Amazing Retail Business Tips for Beginners and Existing Owners

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AUTHOR
Bruce Coudrey





  • 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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