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Every year, a growing number of entrepreneurs are launching home-based businesses. Sometimes it is because they simply want to be their own boss. Perhaps they feel they have more effective ways of doing things. Other times it is because there is no work for them in their location within their industry or specialization. Then there was the pandemic that was the start of what is now being referred to by many as the Home-Based Business Revolution.
For whatever reason, more and more home-based e-Commerce businesses are starting every year, but many feel it’s time to graduate to a brick-and-mortar establishment as well. Does this sound like you? If so, here are some tips for expanding to a local retail shop.
Start with a Business Plan
This is of extreme importance for a couple of very good reasons. If you will need any kind of funding or financing, a well-written business plan is a must. This shows lenders and/or investors how you intend to grow your business and make a profit. Even if you’ve been able to set aside enough money to fund your own retail location, it pays to have a plan to follow. This will keep you on track every step of the way.
Find a Suitable Location
As they say in the world of real estate, it’s all about location, location, location. It is important to find a suitable location where you will attract the kind of foot traffic or customers looking for what it is you have to sell. Also, this is the time to compare commercial coverage for a retail store, yes, even before you open! The first types of coverages you will need in the very beginning would be:
- Business owner’s insurance
- Personal liability insurance
- Professional liability insurance
Of immediate concern would be a business owner’s policy that covers theft and such things as property damage. Thieves will always take advantage of new stores that have industry but are as yet not staffed. Then there are acts of nature such as floods and earthquakes that could wipe out your entire stock even before you open your doors for business.
Acquire All Necessary Business Licenses
Not necessarily in order of importance, one other thing you need to take care of before you are able to operate in your retail store would be all the legal licenses and certifications required by your state and local authorities. You will absolutely need a Certificate of Occupancy which states clearly that you are operating within the confines of the law on your premises. In other words, your intended use meets all legal requirements.
A Few Closing Thoughts
What you may not know is that more than half of home-based businesses graduate to brick-and-mortar establishments over time. This is according to the United States Small Business Administration. In fact, everything you need to know about small businesses, among which are retail trades, can be found here.
There is no reason why you can’t take your success as an eCommerce retailer to a local market with the same high rate of success. As the old saying goes, cover all your bases. Reach out to your local market at the same time as you are already going global. Besides, it gives you a chance to meet your customers face-to-face and that will go a very long way toward learning about your market. Are you ready for a new adventure? Let’s get started!
