Despite the constantly growing popularity of online retailing, the retail trade in Germany is still one of the largest and most important economic sectors. Therefore, opening your own shop (also from a financial point of view) can certainly be worthwhile, provided a good business concept is in place. It doesn’t matter whether you are flirting with a jewelry store, a small boutique or a classic second-hand shop or are even considering setting up your own business as an optician: Careful and well thought-out planning is essential. For this reason, we have summarised for you the most important aspects you should consider when opening a store.
Develop a good business concept
At the beginning of every well prospering shop, there is a well-thought-out business concept. In order to develop a clear idea of your future business, you should deal with the following questions:
What kind of products do I want to sell?
What is my target group? Who do I want to address with my offer?
What about the competition in my industry? How does my store stand out from the competition?
What do I know about consumer behavior in my industry?
Knowledge is power… also in the retail trade
With a few exceptions (such as the sale of medicines), no special previous knowledge is required to run a shop.
However, it makes sense in any case if you already have industry-specific knowledge. This is the only way you can optimally adapt your offer to the wishes and needs of your customers and assert yourself against the competition. Therefore, it is best to choose an industry in which you are familiar or where you have already gained experience.
And who should pay for it? The question of financing
In advance, you should consider every aspect of the financial viability of your project. In addition to your personal equity, you also have the option of taking out a conventional loan from your house bank. Plan a lead time of several months for the application for financial resources. We recommend that you draw up a professional and detailed business plan so that you know how much start-up capital you actually need for your start-up.
Drawing up a well-founded and professional business plan is not only a central prerequisite for applying for a loan, but usually also for the success of your business. Therefore, your business plan should, in any case, be ready before you open your shop. Therefore, do not hesitate to contact an experienced expert for this. Good management consultants not only support you in creating a new business plan but can also assist you in revising your “raw version”.
All roads lead to the Trade Licensing Office
Formally, all you have to do to open a shop is to register your business with the relevant trade office. In addition, you are now considered a businessman or businesswoman and must, therefore, make an entry in the commercial register.
Finding the perfect location
You have a business plan and financing, you have already registered for a business?
Then the time has come to search for the desired location and a suitable location. The choice of location is enormously important and a decisive success factor when opening a store.
The location is everything
An ideal location is one where you can count not only on regular customers but also on a large number of walk-in customers. If your shop is heavily frequented, this will not only affect your turnover but also the level of awareness of your shop. A market analysis can be used to determine, among other things, how high the purchasing power is in a particular district. Depending on your products, you can then make an initial forecast of the future profitability of your store.