One of the most fun things to do when visiting Cumbria is to spend a day in Penrith, a town well known for its range of interesting retail outlets. While there is plenty to do here, the range of shops, from bookshops to art galleries, makes for absorbing times for shoppers. self storage unit
Notwithstanding the big increase in online businesses making shopping available to customers, the retail environment still reigns supreme as it’s a place where merchandise can be inspected, touched, and felt before purchase. Both online and retail, however, need space to carry stock, and when setting up shop, the choice of store rooms is very important.
In making this choice of where to store stock the location, the price, and the security of is key. Of course, the cost is as well, and finding affordable storage with the right storage provider needn’t be difficult either.
The self storage units of Stop & Store Penrith are a popular choice for stock storage for both online businesses and retail outlets. The cost per cubic foot for self storage is far cheaper than retail space, which makes a self storage unit an ideal storage room for businesses which are required to securely store their stock items.
While the decision to do a self storage rental in Penrith may be primarily a financial one as its affordable and cost effective, the added benefits also make these storage units a top choice of businesses.
Opening a Retail Store: What You Should Know
Opening a retail store requires a lot of research and some knowledge of the industry you are hoping to operate in. First, a plan will be required, and even if you are using your own money to finance it, having a business plan in place helps you focus on your goal.
Before you even start, you would have already given some thought to the kind of retail business you’d like to open. Remembering retail is a job that binds you to a shop day in and day out, it’s not a lifestyle for everyone.
Ask the questions about the kind of products to be sold in the shop and decide who your likely customers are. Research similar outlets in the area to determine who your competition is. This will take you to the next step which is to decide if there is a big enough market for your kind of shop in the area.
Ask yourself how your shop will be different, and unique and be able to attract foot traffic to get sales. You may have a combination of ideas, like a better price that your opposition, more personal service, or superior quality products. All these decisions are to be made before venturing into the market.
Remembering that retail leases are binding, and you will probably have to commit for a lengthy period, you need to be sure that your idea is sound.
Next decide how you are going to communicate your new retail outlet to the market. As you enter the competitive space you are trying to attract customers into the shop to part with their money.
Ask yourself why they should come to you and not somebody else. Customers will be inquisitive; the first time they enter the shop they should be knocked out.
Do the Numbers: Make a Profit
The most important part of the business is the reason why you do it: to make money. After all, setting up a shop will cost you money and you will have to determine how long it will take to pay back your investment.
Therefore, it’s crucial to know what your costs are likely to be and how your cash flow will look. This exercise will also inform you about the size of the retail outlet that you can afford. You may have to limit your range and rental size if it is too much for your pocket.
Best know this upfront rather than later when there are difficulties. Negotiating terms with suppliers will also help with cash flow, and best this is done early on. Next, get your point-of-sale systems in order so that you know that you have got the incoming payment methods like credit card payments sorted out.
Name and Location
Already you are likely to have the name of your shop in mind. Choose a name that is catchy and easy to remember, perhaps with some meaning relating to the type of business, but unique enough to ensure that there is nothing similar out there.
Remember to check the name out legally so that you are infringing on an existing name in the market. At the same time be sure to register your business so that it is legit in all ways.
Finding the right spot for your business is the biggest job of all, and the most important. Retail space can be expensive, and the higher the rent the more traffic you can expect. Remembering if its not on show, you don’t make the dough! So, ensure that you have enough floor space.
Do a reconnaissance of the area you have in mind to determine the flow of foot traffic in the centre. Don’t get yourself into a bad position just because you want to have a presence in the center. Location is everything.
Maximize your floor space and remember that a self storage unit nearby can be your storeroom. It’s far cheaper after all and it is a secure place to store your stock.
A for Away
Right, now that you’ve done the basics it’s A for away. But hang on, you need a good awareness campaign and an imaginative way to open your store. Opening specials may be one, but by creating hype around the new store through the media is a must.
Now that you have your plan, sign the lease, and don’t forget to get a backup self storage unit for all your accessories and stock.
When you are looking for a storage rental, please contact us.
Make an enquiry on https://www.stopandstore.co.uk/penrith-storage/
Or call us on 01768 800291.