of what the position is, it is important that you custom tailor your resume to suit the employer as well as the industry, rather than one or the other. If an employer can tell that you are focusing your resume specifically on their individual needs and requirements, your resume will stand out from the rest, even if competing applicants have more background or experience. If you are applying for a sporting goods store, for example, focus your resume on experience and skills that relate specifically to sporting goods and sporting goods retail outlets.

If a prospective employer wants to know more about your job history, qualifications, education and skill set, they will not hesitate to ask you for more information. For this reason, it would be wise to keep a master resume on file. Write out a master resume that contains all of this information, including a full background and a list of all of your past employment, skills, achievements and other qualifications. Include everything, even if it is not immediately relevant, when putting together a master resume. This way, if a prospective employer wants a more in-depth look into your experience and skills, you already have something you can provide them.
When drafting a resume, consider which information is your strongest suit. For example, if you are fresh out of college with a degree in business but do not have any real world experience, make sure that your Education background section precedes your Experience section. If you have been in the retail industry for a decade and your education isn’t recent, make sure your resume reflects this, putting more emphasis on experience than on education.

Ultimately a resume for a retail position is one that is short and sweet, emphasizing a combination of customer service skills and communication skills and other skills that are directly applicable to the position. Experience and education do play heavy roles in standing out against competing applicants, but people skills and the ability to solve problems and satisfy customers will prove just as valuable.

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Posted in Retail Career Planning, Retail Recruitments

Tags: Account Management Business Development Client Acquisition client relations consultancy consultant content developer content develpoment editing front endding clients head hunting Hiring HR HR Executive HR recruiter hr recuriter manpower planning ontent writing recruiter Recruitment resume writing sourcing Staffing Talent acqusition writing

Finding the Best Retail Jobs

February 13th, 2011

The best retail job is not necessarily the one with the best pay and the best benefits. The best retail job might not even be found anywhere on the top retail Companies .Instead the best job is the one that matches the talents, skills, values, and personal goals of the individual.

Finding the best “right fit” job is about knowing yourself first, and then matching your own identity and goals with the identity and goals of an employer. In the short term it might seem more important to get a job that gives the best compensation, but in the long-term, most employees are chronically dissatisfied until they get a job that provides the best personal fulfillment.

Whether you’re looking for part-time store jobs or a full-time retail career, it’s important to find the right fit. Just because a job is available doesn’t mean that it’s the right job for you.

Spruce Up Your Resume
Your resume speaks volumes when it comes to first impressions. Make sure that, whenever possible, you quantify your accomplishments. Saying that you “doubled the average number of units per sale” is more impressive than saying you “contributed to an increase in sales.” If you have retail experience, be specific about the types of companies for which you have worked and they type of work you have done. Simply listing your employers and job titles doesn’t communicate your full range of skills or specialties. If you have retail experience, be sure to emphasize that in your resume.

What makes you suitable for this retail job?
Focus on specific experience and training in your career history. Identify things you have done that match the job you are interviewing for. Emphasize what qualifies you for this particular job and how you can add value to the job and company.
Generally good communication skills, flexibility, a strong customer service orientation and a high energy level are key to success in a retail position. Go into more detail by expanding on these qualities.
Targeting the right job is a mix of ,Hard Work,Planning,Creativity and A little Luck.

Hand2Hand Solutions ,

Your Specialized Retail Recruitment Partner ! We provide retailers with qualified, quality retail management professionals at all levels in store and operations, retail head office positions and all retail functions.With 500 man month of retail and allied industry experience nationwide, we have built up expertise in multiple retail sectors and have particular strengths in recruiting for fashion, home & furnishings, grocery,lifestyle, luxury and designer and retail food outlets.Our recruitment consultants understands what each role demands and what each retailer is looking for. We are in constant touch with the widest network of talented people in retail and allied sectors.

This combination – depth of industry knowledge and breadth of community – is unique.
Will appreciate your feedback , if they had helped you to purse your next retail career opportunity.

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Posted in Retail Career Planning, Retail Concepts,Strategies,Practices, Retail Job Seekers, Retail Recruitments, Types Of Retailers

Tags: best retail jobs. consultancy consultant head hunting Hiring HR HR Executive hr recuriter recruiter Recruitment retail jobs sourcing top retail jobs

Retail Ethics

October 23rd, 2010

Because of the parties with which it must interact, the retailing industry is unique in the business environment. As the final stage in the marketing channel, situations which present themselves in retailing are particularly visible to consumers and to society as a whole. Often the only business organization with which consumers and potential customers interact, the decisions and actions of retailers can easily be presumed to extend to the entire business community. Furthermore, from a micro perspective, retailing involves direct transactions with consumers–individuals who can be expected to be most vulnerable to the effects of questionable practices in the marketing channel. As a consequence, ethics in retailing has become the object of a growing amount of attention.

In retail, the intense interaction between employees and customers, and employees and different levels of management on a daily basis to achieve business goals can be ethically challenging. Examples:

1. Do you follow return policy and upset a customer or bend the policy and keep the customer?

2. Do you do “what’s right” or save your job?

3. Do you engage in courageous leadership or just “go with the flow”?

4. If your boss keeps adding projects to your plate, what do you do?

5. If you find yourself in disagreement with company’s philosophy, what do you do?

6. If your boss is behaving against company’s stated leadership behaviors but you know the boss is well connected to decision makers, what do you do?

7. How do you integrate into a new culture?

8. If company communicates conflicting messages to you, what do you do?

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Posted in Retail Ethics

Tags: Business pratices retail ethics

Retail Operations Profile Outlook

October 23rd, 2010

Retail Operations involves managing the day-to-day functions of retail establishments like department stores, grocery stores and specialty shops. Keep reading for more information about the Retail Operations field and how to build a Retail Operations career.

The first step in building a career in Retail Operations is to secure a sales or customer service position in a retail store. At this level, qualities like punctuality and attention to detail may lead to a promotion. From here, one can become a manager or supervisor of Retail Operations. Particularly effective store managers may be promoted to district, regional and even national Retail Operations positions.

Education Requirements for a Retail Operations Manager

A degree in business or management will provide the skills necessary to succeed as a retail manager. Most employers also value previous sales experience. Employees learn operations and procedures, customer service practices and merchandising techniques as they rise through the ranks from sales associate to retail manager. An educational foundation, including accounting, marketing, business and management courses will aid employees as well. Retail operations managers should also be adept at using a store’s computers, which often run the cash register and inventory control systems.