Retail Property BID

How to increase shop sales

13th September 2023

Congratulations on opening your retail shop! Now that you’ve taken the crucial step of establishing your business, the next challenge is to understand how to increase shop sales and consistently boost revenue. In this guide, we will explore a range of strategies which will help you learn how to increase shop sales. Understanding Your Target Audience Before diving into specific strategies it’s essential to have a clear understanding of your target audience. You likely conducted research into your audience before you opened, but its important to stay updated on industry trends, competitor offerings, and your customers changing preferences. This information will help you make informed decisions about your product offerings and marketing strategies. Begin by creating detailed customer profiles or personas if you havent already. These profiles should include demographic information, such as age, gender, location, and income level. Additionally, consider their preferences, interests, and pain points. By knowing your customers inside and out, you can create a more personalized shopping experience that resonates with them and keeps them coming back. Read more: How to retain your customers Improve Store Layout and Visual Merchandising By optimizing your store’s layout and visual merchandising, you can significantly increase shop sales and create […]

How to write a retail business plan

30th August 2023

Starting a retail business is an exciting journey that holds the promise of bringing your entrepreneurial vision to life. However, to ensure your venture’s success, it’s crucial to have a well-structured business plan in place. A business plan serves as a roadmap, outlining your business goals, strategies, and financial projections. This guide will walk you through the step-by-step process of how to write a retail business plan, equipping you with the tools needed to craft a compelling and comprehensive plan for your retail venture. Conduct Market Research The foundation of a successful business plan is solid market research. Identify your target audience, understand their preferences, and analyze your competitors. What unique value will your retail store offer? Define your niche and gather data that supports your business concept. This research will help you tailor your strategies and offerings to meet the needs of your potential customers. Read more: How to start a retail business Outline Your Business Structure Clearly define the structure of your retail business. Will it be a sole proprietorship, partnership, corporation, or LLC? Detail your business’s mission, vision, and core values. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals. These goals will act as benchmarks for...

How to start a retail business

24th August 2023

So, you have the dream to start a retail business? Launching a retail venture can be an exciting and rewarding journey. It presents the opportunity to transform your passion into profit, connect with customers directly, and curate a unique shopping experience. However, like any business endeavor, thorough planning and execution are fundamental to a successful launch. This guide will walk you through how to start a retail business, ensuring you embark on your entrepreneurial journey with confidence and a solid foundation for success. Refine Your Business Idea Before you dive headfirst into launching your business, take time to understand how to start a retail business, including refining your business idea. While you may already have a general concept in mind, or even a specific product or service you want to offer, thorough planning is crucial. Deciding on your niche can take a long time. It requires significant research and the passion to work within a particular market. To help you get started in identifying your niche market, here are a few retail business examples worth exploring: Conduct Market Research Market research is crucial to understanding how to start a retail business, particularly in the context of understanding the current landscape […]

How to advertise your retail business

3rd August 2023

Starting a retail or leisure business is an exciting endeavor, but success depends on not only opening your doors but also attracting customers to walk through them. Understanding how to advertise your retail business effectively allows you to drive foot traffic, increase sales, and build brand awareness. For first-time business owners, navigating the world of advertising can be overwhelming. This guide aims to simplify the process and provide practical strategies for how to advertise your retail business successfully, empowering you to take your venture from dream to reality. Understand your target audience The first step in understanding how to advertise your business is to understand your target audience. Conduct market research to identify who your potential customers are, their preferences, needs, and behaviors. This information will guide your advertising efforts, ensuring you reach the right people with the right message. Creat a Unique Selling Point (USP) A strong USP sets your business apart from competitors and gives customers a compelling reason to choose you. Identify your unique qualities, products, or services that resonate with your target audience. Your USP should communicate why your business is the best choice to meet their needs. Remember, a strong USP is crucial for not […]

How to succeed in retail

13th July 2023

Learning how to succeed in retail isn’t easy. It can take blood, sweat, and tears, but getting it right can be extremely rewarding. It can feel daunting, starting from scratch. However, many successful retailers started from garage projects or out the back of vans. Take Richard Branson for example; his story with Virgin began selling records via mail-order out of his house. Now, his media empire is worth billions. So to help you learn how to succeed in retail, here are our top tips. Be prepared Success in retail can really come down to getting a good start. You can start by writing a business plan. This is a formal way of laying out your goals ahead of you, the timeframe for these goals, and the next step. Plenty of websites offer pre-formatted plans, or you can design your own. Knowing the costs associated with your business and ensuring you’re prepared in advance will benefit you greatly. If you’re opening a physical store, it helps to know costs such as rent, business rates, and fit-outs. You can read more about the costs of opening a store here. In a world of high inflation and lower consumer spending some retail businesses […]

How to succeed in retail

13th July 2023

Young business woman calculating business rates

How to calculate business rates

7th June 2023

As a first time business owner, you are likely wondering how to calculate your business rates. Business rates are a tax on non-domestic properties, such as shops, offices, and factories. They are calculated based on the rateable value of your property, which is an estimate of its annual rental value. The amount you pay will depend on a number of factors, including the size and location of your property, the type of business you operate, and whether you are eligible for any relief. This can seem overwhelming, but we’ve put together a step-by-step guide to help you calculate your business rates and understand your bill. Find your rateable value The first step is to find your rateable value. This can be done by contacting the Valuation Office Agency (VOA). The VOA is a government agency that is responsible for valuing non-domestic properties for business rates purposes. Determine your multiplier Once you have your rateable value, you need to determine your multiplier. The multiplier, also known as the UBR, represents the percentage of the rateable value used to calculate business rates. The government sets the UBR annually, and it differs depending on the region and property type. The standard multiplier is […]

What is experiential marketing?

