Once you’ve already written up your business plan, brought your finances together, registered your business, acquired the right licenses, and found the right location to set up your shop, it’s time to move on to store equipment.
Equipping your retail store with the right tools will streamline the business operations and make interactions with customers smoother.
It is important to prepare a list of all the items required to keep your business competitive and relevant in the market. Never open your store until you’re sure you’ve got at least the bare minimum of equipment.
Here’s a list to get you started:
Inventory and Stock Room Supplies
Proper inventory management boosts cash flow and reduces unwanted costs, eventually increasing your profits. Proper arrangement and labeling are key to staying organized.
Install shelves along the walls to prevent pilling your stock on the ground, especially if they are food products. Shelves protect your products from damage and allow for easy location of certain items.
Ensure the shelves are tightly secured to prevent collapses which could generate waste. Label every section of the shelf in accordance with the type and size of the product being stored there.
If you receive new stock from the back room, it is important to have a scale to weigh the incoming products. Scales will let you know if the weight you receive is the actual weight you paid for, reducing the chances of getting scammed and incurring losses.
A box cutter is a handy tool for cleanly cutting open sealed boxes in order to unpack their contents. It will also help ease the demand for manual labor in the shop.
Back Office Supplies
Most people become heavily focused on fine-tuning their products that they overlook this critical area. The back office is one of the main bases of operation and neglecting it could lead to difficulty in operation and a lot of unforeseen expenses.
Invest in a good Wi-Fi system for the back office that will mainly be accessible to you and your staff. Strong Wi-Fi connectivity will ensure uninterrupted communication with your business’s clients and suppliers.
An office computer will significantly increase the productivity of your business in areas like information creation, document processing, and information access. It also allows you to keep paperless records regarding the staff, produce and finances of the business.
Retail Store Fixtures and Displays
These items should be able to neatly display your products while giving information to customers on features like price and brand. They should also make the customer’s shopping experience easier.
Display shelves, hangers and racks should be put up to exhibit the products you have in stock. Ensure that you properly plan around the space available to you to comfortably display your product while giving customers enough room to browse through the shop.
If your shop is large and deals with heavy products, provide your customers with shopping carts that they can use to conveniently move their selected items around the store as they go about their shopping.
Point of Sale Systems (POS)
A good POS system is useful in implementing effective inventory management practices. It also enables retailers to capture buyer behavior and track the least and most purchased items. In addition, a solid POS system will allow you direct access to your products, enabling you to sell, order and market whenever the need arises.