There is always a first time for anything you do in life and the feeling of the first time remains etched in heart and mind forever. After one gains consciousness and understands the life puzzle, it becomes more nauseating and nervous energy flows throughout the body.
Same goes with the first time retailers, getting cold feet is a common phenomenon.
Retail industry in India is expected to grow to US$ 1.3 trillion by 2020, registering a Compound Annual Growth Rate (CAGR) of 16.7 per cent over 2015-20.
Increasing participation from foreign and private players has given a boost to Indian retail industry. India’s price competitiveness attracts large retail players to use it as a sourcing base.
The Government of India has introduced reforms to attract Foreign Direct Investment (FDI) in retail industry. The government has approved 51 per cent FDI in multi-brand retail and increased FDI limit to 100 per cent (from 51 per cent) in single brand retail, and plans to allow 100 per cent FDI in e-commerce, under the arrangement that the products sold must be manufactured in India to gain from the liberalised regime.
Thus to overcome the cold feet and nervous phase, here are some tips for the first time retailers:
For opening a retail store is back breaking and head bursting with eight hours of non-stop walking work. One has to arrange things and help the customers as well as check the stock and up-to-date in time.
Coordinating with supplier, arranging the stock on shelves, receive the stock and shift it to the go down or storeroom along with handling the customers’ need and requirements is very important. This entire one has to do alone, because as you have just started the retail store, it will take time to hire helping members.
One cannot deny the fact that the retail brand’s reputation rests on his shoulders alone. Nothing comes easy in life anyway.
Practice What You Advertise:
There is no room for backing out of your responsibilities because the brand owner would not let you. Moreover you have to stick to whatever the advertisement says.
Even if the crowd is less or it is a dull day, one has to open the store in the mentioned time and close in the mentioned time as well.
If the customer happens to come to the store during closing time, help the customer first because that is the kind of dedication, which attracts more customers and helps in building reputation in front of others.
Keep a check of fresh stock, remove the expired products, even if you face the wrath of loss, you just cannot keep the expired materials on the shelves. Maintain cleanliness in the store, which is an important aspect for you as well as your customers.
Pay Your Taxes on Time:
Whether your business is doing well or not, you will spend a lot of time assessing, collecting, and paying taxes. Check with your state the types of taxes that you need to pay. You may be required to collect and pay sales tax, which the retail point-of-purchase tax is paid by the customer. Other taxes include real estate tax, retailers use tax, retailers occupation tax, payroll tax, quarterly tax, local taxes, value added tax (for some countries/areas), and on and on.
Hire an accountant to take care of all the taxes and make sure to personally keep a track of paying the taxes on time and being taken care of well.
Bonding with Supplier:
It is very important to keep a good bonding with the supplier. Before finalizing the supplier, make sure to select the smart one among the many.
Do not fall for the leading supplier as he would already have enough on his plate to munch, also do not fall for the cheapest supplier, there are high chances of getting adulterated or cheap items to end up at your storage, burning a big hole in your pocket.
That is why it is advised to choose a smart one out of all the suppliers available in the market and form a good bond with him, so that you get your supplies fresh and on time. He should have bonds with you such that he is just a phone call away to meet the demands of the customers and keep your business running smooth.