Setting Professional Goals For The New Year

With 2013 drawing to a close, there's no better time than now for retail business owners to start making some professional goals for the upcoming new year. Whether your retail business is centered around apparel, sporting goods, pet supplies, groceries, electronics, jewelry, convenience items, or any other business-to-consumer industry, chances are there's room for improvement. Even the world's most successful retail store's are constantly working to improve their numbers. The new year offers the perfect opportunity for retail business owners to look back and reflect at the past 12 months, while setting objectives and goals for the next 12 months.

Looking Back...

Before you begin setting objectives and goals for the upcoming new year, you should first look back at the previous 12 months, analyzing both the good and the bad. You can't expect to overcome your adversaries unless you know exactly what your business did wrong. Depending on the size of your company, you may want to sit down and discuss problematic issues with other managers and executives. Perhaps sales tanked during a specific month, or maybe there was an influx of customer complaints. These are just a few instances that need to be addressed before moving forward.

Of course, retail stores should also recognize their accomplishments throughout the year. Did the store successfully meet or exceed their sales quota for the quarter or fiscal period? If there are certain employees who stood out with excellence, then maybe you can reward them with a personalized trophy, gift card, or company-branded gear.

New Year's Goals

Professional goals for the new year will vary from business to business. With that said, there are some general goals that work for most. Here's a short list of some top new year's goals for retail stores and business:

• Reduce shrinkage
• Reduce employee turnover rates
• Improve sales
• Reduce overhead
• Expand into new markets (or maybe even opening a second store)
• Perform renovations
• Implement a new return policy

Let's face it, most professional goals for the new year remain buried where they are never seen or heard of again. Business owners may initially create these goals, but unfortunately very few owners actually take the necessary action to reach them. If you're serious about reaching your goals and objectives, print out a sheet containing them and display it somewhere in your store. This will remind you and your employees of the company's objectives for the 2014 year.

Taking a Brick-And-Mortar Store Online: What's The Best Approach?

Thinking about taking your brick-and-mortar business online? Some people assume this is a relatively simple and straightforward transition, but this typically is not the case. Whether your brick-and-mortar store sells groceries, electronics, apparel, jewelry, sporting goods or any other consumer product, there are certain hurdles you must face when selling these items over the internet. And not preparing for these hurdles could lead to disaster. Here, we're going to reveal some key tips and tricks on how to transition from a strictly brick-and-mortar business to going online.

Bump Up Inventory

One of the biggest mistakes store owners make when taking their business online is not purchasing enough product inventory. With an entirely new medium for sales available, you can expect to go through product much faster than before. Unless you want to tell customers "Sorry, we are currently out of X product," you should prepare for the increase in sales ahead of time by ordering a surplus of your 'hot' products. Depending on the current size of your store, you may need to rent an additional store, garage or storage facility to house this surplus.

Shipping Logistics

Another area of online sales that's oftentimes overlooked is shipping logistics. After a customer purchases an item online, how do you plan on shipping it to them? Choosing the wrong form of logistics could end up costing you thousands of dollars per year in unnecessary costs. On the other hand, the right form of logistics will make your online business run more smoothly.

Assuming you are selling strictly to the U.S. market, you can always count on USPS for your online business's shipping logistics; they're fast, reliable, and usually have the lowest rates. Other companies you may want to consider include UPS, FedEx and DHL. Find out the shipping rates, guarantees and terms of each delivery company.

Building an E-Commerce Website

Arguably, the most difficult step in taking a brick-and-mortar business online is building the actual e-commerce website. To help you get started on the right foot, we've compiled a few key tips:

• Use a clean website design with easy navigation.
• Make sure the purchase form on your website is secure (SSL).
• Include your company phone number and physical address for greater transparency.
• Use discount and promo codes as an incentive for customers to purchase products online.
• Offer 'standard' and 'expedited' shipping options.

What Is a Flagship Retail Store?

"Flagship" is a term that's oftentimes tossed around in the retail industry. The term was originally used to describe the commanding vessel in a military fleet, but the term is now primary used in the retail industry. If you spend any time visiting some of the nation's most populated cities, chances are you'll come across some notable flagship stores. But what exactly does this term mean when used in the retail trade? And what are some of the common characteristics of flagship stores? To learn the answers to these questions and more, keep reading.

As previously stated, the term "flagship" was originally used to describe the leading military vessel in a fleet of ships; it was the largest, fastest and most powerful ship in the fleet. Military fleets were organized and controlled by the flagship vessel. While the term is rarely used in this fashion today, the fundamental principle remains the same. A flagship retail store is the company's most successful and reputable store (oftentimes the largest as well). Here, retail companies can launch new test products to see how they fare in the market. If a product performs well, the company may choose to offer it in their other stores.

