Originally written by Jo Thornley on Small Business
With a significant number of retail outlets failing miserably in their first year, many entrepreneurs prefer buying an established business. While acquiring a retail store seems like a walk in the park, the reality is that it can also fail and you can still lose your investment.
However, with adequate preparation and smart planning, you will be on your way to becoming a successful retail business owner.
Are you thinking of buying a retail business? Here are a few things you should nail down for your business to take off as expected in the new year.
Have a solid business plan
When buying a business, your goal is to run the store well, earn profits and grow. Achieving your objectives will depend on how organised you are. For instance, you cannot think about growth if you do not have a business strategy in place. How do you ensure your business is always on the right path to success?
Retail companies are complicated since they experience peaks and troughs. Creating a business plan for your retail store will ensure you take advantage of the opportunities and mitigate the weaknesses of the business.
Your business plan should include your pricing strategies