If you are looking for business opportunities, have you considered retail? Traditionally, retail businesses were the bricks and mortar stores where customers go to buy products, but today it also includes online shops and products of every description. With more people buying online, it has never been a better time to get in on the success of the sector. Here are our top tips if you are considering setting up your own retail business.

Market Research

What do you want to sell, and to whom? Who is your target market? The most successful retail businesses know their customers well. This allows them to select products that their market will love. For example, you might be selling to new homeowners, middle-aged women, or students. As you can see, each will respond to different product offerings. Once you understand what makes your market tick, it becomes easier to choose the best products to sell.

Business Model

Do you want a bricks and mortar store, an online store, or both? How about mail order? There are pros and cons to each, and you will need to decide what suits your business the most. Also, your market demographic may have a preference. Most people are happy to order online, however, older generations may prefer to visit a shop in person.

Sourcing Products

When starting your own retail business, you will need reputable suppliers. Whether you import goods from countries such as China, sell locally made products, and everything in-between, finding suppliers you can trust is essential. Networking with other business owners is one way to find recommended suppliers or you could search for reviews on the internet. Trade shows are another way to meet suppliers face-to-face and get to know how they operate.

Logistics

This is an essential part of any retail business, whether it has premises or is online. Your products will need to arrive as goods inwards, be stored, and shipped out to their destination once a customer places an order. There are many options for this. You could decide to handle it all in-house, but that is often costly for new businesses. Outsourcing your inventory management, picking and packing, and shipping is often the most cost-effective and the least hassle.

At LTS, we can handle as much or as little of your logistics as your business requires. We have modern warehousing facilities and systems in place to make sure your deliveries arrive securely to and from any part of the world. We handle all types of goods including unusual, fragile or bulky freight.

Our team have many years of industry expertise, and we always use a consultative approach to find the best solutions for our customers. For start-ups, that could mean experiencing fluctuating demand or sudden growth, so we believe that being flexible and adaptable is key to success. We can even tailor a bespoke service for your business! If you are ready to take your retail business forward, call LTS on 0121 753 0080!