Examples of Flagship Stores:

• Lane Bryant - Manhattan
• H&M - Times Square
• Abercrombie - Multiple flagship stores throughout the world
• Old Navy - San Francisco
• Macy's - New York City
• Nokia - New York City
• Prada - New York City
• Saks Fifth Avenue - New York City

As you can see, New York City is a 'hub' for flagship stores, and for good reason: it's one of the nation's busiest, most populated cities. The examples listed here are just a few of the dozens of flagship retail stores located in NYC.

Objective of Flagship Retail Stores

There are a few key objectives of flagship retail stores, one of which is to set a good example for the company's other stores to follow. Most large retail chains send their best employees to run their flagship store. After all, these stores tend to receive higher sales volume along with more press attention than other stores, so it would only make sense to make sure they are run according to the company's standards.

Another objective of flagship retail stores is to test new product to see how it performs. Rather than releasing a new product in hundreds or even thousands of stores, a retailer may send it through their flagship store first.

Risks of Starting a Retail Business

Unfortunately, there's no guarantee that a new retail store or business will succeed. According to StatisticsBrain.com, only 47% of retail businesses are still in operation four years after opening. This is the third worst sector, only behind Transportation Communication / Utilities and Information. Does this mean you hopeful entrepreneurs should give up on their dream on opening their own retail store? Absolutely not, but it's important to fully understand the risks of starting a retail business. Once you've identified these risks, you can make better decisions on how to safeguard your professional investment from failure.

City Planning and Zoning

One common risk of starting a retail business is new city planning and zoning that reduces the number of customers walking into your store. For instance, if the city approves the construction of a new highway that's located on the opposite end of town, your retail business may suffer as a result. Or even if the city decides to re-route traffic in a different direction, the end result could harm your sales. To make matters worse, there's very little business owners can do to prevent this from happening. The best approach is to remain active and vigilant on matters such as this. If there's a town meeting on new road proposals in the vicinity of your business, make sure you voice your opinion here.

Consumer Trends

Of course, consumer trends is another risk of starting a retail business. You can research current trends all day long, but something that's 'hot' today may be gone tomorrow. It wasn't too long ago when the baseball card industry was thriving. If you lived in or around a large city, you probably remember seeing half a dozen or more baseball card shops open. Although there are still some baseball card shops open, most of them have closed down over the years due to lack of consumer demand. This is just one example of how consumer trends affect retail businesses.

So, what steps can you take to ensure your retail business remains relevant and popular in the eyes of consumers? One helpful tip is to stick with industries that are constantly in high-demand, such as apparel and jewelry. Consumers are always looking to purchase new clothes and jewelry, so retail businesses focused around these niches are 'safer' than other niches.

Overhead

Retail business owners who aren't fully prepared for the expenses of overhead may find themselves in financial hot water. Overhead includes (but not limited to) leasing a building, electricity, gas, water, security system, insurance, payroll, advertising, taxes, phone, and other business-related operating expenses.

Boost Your Online Sales With 'Cyber Monday' Promotions

Today is the official start of the nation's busiest shopping day -- Cyber Monday. If you own or manage a retail store that sells product online, you should leverage this massive consumer shopping day to boost your sales. The fact is that it's not too late jump on the Cyber Monday bandwagon. And with a little bit of work and the right promotional material, you can skyrocket your online sales. For some more pointers and tips on how to maximize your Cyber Monday sales, keep reading.

Cyber Monday: How Did It Start?

While millions of consumers purchase products, good and services on Cyber Monday, most people remain in the dark as to how this shopping holiday started. Cyber Monday is a relatively new holiday that began in 2005 when Scott Silverman, CEO of shop.org, made a press release saying that the Monday following Thanksgiving was one of the biggest shopping days of the year. The term "Cyber Monday" seemed appropriate for this consumer shopping holiday since it was based around online sales. Retailers, companies and news outlets followed suit and the term has stuck ever since.

Offer Sales and Promotions

If you're looking to boost your sales on Cyber Monday, you should offer steep discounts to drive customers. Remember, there are thousands of other companies dropping their prices during this 24-hour stretch for the sole purpose of attracting more customers. Even if your net profit is reduced, offering special sales and promotion will build a larger, stronger following that ultimately helps your business in the long run. Some of these first-time customers will visit your company's website in the future to make additional purchase at 'normal' price.

So, how much should you discount your product for on Cyber Monday? Some apparel store retailers are offering discounts of 30-40%, while Amazon.com is offering up to 50% on select toys. These are just a couple of examples, however. Retailers should create a customized sale that's tailored towards their goals and objectives.

Cyber Monday Tips For Retailers

• Offer steep, competitive discounts.
• Add a banner or header saying "Cyber Monday Sales."
• Send a newsletter out to inform customers about your Cyber Monday sale.
• Don't limit yourself to the 24-hour time frame; many companies run sales throughout the entire week.
• Snoop around on your competitors to see what they are offering.