25th May 2023

Experiential marketing creates an experience for the customer rather than attracting them through traditional marketing methods. This can be done through live events, social media, or even in-store displays. The goal of experiential marketing is to create a memorable and engaging experience that will make the customer more likely to remember your brand and want to do business with you again. Why is experiential marketing useful? There are a number of reasons why experiential marketing is a useful tool for businesses. Most importantly it can help to create brand awareness. When potential customers are more aware of your brand and have a positive experience, they are more likely to remember it when they’re ready to make a purchase. Experiential marketing can also help you to build relationships with your customers. When you can effectively connect with your target audience and provide them with an enjoyable experience, it can also allow them to see the benefits of a product, and help to build trust and rapport. This can lead to increased loyalty and repeat business. Loyal customers are also more likely to talk abour your brand or products to others. Word-of-mouth advertising is highly effective, especially when driven by a loyal […]

How to set up business insurance

25th April 2023

As a first-time UK shop owner, it is important to protect your business by setting up business insurance. Insurance can help protect your business from financial losses that may result from accidents, theft, or other unforeseen events. This can seem daunting to a first-time shop owner, so here’s our step-by-step guide on how to set up business insurance for your shop. If you’d like to learn more about how to set up business insurance, you can find resources online or consult with a financial professional. Step 1: Determine the type of insurance you need Before purchasing any insurance coverage, you need to determine the types of coverage that your business needs. Some of the common types of insurance coverage that UK shops typically require include: Step 2: Shop around for providers Once you have determined the types of insurance coverage your business needs, the next step is to shop around for insurance providers. Start by researching different insurance providers that offer coverage for UK businesses. You can check comparison websites or ask other business owners for recommendations. When comparing insurance providers, look for providers that have experience working with businesses in your industry. You should also consider the price, coverage […]

How to open a business bank account

11th April 2023

Congratulations on starting your own business! Now that you’ve taken the exciting step of becoming an entrepreneur, you’ll need to take care of some essential tasks to get your business up and running smoothly. One of the first things you’ll need to do is open a business bank account. A business bank account keeps your personal and business finances separate, making it easier to track your income and expenses, manage your cash flow, and build business credit. It also provides access to a variety of banking services that can be essential for running your business, such as online banking, checks, and merchant services. This article will walk you through the steps of opening a business bank account, including what you need to know before you apply, what documents you’ll need to gather, and what to consider when choosing a bank. Why do I need a business bank account? Before we dive into the details, it’s essential to understand why you need a business bank account. First and foremost, opening a business bank account allows you to separate your personal finances from your business finances. This makes it easier to track your income and expenses, which can be crucial for tax...

How to open a coffee shop

31st March 2023

Coffee shops are a ubiquitous sight, offering a haven for busy commuters, solo workers, and friends catching up. No matter the purpose, they’ve become an undeniable staple in communities across the country. Their immense popularity has fueled their rapid expansion, but to stand out, you’ll need a competitive edge if you’re considering how to open a coffee shop yourself. Thinking about how to open a coffee shop? Remember, a successful shop requires a well-defined concept and a strong understanding of the market. Conduct thorough research and craft a compelling business plan to navigate the exciting, yet competitive, world of coffee shops. Here’s our top tips for opening a coffee shop: Pick the right location Getting to know the local demographics of potential areas can give you an idea where the right spot to launch is. Areas with plenty of commuter footfall such as those near to train or bus stations are great to open a coffee shop as you can expect a lot of people to grab a quick drink before work. Likewise, areas with lots of students or near a library are also a good hotspot. No one wants to sit down to read or work without a little […]

How to register a retail business

30th March 2023

If you are a first-time business owner in the UK, its crucial you know how to register a business to get it off the ground. The process can seem overwhelming at first, but it’s actually rather straightforward. In this guide, we’ll walk you through how to register your business, so you can get up and running quickly and easily. Choose a business structure The first step in registering your business is to decide on the legal structure of your business. The most common business structures in the UK are: Each structure has its own advantages and disadvantages in terms of liability, tax, and regulation, so it’s important to do your research and choose the one that’s right for your business. You can find more information about each structure on the government’s website. Choose your business name Once you’ve decided on your business structure, you’ll need to choose a name for your business. Your business name should be unique and not already registered with Companies House. You can check if a name is available using the Companies House availability checker. You should also consider how your name could affect seo. Having a name that Google deems relevant to your audience will...