Many of us dream of opening our own shop. Our vision can be vivid, with the colours, signage, merchandise and typical clientele fully formed in the mind’s eye… where it forever remains, idealised but unrealised. If you’re one of the courageous few with the determination to bring your ambition to fruition, read on for some pointers we hope you’ll find useful.
Savvy secret no. 1: have a business plan
Although sometimes dismissed by creatives as unnecessary or too boring to bother with, a business plan is your best friend (not your foe). It anchors and supports you and helps your entrepreneurial dreams take flight. Here are some reasons why you’ll be so glad you made a business plan:
- It’s a great communication tool to use for bouncing ideas around with mentors or colleagues.
- It helps you and others identify potential flaws or spot opportunities you may have missed.
- It helps you work towards your goal in incremental steps so you can start with what you can realistically do now and build on that.
- Seeing everything in one document helps make your vision more tangible and boosts your confidence.
- Seeing the relationship between your profit margin, your markets, your potential wage, your five-year forecast etc., helps you see how everything works together.
- It helps you stay focused and steer a steady course when your business journey gets bumpy.
- If you want to apply for grants or funding further down the line, a business plan will be essential.
See our ‘Getting started’ page for info and inspo on creating a business plan.
Savvy secret no. 2: build a distinctive brand
To create a standout brand, you need to encapsulate the essence of your vision and manifest it outwardly in everything you do.
Why is it your dream to open a shop? What are your personal traits and passions that you want to express through your brand’s look and feel? What values do you hold most dear that your shop will reflect (e.g. sustainability, eco-friendliness, fair trade, diversity, quality, value, exclusivity, etc.)? Adhering to these values and selling products aligned with them will help you create a consistent brand that reflects what’s most important to you and attracts a kindred-spirit customer base.
As the new shop on the block, you’ll obviously need to consider the context in which you’re arriving. You’ll need to appeal to the locals and be a good fit for the demographic – but you don’t want to blend in too much. If much of your merchandise is available from other shops in the same locality you won’t have enough impact.
Curating your merchandise and being selective about what you stock is a big part of your job as a shop owner and brand builder. You also need to be consistent with the quality of your merchandise and price points and try not to diversify too much.
At the same time, you can still have a high and low end to fit different spending budgets. It’s good to have some small, affordable items for customers who just came in to browse but don’t want to seem rude leaving empty handed (and your interaction at the till can help you establish a connection so they’ll want to visit again). So, if you’re a clothes shop selling designer dresses, also sell some hair ties or scarves. Or if you’re an art shop selling original paintings and sculptures, also sell greetings cards and bookmarks, etc.
Savvy secret no. 3: stay true to your ethos
Various labels will approach you and ask to be in your shop – and you need to think carefully about whether they’re a good fit or would look out of place. Also think about your main customer base and the positive feedback you get from your regulars who keep returning. It’s their shop almost as much as it is yours and you don’t want to startle them by swerving off in a new direction or taking them out of their comfort zone.
Knowing the personas of your target customers and fostering the symbiosis between their loyalty and your evolving brand also gives you the courage of your convictions on occasions when your confidence may take a knock. For example, if somebody came into your shop and started questioning your products or pricing, you could stay firm in your resolve, knowing they’re outnumbered by a majority of delighted regulars. It’s important to have faith in what you’re doing. Until you launch, you may still have some uncertainties. But when you get going and customers vote with their feet, it can snowball, so all of a sudden you have a business that’s going and growing.
Savvy secret no. 4: build anticipation for the launch
If you’d like to test the water, you might want to think about temporarily opening your doors pre-launch, so customers can sneak-a-peek at you (and vice versa). Some retailers try this and end up never closing their doors as they’re such a big hit from the get-go. If customers in the area have been hungry for a new shop to open, are excited about what you’re doing and love to support local businesses, you’ll be off to an auspicious start.
If it’s more your style to build suspense and then have a ‘ta-dah’ style of unveiling, then take every opportunity you can to create a buzz in the lead up to your launch. For example, if you’re painting your shop front and putting up signage, Instagram the heck out of this exciting milestone and use social media to get tongues wagging.
A shop is such a visual thing that Instagram can be an invaluable tool for showcasing your brand – not just at launch but week by week. It’s fun and impactful to create stories to engage your customers. For example, when a big box of new stock arrives, post photos to capture the excitement of opening it.
Savvy secret no. 5: start with small steps
Although having a strong brand is important, you needn’t pin everything down before you open your doors. It takes time to build a brand and it will naturally grow and evolve over time. For instance, six months in, most of the items on your shelves may be different from those you opened with. Or you may decide your brand colours or even your name doesn’t work. Nothing is cast in stone.
So rather than obsess over nailing every final detail pre-launch, keep your overarching vision in mind, put some stock on the shelves and take the plunge. Once you start bringing in some money at the till, you can make adjustments as you go along. In the first year you’ll be learning, growing and finding your feet.
Even when you’re well-established, it’s important to stay fluid. If something isn’t working, you have to be a bit ruthless about switching it out for something new. And of course, your shop and brand will need to continuously flex with customers’ feedback. You may possibly even pivot and change direction entirely if this proves necessary.
We wish you every success with getting your retail business up and running. Please ping us when your doors are open so we can come and ogle your beautiful shop and put our wallet where our ‘Wow!’ is.
This how-to guide was inspired by one of our Zoom Dives with Jo Johnson, owner of fashion and lifestyle shop, Form SE15, which she opened in May 2018 in Bellenden Road, Peckham.
Our Zoom Dive events are deep-delving discussions between our founder, Carolyn Dailey, and a handpicked creative business expert. You can listen to Carolyn and Jo’s full discussion here.
Fancy catching our next Zoom Dive, live? See our Events calendar and sign up for free.
Meanwhile, feel free to plunder our Knowledge bank for more advice on getting your creative business going.