Retail Store Fixtures, Manufacturing Company located in Montreal Canada. "Fermos" Call 514-327-7201
Retail Store Checklist
Transcript of Retail Store Checklist
-
8/3/2019 Retail Store Checklist
1/19
CHECK LIST FOR STARTING A
STORE
(WHAT ONE MUST DO)
-
8/3/2019 Retail Store Checklist
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
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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?
-
8/3/2019 Retail Store Checklist
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.
-
8/3/2019 Retail Store Checklist
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