Running a retail store can be difficult, especially if the store is independently owned and is not a chain. However, owning an independent store has many benefits because of the amount of freedom that an owner has with an independent store. The success of an independent store relies on a number of things. Here are three things that all successful retailers do.
Appointing a second in command of the store is something that all successful retail owners do. Delegating is important because the owner cannot do everything themselves. It is imperative that before choosing a second in command, that person is completed vetted. This means going through job history, interviewing candidates, and following up on references. The second in command should have some management and customer service experience.
- Retailers always expect there to be some theft in their stores. The prices seen in stores reflect the expectation of losing inventory. Most retailers and business owners maintain a camera system where they can view the activities at the store. Having a POS (point-of-service) system running through a PC is advisable as well because it keeps real-time inventory.
- Lastly, successful retailers draw and keep customers. Successful retailers are able to do this by having regular sales on certain items, developing benefits programs or membership options for clients, and by getting to their clients. If customers know the store owners and employees, they will develop loyalty and feel more inclined to come back.
Kenneth G. Rare Coins has been in business since 2007. They purchase and sell jewelry, coins and currency, and precious metals. Kenneth G. himself has been in the retail business for over 25 years.