These are just a few tips to help businesses maximize their sales on Cyber Monday. Above all else, though, make sure your customers know about your special deals and promotions.

How To Identify Counterfeit Money

Counterfeit currency is a serious problem that retail store and business owners need to be aware of. It's estimated that $3 billion of fake bills are currently in circulation, and with all of the recent technological advancements in computer software and printing, this number will likely grow. Retail stores are responsible for spotting fake bills when used by a customer to purchase goods. Overlooking this step or simply turning a blind eye could leave your business in legal 'hot water,' which is why all retail store owners should educate themselves on how to spot counterfeit money.

Feel It

Real money has a very distinct texture and feeling when you run it in your hands. Experienced federal agents are oftentimes able to determine whether or not a bill is fake simply by feeling it. This is because U.S. currency is printed on a very specific type of paper (25% linen and 75% cotton) that feels quite soft yet equally strong. Counterfeit currency is typically printed on cheap paper before being tumbled in an attempt to 'mimic' the feeling of authentic currency. Spend some time rolling around real money in your hands to familiarize yourself with this feeling. Just remember to wash your hands afterwards, as currency is germ haven!

Border Lines

When visually inspecting currency, pay close attention to the lines defining its borders. If you compare a counterfeit bill with an authentic U.S. currency bill side-by-side, you'll probably notice the real bill has stronger, cleaner lines that really stand out. On the other hand, counterfeit bills have almost mottled border lines that blend into the background. This is just one of the many nuances between real and fake bills that retail store owners should look for.

Treasury Seals

Of course, you should also closely inspect the treasury seals on currency as it passes through your store. Authentic currency possesses clean treasury seals with straight, non-bleeding lines. If the seal is uneven, misaligned or bleeding through to the background, the bill could be fake.

Other Tips For Identifying Counterfeit Money:

• Look for the embedded security thread by holding the bill up to the light (not present in $1 bills).
• Look for the watermarks.
• U.S. currency is printed with color shift ink which causes it to change color when moved around in light.
• Real money contains small individual fibers which are also noticeable in the light.
• Use a counterfeit marker on large bills.

Retail Insurance 101: Is It Really Necessary?

One of the most common questions new retail business owners ask is whether or not insurance is necessary. No matter how much time you spent preparing and planning for your business, disaster can strike at any given time, without prior notice. This, of course, is where retail insurance comes into play: while you may never use it, insurance will give you the peace of mind knowing that your business is financially covered in the event of a disaster. But is this reason enough to purchase insurance for your retail business? And how much coverage should a good policy include? To learn the answers to these questions and more, keep reading.

Liability

While retail insurance policies vary in terms of coverage, you'll find that most of them offer premises liability. If a customer happens to injure themselves in your store, your insurance company will take the financial burden of the accident. Of course, liability isn't limited strictly to customers; some policies may also employee, contractors, and freelance workers. Talk with your insurance provider to determine what forms of liability are covered.

Protect Your Store From Counterfeit Currency

You might be surprised to learn that some retail insurance policies actually protect businesses from the use of counterfeit currency. While local police and federal agents have stepped up their action against counterfeit currency, the problem continues to grow as a result of the advanced software and printing technology of today. It's estimated that over $300 billion of counterfeit currency is currently circulating within the U.S. And if some of this currency happens to pass through your store, is could take a significant chunk from your net revenue while forcing you to spend time contacting the authorities.

Natural Disasters

Natural disasters are a real threat to retail businesses, especially new businesses trying to lay the foundation for their success. Tornadoes, earthquakes, floods and hurricanes (in coastal regions) can leave retail stores and businesses is shambles. While there's no way to prevent natural disasters from striking, retail business owners can purchase insurance to protect themselves financially.

Other Coverage Offered In Retail Business Policies:

• Loss of revenue from power and/or utility interruption
• Sewer backup
• Renovation damage
• Fires
• Theft
• Accounting or financial errors

The short answer is that yes, retail insurance is necessary to run a successful business; however, you should take the time to create a plan that's customized to fit the needs of your business.

Tips For Choosing The Right Mannequins For Your Retail Apparel Store

Mannequins are arguably the single most important accessory in a retail apparel store. While store owners can always display their product on traditional shelving units, rolling racks, gridwall and slatwall, nothing compares to mannequins. Their human-like form and shape portrays an accurate representation of what a particular garment looks like when worn, and this translates into more sales from shoppers. With that said, store owners should carefully choose the mannequins that are right for their particular needs. If you're still scratching your head trying to decide which type of mannequin is right for your business, keep reading for some important tips on how to choose the right one.

Male vs Female Mannequins: Which One Should I Choose?

