Home Blog News & Articles Amazing Retail Business Tips for Beginners and Existing Owners

Amazing Retail Business Tips for Beginners and Existing Owners

Choose Correct Field by Experience, Knowledge or Passion
Look for right Location, Brand & Price
Do a Business Plan with comprehensive Financial Planning
Get an Expert Valuation of the Business
Equip with adequate Training
Make sure that you are trained and ready
Hire right Staff
Happy Trading

Operating:

Customer Service should be No.1 Priority
Train Staff regularly
Train yourself regularly
Update and concentrate on Stock, Category management & Merchandising
Maintain Competitive Pricing & Promotions
Presentation of the Store
Develop a Point of Difference from other similar stores
You – Working Hard is always effective but do not burn yourself out by working too hard
Work on the business NOT IN the business

Selling:

Exit Planning should start as soon as you buy a Business
Determine a Time frame based on your needs to sell
Plan ahead
Be safe & ready
Accept Reality (market demand is subject to change & may not be always what we want)
Price the Business for Right Value, don’t overvalue the Business
Prepare all the necessary paperwork with Accountant
Select a Right Proactive Agent & Reputable Firm with Industry Knowledge
Happy Selling
Look for New Opportunities

Service Station Specialist Karthik Arasu

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