Opening a Small Store

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Opening a small store requires thinking about what products or services will be offered in the store, deciding whether to rent or buy a building, considering how to get products to the store, and marketing to the local community. Think about the regulations and licensing required to open up a business with advice from a marketing management professional in this free video on business.

Part of the Video Series: Small Business Tips
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Video Transcript

Hi my name is Mark, and we're going to look at, look at how to open up your own small business. Well, the question is what business are you going to open up a business in. What's your field of interest in. Have you had this dream for a long time? Do you really want to do something for yourself? You really thought about the implications involved. Now is this going to be a tangible, real face to face business or is this going to be an on-line business. If it's a real shop, for example, let's look at shop as an example. Then you think about all of the cost factors involved. Are you going to rent? Are you going to buy? What space do you need? What type of operation, what type of retail operation is it you're gonna, you're going to need or you want to start up. And then think about where the location of the business is. Very very important. Why? Because you need to have it in easy access for people to reach you. Very little points in running a food operation when you are right on the other side. At the edge of town, which people need to travel to get to you. No matter how good you are, people have to work to get to you. So you need to be in a very central location. You need to think about that. What is it you're going to do? Are you going to make products in the shop? Or are you going to deliver them in? Are you going to run a deliver service from the shop or from somewhere else? How are you going to get the name about? So with the shop as we've been discussing, think about what it is you're doing. Think about the four P's. You've got your product or you service. You've got your location, place. Are you distributing goods? You delivering goods? Or are people just coming to you? Thing to think about the implication of that. And with place, think about of all the rules, regulations, licensing, fittings, furniture. Everything that is required, in the cost require for the location you're at. And then the pricing. Are you competitive? Are you offering a premium service? Therefore you are more expensive. What pricing points did you have? And is the pricing replicate what you're offering. And then finally promotion. Every important. The most important aspect of promotion is word of mouth. In other words people come into your shop. They really enjoyed the experience. They leave and they tell everybody. That you can't pay for. That is the best form of promotion there is. But of course you've got to start up and you've got to get people coming in there. So therefore you might consider local advertising, you might be advertising on-line. On the Internet that means. Local magazines, local newspapers, radio. Whatever it is that draws people in. Make sure that your shop front is attractive. Make sure there's, there's basically many signs that will indicate where you are. So people, they can't not come and visit you. What you're doing, basically what you're doing from there on in is down to you. Performance in shop is down to you. And that will be the opportunity in which you grab and become successful or not.

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