Retail Store Checklist

8/3/2019 Retail Store Checklist

1/19

CHECK LIST FOR STARTING A

STORE

(WHAT ONE MUST DO)


2/19

POINT TO CHECK-OUT

Know Your Customers

Get Starting

Building

Equipments & Supplies

Merchandise

Records

Store Security Buying a business

Make it Go

Advertisement and Publicity

Pricing

Buying and selling

Employees

Customer credits

Additional questions to be answered


3/19

Thinking about your Customers

Do stores in your location do very well?

Do your proposed retail model do well in your

location and in the country?

What kind of customer would buy what you

indent to sell?

Do you find enough customers who would like to

buy from you?

Do they need a store like yours?

If they dont like, will you open other kind of store

or will move to other location?


4/19

Getting started

1. Your Building

Have you located a good building or space foryour business?

Did you check other locations before choosingthe present one?

Will you more space if you do better? Can you alter the building acc.to your need

without spending too much?

Is it convenient for parking and public

transportation? Have you done layout plan for office/work-area to

ease customer flow?

Does legal opinion support your lease/buy of

space?


5/19

GET STARTED

2. EQUIPMENTS AND SUPPLIES Do you have an idea of the cost of Equipment

and supplies?

Can you save money by buying second- hand

equipments? Is buying is advantageous over leasing

3. STORE SECURITY

Have store security is organised?

Has insurance covered for store /merchandise?


6/19

Getting started

4. Merchandise for retailing Have you decided what to Sell?

Which items will account for 80% of sales?

(describe the merchandise items)

How many store(s) to open

Who supplies Merchandise with better price

How long for re-supplied

Have Prices & terms are compared?


7/19

Getting started

4. Records

Has Book-keeping formalized?

Has Inventory ordered enough to meet

customers demands? Have Pay-rolls, tax returns & reports

planned?

What Financial statements are to be

prepared? How to make best use of Fin. Statements?

Have licenses and permits obtained?


8/19

Get started..

5. Buying a Business

Have you decided whether to buy out or start own

business?

Have you compared the cost of buying with the

cost of starting a new business

If buy-out, do you know the real reason the owner

wants to sell the business?

Are the fixtures, equipments and stock are up to

date and in good condition?


9/19

Get started..

5. Buying a Business.

Is the building in good condition?

Will the owner of the building be able to transfer

the lease to you?

Have you talked to other businessmen in the area

about your business?

Have you talked to other businessmen in the

industry about your business? Have you talked with the companys suppliers?


10/19

Make it Go

1. Advertising and Marketing

Have you decided

How to advertise your business?

How to prepare a business plan?

Where to get help with your ads?

How to attract people to buy your goods?

Direct mail as an alternative to marketing

strategy? Have you prepared a mailing list to start

communicate with potential buyers?


11/19

Make it Go

2. Sourcing/buying merchandise

Do you know what your customer wants?

Have you planned how to control inventory,

when to re-order & how much to re-order

Do you know to get most supplies from few

supplier with favorable terms?


12/19

Make it Go3. Pricing

Do you know

How to price the merchandise?

How do other stores price the same?

The advantage of being a price leader thana price follower?

The competitors reactions to your price

policy? Your pricing is sufficient to make profit on

each product you sell?


13/19

Make it go

4. Selling merchandise

Have you decided whether you will havesalesclerks or self service ?

Do you know how to get customers tobuy?

Have you thought about why you like to

buy from some salespeople , whileothers turn you off?


14/19

Make it Go

5. Customer Credit trade

Do you plan to let customers buy oncredit ?

Do you know how to set up an efficientinvoicing system ?

Do you know the good and bad points

about joining a credit card plan?


15/19

Make it Go

6. Employees

Do you know what kind of people youneed?

Do you know how much to pay?

Do you have particular people lined upto fill certain positions?

Do you have a plan for training youremployees?


16/19

A few more extra questions

Have you figured out whether you could makemore money than working for someone else?

Does your family go along with your plan to start

own business?

Do you know where to to find out about newideas and new products?

Do you have a work plan for yourself and youremployees?


17/19

A few more extra questions

Have you got your lawyers opinion?

Accountant opinion?

Commercial Bankers opinion?

Have you read some good books or attendeda seminar on starting a business?

Have you searched Internet to learn aboutmarkets and competitors?


18/19

Now.. Go back and answer the first

question. If your answer is YES, we

wish you the best luck in getting your

new business off the ground because

LUCK is the one intangible factor which,

added to you plans and hard work, willmake your business go.


19/19

Review of retail store concept

Analyze

Your

Business

SWOT

Evaluate

New

Retail

Options

Identify

New

CustomerTarget NewRetail

StrategyNew

Merch.

mix

Adopt

New Retail

Marketing

Mix

Retail Store Checklist

Documents

Transcript of Retail Store Checklist