One of the first considerations you should make regarding which type of mannequin is best suited for your store is gender. Does your store focus strictly on female apparel and garments? If so, you'll obviously want to stick with female mannequins. On the other hand, if your store sells both female and male garments, then you'll probably want to choose both types of mannequins. Think about your target demographic and match it with your mannequins.

Remember, the ultimate goal of using mannequins in a retail apparel store is to display how a particular product looks on the human form; therefore, store owners should choose the appropriate gender for their mannequins. Placing a dress on a male-body mannequins isn't going to have the same effect as it would on a female mannequin.

Full-Body, Headless or Torso Mannequins

Of course, you should also decide whether you want to use a full-body, headless or torso-only mannequin in your retail apparel store. While each of these different mannequin types offer an effective way to display garments and accessories, they each have their own pros and cons that owners should be aware of.

Torso mannequins are inexpensive, lightweight, easy to set up, and take up minimal space. The disadvantage to using them, however, is that you won't be able to display full outfits. Headless mannequins are an all-around better choice simply because they have arms and legs attached, but yet they still lack the head. Full-body mannequins are oftentimes preferred by retail apparel store owners; they maximize sales, offer the best visual representation of a garment/outfit, and they are easy to set up. The only real drawback to using full-body mannequins is the space requirements (full-body mannequins take up more space than headless or torso-only models).

How To Encourage 'Retail Therapy' In Your Store

Looking to boost your store's sales but don't know where to start? While there are hundreds of different marketing and promotional techniques businesses use to attract more customers, understanding the psychology behind shoppers will allow you to make business smarter decisions, which in turn will boost your sales numbers. Retail therapy is one such term that's frequently used when discussing shopping psychology. But what exactly is retail therapy? And how can you leverage it in your business? To learn the answers to these questions and more, keep reading.

Retail Therapy 101

In short, retail therapy is the act of shopping with the goal of improving the shopper's mood and disposition. By purchasing new products, the shopper's mood is instantly uplifted, which is the fundamental principle of retail therapy. It's literally a form of therapy that helps soothe emotional distress.

The truth is that each purchase has a 'trigger' that's causing the shopper to say "Hey, I have to buy that item." Some shoppers buy items because they're a necessity for everyday living, while others purchase them because they improve their quality of life. As a retail business owner, it's your responsibility to identify these triggers so you can encourage more sales.

According to a study performed by TNS Global survey, approximately 52% of all American engage in retail therapy. With that said, it's important to note that retail therapy is more heavily geared towards the female demographic, with 64% of females engaging in this activity and only 40% of males.

Top Purchases For Retail Therapy:

• Clothes
• Food
• Jewelry
• Electronics
• Fashion Accessories
• Movies
• Music
• Games
• Toys
• Books
• Magazines

Focus on Impulse Buys

One technique that's helpful for generating more sales through retail therapy is to focus some of your efforts on impulse buys. Just as the name suggests, this is a spontaneous, spur-of-the-moment purchase that shoppers don't 'intend' on making. Shoppers with the goal of achieving retail therapy will see these items and hopefully make a purchase.

Nearly all successful retail stores and businesses display impulse buy products around the front of their store and/or checkout lanes. When shoppers are standing around waiting to check out, they'll notice these items. Assuming they are visiting your store with the purpose of performing retail therapy, there's a good chance they will purchase some of these items simply because they are conveniently placed here.

Tips For Throwing a Re-Grand Store Opening

Throwing a 're-grand opening' is a simple yet highly effective way for retail store owners to attract new customers while notifying them of any new changes to their business. Some store owners throw them after performing major renovations, while others throw them for no reason. In any case, they are almost certain to have a positive effect on the business as a whole. To get the most benefit from your store's re-grand opening, however, there are a couple of things you should know.

Identify The Goals of a Re-Grand Opening

The first step in throwing a re-grand opening is to identify your goals. Ask yourself -- what do I hope to accomplish from throwing this event? In most cases, you'll have a primary goal and secondary goal. Perhaps your primary goal is to attract more customers and sales, while your secondary goal is to notify customers of a new layout or decor in your store. These are just a few examples of common goals with re-grand openings in retail stores.

Identifying your goals for a re-grand opening will give you a better idea of what's necessary for success. Assuming your primary goal is to attract more customers and sales (always a positive goal to have), you should probably run some special discounts and promotions to maximize revenue.

Re-Grand Opening Setup

With your goals clearly defined, you are now faced with the task of setting up a re-grand opening. If you need a little inspiration, don't be afraid to check out re-grand opening events of other retail stores and businesses. While the exact details vary from store to store, you'll find that most successful large-scale businesses throw celebratory re-grand openings with lots of balloons, confetti, streamers, etc. This creates a fun, laid-back mood that shoppers enjoy.

