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.

3 Ways To Move Product Faster In a Retail Store

Allowing product to sit unsold on your store's shelves for several months is a poor business strategy that will ultimately hurt your sales in the long run. If a customers aren't purchasing a particular product in your store, then you'll need to use some creativity to help push it out the doors. In turn, this will allow you to fill the space with product that is selling well. But how exactly do you move product that customers don't seem to purchase? Keep reading to learn 3 incredibly easy ways to move retail product faster and more efficiently.

#1) Mark It Down To Clearance

Arguably, one of the easiest ways to move product in a retail store is to mark it down to clearance. Shoppers are naturally attracted to the clearance rack, so use this to your advantage by placing old/hard-to-sell products here. Whether your store sells apparel, electronics, groceries, sporting goods, pet supplies or basic convenience items, you can always toss up a clearance aisle to move stubborn product faster.

Of course, you can't expect to sell clearance product for full price. In order to keep it moving fast -- rather than wasting valuable real estate in your store -- you need to mark it down to an attractive price. Don't be afraid to discount your clearance products by 30, 40 or even 50%.

#2) Display on End Caps

Another simple yet highly effective technique retail store owners use to move product is displaying it on end caps. If a particular product is currently being stored/displayed in some obscure location that doesn't receive a lot of attention by shoppers (if any), there's a good chance this technique will work. By moving the product to the end of aisles (fixtures known as end caps), shoppers will notice it more when they are browsing through your store, and this translates into more sales. Just remember to mix your end cap displays up on a regular basis, as using the same product here over and here will reduce their effectiveness.

#3) Advertise It

A third solution to moving product faster in a retail store is to invest some of your time and resources into advertisements. For instance, you could send out a print advertisement through the mail showcasing product that you're having a difficult time selling. The increased exposure gained through advertisements such as this will draw in shoppers with the sole purpose of purchasing it.

How To Perform Inventory Management In a Retail Apparel Store

Inventory management is the process of organizing, counting, and displaying product in a retail store. Far too many store owners either overlook or underestimate this critical step, resulting in a loss of sales and performance. While all retail stores can benefit from routine inventory management, it's especially important for apparel stores. If you're the owner of a retail apparel store, keep reading to learn the step-by-step process to performing inventory management.

Choose The Right Fixtures

The first step in performing inventory management in a retail apparel store is to choose the right fixtures. Using the wrong fixtures will make this process ten times more difficult by creating a mess of cluttered product that only becomes worse throughout the day. So, how do you know which fixtures to use in a retail store? It really depends on the type of apparel sold in your store. General apparel stores that sell full outfits and accessories would likely benefit the most from a collection of mannequins along with some gridwall or slatwall, while a shirt-only retail store may benefit the most from basic gondolas.

Keeping Track of Inventory

Of course, another important step in inventory management for retail apparel stores is keeping track of inventory. Most stores have a computer system in place designed for this purpose, but unfortunately computers won't automatically account for shrink products. This is why retail apparel stores should go back and manually count their product on a regular basis, as this will provide a more accurate reading of their current inventory. And when your store gets low on a particular product, you can go ahead and order more.

Refold Apparel

One tall-tale sign of a successful retail apparel store is unfolded clothing that's strewn all of the place. In a perfect world, shoppers would come in and 'neatly' browse through your store's inventory while leaving it nice and folded. Nine out of ten times, however, shoppers will unfold product, creating a display of cluttered mess. While this is a sign that your store is receiving a sizable amount of shoppers, it can also send the wrong message to your customers.

Part of inventory management in retail apparel stores includes refolding product. Allowing your store's product to remain strewn across the shelves in a cluttered fashion may send some potential customers out the door. If you haven't done so already, train your employees on the proper way to fold each garment in your store. In addition, make sure they perform regular refolding routines to keep your store in top shape.

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.