When entrepreneurs begin assembling the necessary components they do so with one key factor in mind… Cost! Whether they’ve raised their own capital or borrowed it from a bank or business lender, it’s in the nature of a fledgling entrepreneurs to keep an eye on the mounting costs of the overheads so that their retail business doesn’t start its life mired in an inescapable swamp of debt. Inevitably this means that there are certain concessions that have to be made in the name of keeping overheads manageable and this often means compromising on their choice of premises.
After a few years of successful operation, it’s natural that entrepreneurs should want to expand their operations and this may involve moving to a new, larger, better located or better equipped premises. Before you go looking into local skip hire, however, it’s important to know that a move in premises is being considered for all the right reasons. After all, a move in premises is a disruptive and costly endeavour. If you have any of the following considerations on a regular basis it may be a sign that a move is the way forward for your retail business.
You can’t keep enough stock to meet demand
When scouting for an affordable yet appropriate premises for your business, storage space is rarely one of your prime considerations as you start mapping out floor space and creating a mental shortlist of shopfitters. However, if you can’t keep desirable items in stock to meet demand (especially seasonal demand such as the Christmas rush) this can place a sturdy glass ceiling on your profits. Your ability to meet customer demand will be one of your biggest contributors to retail success and it should not be hobbled by the wrong premises.
You keep having security issues
When you’ve worked in retail a long time you realise that corners, alcoves, nooks and crannies are windows of opportunity for shoplifters. If you’re choosing a premises on the basis of affordability it’s easy to gloss over any security issues that the premises may represent. Over time, however, despite the presence of CCTV and other security measures certain premises still present security issues that can be difficult (not to mention costly and time consuming) to mitigate. Sometimes moving to a more open plan premises where you are able to keep a closer eye on all in-store activity is the only way to go.
Your employees are always late
Few employees make an effort not to show up for work on time, but some areas are more problematic due to traffic and problematic road mapping than others. If your employees are consistently late despite making efforts like getting up and setting off earlier the problem may be with the premises rather than the employees.
Your online sales dwarf your in-store sale
Though the high street is still alive and well, few retailers don’t supplement their income with online sales. After all, online availability combined with a potent marketing strategy can help to mitigate the shortcomings in a retail premises. That said, if you notice a growing disparity between your online sales and your in-store sales then your foot traffic is likely less healthy than it should be. Moving to a premises could well give you a much needed boost.