Don't be afraid to ask friends, family members or even some of your store employees for help setting up the re-grand opening event. Just a couple extra set of hands on deck can prove immensely valuable during this process. And besides, they will provide constructive criticism over which decorations are attractive and which ones aren't.

Market Your Re-Grand Opening Event

Of course, a re-grand opening event is only successful if people actually know about it. The sight of a large 'Re-Grand Opening Event!' banner in the front of your store is bound to attract some shoppers, but ultimately you'll need to spread the word through in-mail advertisements, social media, flyers and word-of-mouth to truly generate the most revenue.

5 Ways To Grow and Expand a Retail Business

It's easy for owners of retail stores to grow complacent in their current business setup. Once you've garnered a loyal customer base and have made a name for your business in its respective industry, you might not see the point in trying to expand it any further. Regardless of your store's current level of success, though, there's always room for growth. To learn more about how to grow and expand a retail business, keep reading.

#1) Perform Renovations

Physical store space is a factor that oftentimes limits the growth of retail businesses. When you're forced to consolidate and selectively choose your products, you'll naturally leave some untapped business on the table. This is why it's important for store owners to perform space-saving renovations. If you haven't done so already, consider hiring a professional contractor to open up more space in your store. Something as simple as tearing down a non-load-bearing wall could yield a ton of additional store space.

#2) Take It Online

If your retail business relies strictly on local sales and not the internet, you're missing out on one of the easiest and most effective ways to grow your business. The fact is that nearly all retail stores and businesses can benefit from having an active web presence. It will give you the chance to reach out to an enormous amount of customers. Of course, there are some logistical hurdles owners must tackle if they plan to take their business online, but it's still relatively easy when compared to running a local retail store.

#3) Open a Second Store

A third way owners can expand their retail business is by opening a second store. After running a successful store for 1-2 years, you should look into expanding your business into a second store. By replicating your business model elsewhere, you can create a chain of self-sustaining, profitable stores that continue to generate revenue.

#4) New Products

Adding new product lines to your retail store is a simple way to grow your business. Let's say, for instance, your store sells women's apparel. By venturing into handbags, scarves, footwear and other accessories, you'll attract more customers; thus, growing your business. Customers looking for fashion accessories rather than actual pieces of apparel will visit your store instead of your competitors.

#5) Market Aggressively

A fifth and final technique for retail store owners to expand their business is to market aggressively. I know this probably sounds like common sense to most entrepreneurs, but you would be surprised at how many stores fail to realize the importance of marketing.

How To Attract More Customers To Your Retail Electronics Store

Looking to attract more customers to your retail store? I think most retail business owners would say yes to this question. Common sense should tell you that the more customers your store has, the more sales it will produce. Rather than relying strictly on word-of-mouth and 'dated' marketing methods, however, you should consider some of the high-tech methods listed above.

Create a Smartphone App

One incredibly effective high-tech solution to attract more customers is to create a smartphone app for your store. Dozens of the country's top retailers currently offer their own apps for Android and/or iOS, allowing them to reach out to a new customer base. There are a couple of different ways to approach an app for your retail store, one of which is to create a game. Smartphone users love to pass the time away with simple games, so this idea is bound to generate some downloads. Another option is to create a smartphone app consisting of sales, promo codes and discount news for your store. Penny-wise shoppers will download and use this app to save money on their next shopping trip.

Of course, some retail store owners may turn their head at the idea of creating a smartphone app simply because they have no previous experience in this field. While coding a functional app is a painstaking process that require skill, you can always hire one of the many companies out there to handle it for you. Don't be afraid to email various app development companies for custom quotes on your project.

Social Media Engagement

If you aren't actively updating your social media networking accounts on a regular basis, you're missing out on of the easiest ways to attract new customers to your retail store. Facebook is a powerful marketing tool that store owners oftentimes overlook. if you haven't done so already, take a few minutes to create a business account here. Use the official name of your retail store so customers can easily find it. Also, be sure to add a custom profile pic and cover page to add more depth and professionalism to your account.

A Facebook page is only useful for retail stores if it's updated frequently. Allowing your page to grow stagnant will discourage customers from viewing it. So, how often should you update your Facebook business page? There's really no easy answer to this question, as it depends on your specific niche, clientele, etc. A good rule of thumb, however, is to update it at least a few times a week. This should keep customers interested and engaged, which also increases the chance of them sharing and 'liking' your posts.

Retail Grand Opening Marketing Tips and Ideas

Once your retail store is stocked and ready to go, you'll want to throw a grand opening to inform potential customers about the new business. Overlooking this critical stage could spell disaster for your newly opened store, resulting in a lack of customers and sales. Thankfully, you can set your retail store on the patch to success by throwing a grand opening. To learn more about how to market a retail grand opening event, keep reading.

