Few business owners convert their dream into reality. Initially, it will take a lot of time and hard work to start your own business, but with the right planning, it becomes easy to achieve goals. Retail is a highly competitive industry, and retailers need to remain up-to-date.

A retail business won’t thrive unless proper research is done. These proven tips will help you establish a successful retail business.



1. Write a business plan – It is observed that despite having a great startup idea some businesses get failed. There may be several reasons, but the primary reason is the lack of a business plan. A study by IBM Institute for business value and oxford economics reveals that 90% of businesses fail in the first 5 years. And out of the remaining 10%, only one out of 10 businesses lasts past first 5 years.



A business plan helps in finding goals and achieving them. So the first thing, you need to do is to make a good business plan by keeping your dream in mind. Write down your vision and further tasks to be done accordingly.



2. Set business goals & objectives - A goal without a plan can never be achieved. Define a master plan for the execution of important activities including deadlines, key dates, budget, and cash flow. Clearly define a goal to be achieved within a specific time period.



Consider all aspects such as the number of stores you want, the targeted customers, age group, initial startup cost and estimated income to be generated in the future.



3. Define unique business aspect - Knowing what makes you different from the mass will help to attract more potential customers. How can you make your services or product stand out in the market? It can be additional customer service or sales warranty and support, etc.



4. Deep analysis of market - There are several businesses already running in the market providing the same service you are planning to offer. To keep business flourishing make an in-depth analysis of current and future market trend. Do proper research of your competitors, services/products they are providing.



5. Keep a source of cash - Keep a source of enough money while starting a business because gaining profit is not possible in the initial phase of any startup business.



6. Business financing - Financing is also vital to keep running a business successfully. For this, you need a trustworthy investor and vendor for partnership.



7. Product positioning - First, understand your competitor's product positioning in the market and then strategize to position your products. For this, your product must meet the requirements of your targeted customers by solving the target customer’s pain.



8. Store location – Choosing the right place is the most crucial step in making your dream come true. Do proper research for demographics of the area, how much traffic you will get to your store, rent of the store, etc. Considering all these aspects is essential to run a successful business.



9. Make business legal - Register your business, get a license and get it insured. Also, get Employer Identification Number (EIN), if you have employees in your retail store.



10. Positive Cash Flow - Many startups fail due to negative cash flow. Continuous delay in cash payments means you are failing continuously to get paid from your customers, which can directly affect your business. Your - Many startups fail due to negative cash flow. Continuous delay in cash payments means you are failing continuously to get paid from your customers, which can directly affect your business. Your accounts receivable and payable should be done timely to maintain positive cash flow.



11. Packaging design - Product packing should aim at safety and ease of handling as it plays a significant role in attracting sales. A good packaging itself is a sales tool which makes a good impression on the customer.



12. Dedicated team - To start a successful retail business a strong and dedicated team is required to work on your vision. Team composition, team goals, task distributions, communication channels, etc. are very important for good team performance. The team members should have a sense of direction, purpose and should know who is responsible for what? A high performing team must possess:

13. Offerings - To get regular customers, offer a discount on a purchase or a free item, coupons, etc. This will increase the probability of getting new customers. No matter if they don't buy anything. At least they get to know about your products.



14. Go for Omnichannel retail - In the era of omnichannel retail, you should sell your products online on multiple platforms such as Amazon, eBay, etc. as e-commerce is growing rapidly nowadays. This will increase more opportunities for retailers to grow.



When your business starts growing, you can also launch your website and mobile app as customers expect to be able to buy from a retailer in multiple ways, which is suitable for them.



15. External help - Outsource some tasks like - Outsource some tasks like retail bookkeeping and accounting , product data entry, product delivery if you sell products online, marketing, etc. This will let you spend your valuable time on analyzing the market trends, sales, customer behavior, making business growth strategies, etc. which will help to grow your business.

- Good interaction among team members- Informal, unstructured communications- Involvement of all the members in conversation and all the tasks- Creative thinking