Am I Ready For a Grand Opening?

Grand openings aren't events that you should rush. If your store isn't completely ready for a wave of eager customers, postpone the event for a future date. So, how do you know if your store is ready? Ask yourself -- is my store 100% complete with all of the products, fixtures and decorative accessories? Throwing a grand opening when work is still being done in your store will send the wrong message to customers and clients. And instead of visiting your store again in the future, they may send their business to one of your competitors.

Perform a thorough inspection of your retail store before throwing a grand opening event, double-checking all of the products, fixtures and displays. If you believe a particular product will be a 'hot seller,' then it's probably a good idea to stock up on it for the grand opening event. Running out of an advertised sale item will undoubtedly upset some customers, so make sure this isn't a problem by stocking up on the appropriate products.

Know Your Target Demographic

Store owners should research their target demographic to determine who exactly they are selling to. Using this information, you can better market and advertise your products, resulting in more customers and higher sales. Don't be afraid to spend some time driving around your store's location to get a better feel for the market. Pay attention to the amount of traffic in the area, competing businesses, nearby highways, etc.

Spread The Message

Retail grand opening events are only successful if people know about them. You can have the most extravagant, well-planned grand opening for your retail store, but it's not going to have much of an effect unless people know about it. This is why it's so important for store owners to invest some of their time and resources into marketing their grand openings.

Here are some effective solutions for marketing a retail grand opening event:

• Mail advertisements
• Phone book advertisements
• Sponsor a local sports team
• Hand out fliers
• Use online marketing platforms
• Social media networking
• Radio commercials
• Television commercials

How To 'Go Green' In Your Retail Store

There are several benefits to creating a 'green' retail store. Owners who place an emphasis on reducing energy and waste will end up saving money on monthly utilities. This alone can yield a savings of thousands of dollars per year. But the real benefit of creating a green store is the positive message it sends to your customers, competitors and your employees. So, how exactly do you create a green retail store? Keep reading to learn how any retail store can accomplish this.

Recycle, Recycle, Recycle!

You can't expect to run a green retail store unless you have a proper recycling program in place. Far too many stores and businesses throw away recyclable materials like cardboard, aluminum and plastic without thinking twice. Tossing a couple pieces of plastic or used cardboard boxes into the trashcan may not seem like a big deal, but you have to realize that all of these materials begin to add up over time. Rather than clogging the landfills with unnecessary items, you should implement a recycling program in your retail store. This is a great way to reduce waste while setting a good example for your employees to follow.

A recycling program is only useful if your store's employees follow it. Set up individual bins in a convenient location and inform your workers about the program. You can then contact some of the various recycling companies in your area to schedule a pickup date. Most recycling companies will be more than happy to set up a pickup schedule with your store. And depending on the type of material, you might even receive some financial compensation for your recycling efforts.

Lighting

Store owners should also examine their current lighting situation. Does your store use energy-hogging incandescent bulbs to illuminate the floor? If so, try swapping them out for LED or CFL bulbs. Both of these are energy-efficient alternatives that will reduce your monthly electric bill while lasting longer than traditional incandescent bulbs. It's a common assumption than incandescent light bulbs are the best choice simply because they are the cheapest. While they typically cost less than LEDs and CFLs, incandescent bulbs burn out faster and use far more energy.

Of course, you can also bring in natural light to help illuminate your retail store as well. Try pulling back the curtains so the sunlight beams through the windows. This isn't a suitable replacement for overhead lighting, but it will help to illuminate your store without the use of electricity.

How To Choose Customer-Friendly Fixtures For a Retail Store

Fixtures are an integral part of any retail store or business. The right fixtures will maximize your space while offering a more enjoyable shopping experience for customers. However, the wrong fixtures will limit your display space while clashing with the surrounding elements in your store. This is why it's important for owners to carefully choose their store's fixtures. In this post, we're going to reveal some simple steps on how to choose the best 'customer-friendly' fixtures for a retail store.

Ease of Setup

Unless you want to spend hundreds or even thousands of dollars on a professional contractor, it's recommended that you choose fixtures which are easy to set up. There's nothing more frustrating than finally acquiring your new fixtures only to be faced with the nightmare of trying to piece it together. This is one of the reasons why gondolas are such a popular choice in retail stores. They feature just a couple different parts which connect together to form a simple yet highly effective shelving system.

Space Requirements

Of course, you'll want to take into consideration the space requirements when choosing fixtures for your retail store. For instance, there's no better way to display apparel and fashion accessories than by using a full-body mannequin, but the downside is that mannequins take up a lot of space. Think about how much space you have available in your store and choose the right fixtures to match. If you own an apparel store with limited space, perhaps you could strategically place a couple mannequins up front and use a basic shelving system for the remainder of your product.

Gridwall and Slatwall

Both gridwall and slatwall offer two excellent fixture choices for retails stores. They are easily installed directly on the wall and use a basic hook system to display product. Store owners can move product around to achieve the best fit. If you're looking for an effective way to display product without consuming an unnecessary amount of space, you can't go wrong with either gridwall or slatwall.

Hopefully, this will give you a better understanding as to which fixtures are the best choice for retail stores. The truth is that each and every store has different needs; therefore, it's best to go through all of the available options before making a final choice. Gondolas, slatwall and gridwall are all popular choices that allow store owners to effectively display product without wasting space.

3 Reasons Why You Should Use Grid Wall In Your Retail Store

There are dozens of different ways to display product in a retail store; however, one of the easiest and most effective ways is to use grid wall. Regardless of what your store sells, whether it's groceries, convenience items, clothes, accessories, sporting goods or practically anything else, chances are it can benefit from the use of grid wall. To learn more about the unique advantages of using grid wall in a retail store, keep reading.

Reason #1 - Easy To Install

You might be surprised to learn just how easy it is to install grid wall. In fact, most store owners can do it themselves without spending hundreds or even thousands of dollars on a professional contractor. There are two different ways to install grid wall in a retail store: by placing it on free-standing 'legs' or by attaching it to the wall. Installing it on rolling legs will allow you to move it around your store more easily, while opting for the wall-mount installation is a more permanent solution.

Reason #2 - Versatile 

Another reason why you should grid wall in your retail store is because of its sheer versatility. While other forms of product displays are limited in terms of what they offer, grid wall is incredibly versatile. As long as the product fits on hook, you can display it on a grid wall panel. The simple 'grid' design allows store owners to move their product around with ease. Play around with the different hook placements to determine the best overall layout. Ideally, all of your grid wall hooks should be nice and snug so there's no unused space in between them.

Reason #3 - Maximize Display Space

A third reason why store owners should use grid wall is because it allows them to maximize their display space. Space is arguably the single most valuable commodity in a store. Thankfully, you can take full advantage of your store's available space by using grid wall. Even if your store is relatively small with little-to-no available space, there's likely still more than enough room for a couple panels of grid wall. Once it's installed, you can move the hooks around to maximize your display area. And since grid wall displays product in a vertical fashion rather than horizontally, you'll naturally get more bang for your buck.

Don't be afraid to install grid wall panels above the average person's reach. There are grabbing tools available for employees to access product stored on tall grid wall.

Laying The Foundation For Long-Term Success

Most entrepreneurs start a business or company hoping that it will achieve not only immediate success but long-term success as well. Once you've invested a large portion of your time, energy and financial resources into a starting a business, you probably don't want to start all over again. This is why it's important to always keep one eye looking down the road at the future of your business. Owners who remain shortsighted by focusing only on the immediate needs of their business will likely suffer as a result.

Setting Goals For Your Business

Laying the foundation for long-term success of a business starts with clear professional goals. Ask yourself what you hope to achieve with your business. Using a pen and paper, write these goals down and hang them in a visible area to serve as a constant reminder. If you happen to lose focus or drive, you can look up at your goals to get your business back on track. Revealing these goals to your employees is also helpful at encouraging and motivating them to work more efficiently.

Set both short-term and long-term goals for your business. Short-term goals will give you and your employees something to immediately strive for, while long-term goals will act more as a roadmap for the future success of your business.

Grow With The Times

Businesses must keep up with the times if they wish to succeed later down the road. We live in a high-tech age where people use Google and social media sites to locate contact information for businesses more than phone books. If your business lacks an online presence, you are missing out on one of the key tools for any modern-day business. Launching a website and a social media networking page for your business takes very little effort but will pay off huge.

Of course, this is just one example of "growing with the times." Don't be afraid to adjust and modify your business according to recent trends and technological advancements. Complacency is a killer for businesses and companies, so don't allow yourself to fall victim to it.

Products and/or Services

Want to know the secret to achieving long-term success with a business? It's offering a product and/or service that's superior to your competitors. This will naturally attract more customers while creating a name for your business through word-of-mouth marketing. Focus on building an exceptional product or service and you will reap the benefits of long-term success.

3 Ways To Improve Customer Service In Retail Environments

Retail stores typically rely on local transactions for the majority, if not all, of their sales. If local customers aren't walking in to your store, you can't expect to run a successful business. The good news is that you can encourage more customers to visit your store by focusing on customer service. In this post, we're going to cover 3 simple and effective techniques for retail store's to improve their customer service.

#1 - Connect With Your Customers

Improving customer service in a retail environment starts by connecting with the customer. Don't treat your customers as business assets, but instead treat them as your friends. Taking the initiative to say things like "Hello, how are you?" to each and every customer walking into your store will set you apart from your competitors. People want to feel acknowledge and appreciated when they are shopping, so make sure you are greeting every customer who walks into your store.

#2 -Train Your Employees

Unless your employees are properly trained in dealing with customers, all of your hard work is for nothing. Employees are essentially a representation of your business when you aren't around. If they fail to offer good customer service, it will send the wrong message about your store. The damaging effects of poorly trained employees can have a disastrous impact on a business. If you haven't done so already, train all of your employees how to talk and deal with customers in a friendly manner. To make sure they are practicing good customer service, you can send some secret shoppers into your store to critique their behavior.

It's also not a bad idea to send your employees through a customer service retraining program on occasion. After a while, it's easy for employees to forget certain aspects of their training. Retraining them, however, will instill these elements so they'll be more adept at representing your business.

#3 - Go Above and Beyond The Call of Duty

What exactly does this mean? Well, there are countless different ways for store owners to go above and beyond the call of duty. For instance, if you see a customer waiting outside 10 minutes before the official store opening time, perhaps you can unlock the doors and let them inside. It's not going to harm you by letting customers shop early in your store, and doing so will leave a positive impression on the customer. Another idea is to run monthly giveaway contests for customers who signup to your Facebook page. This is a highly effective tool for gaining more exposure while the customer receives a freebie.

How To Know When It's Time To Expand Your Business

There comes a point in time for every business owner when they must consider expanding. The fact is that businesses can only grow so much if they remain isolated in a single local area. In order to truly know the potential of your business, you must expand. But how do you know when it's the right time? If you are business owner who's thinking about expanding, you should first read some of the tips listed below.

Local Success

You should only consider expanding your business if you are already have success locally. You simply can't expect to have success elsewhere if you aren't performing well in your current location. During the first few years of your business, work solely on local performance, trying to capture as much of the marketplace as possible. This can be done through a variety of techniques, one of which is marketing. Spread the word about your business through any and all available outlets. The more people who know your business, the more successful it will become. This is essentially the principle behind branding as well -- so get your business's name out there and in front of potential customers.

Capital

Regardless of the specific industry or line of work, expanding a business takes a great deal of capital. Many owners underestimate just how much money it takes to expand a business, forcing them to close up shop in just a couple months after opening. Don't make the hastily decision to expand without fully setting aside enough capital. Some of the costs involved with expansion include leasing a new store, hiring new employees, training, purchasing product, business licenses for the respective district, etc. Go through all of these items to ensure you're business is fully capable of paying for it; otherwise, you should continue saving until a later time.

Unknown Demographic

One of the biggest hurdles when expanding a business is the fact that you don't know the demographic. Sure, you can read reports all day long, but it doesn't compare to firsthand knowledge and experience that comes from running a store in the area. While your current store location might pull profit easily, a new location could prove to be an entirely different story. The only way you'll know for sure is to test it out.

Expanding your business into a new location isn't a surefire way to increase your company's profit. On the contrary, it can oftentimes have disastrous consequences, sending some businesses underwater. But not taking the risk essentially limits your business's success.

How To Obtain a Business License For a Retail Store

To legally open and run a retail store in the US, you must first acquire certain business licenses and permits. Simply overlooking this important matter could place your store in jeopardy of being fined and/or shut down. Unless you want to risk the future of your business, it's recommended that you acquire all of the necessary licenses before opening your retail store. But just where are you supposed to acquire them? Keep reading to learn more about obtaining business licenses for retail stores.

The first step in obtaining a business license is to gather all of your accounting and tax information. If your business is operating under a corporation or LLC, then it will likely have an EID. Go through your paperwork to locate this information. In the event you are unable to find it, call up your accountant for a helping hand.

Federal Licenses

Certain retail establishments will require federal licenses in addition to the basic state-level license. Federal licenses are more expensive to acquire, but they still necessary in certain situations. If your store sells tobacco, alcohol or firearms, you'll need to submit an application for a federal license. Because of the high volume of applications, the turnaround time on these is a bit longer. You can find more information about federal license by visiting sba.gov.

State Licenses

Thankfully, applying for a state license is easier, quicker and costs less money. The exact process varies depending on your regional location, so it's best to contact the city hall for more information. They'll be able to point you in the right direction towards acquiring a state license for your retail business. Acquiring one may only require that you visit the city planning office and submit all of your paperwork. Once the office has gone through the paperwork, they'll either mail your new business license or you can pick it up in person.

It's important to note that business license expire after a certain period of time. Most state business licenses are good for exactly one year, at which point you'll have to renew it for an additional year. Federal license, on the other hand, are oftentimes good for several years. Check to see how long your license lasts to ensure it doesn't expire, leaving your business vulnerable to fines or worse. You should be able to determine this information simply by reading the license. It will have an acquisition date as well as the expiration date, so refer back to this when in doubt.