If you’re just getting started in the retail market, welcome to your exciting new business! Owning your own business can be incredibly rewarding, even if there are challenges and unforeseen stressors along the way. We’ve put together this handy list of five resources that you should know about if you’re getting started in the retail industry. With these resources, you can help ensure your retail experience is a great one.
1. Modern POS Systems
Since money is the most important aspect of your new business, how you manage your customer’s transactions and personal information should be the number one concern. There are hundreds of modern POS systems available, some with their own hard and software, and others with only one or the other.
Finding the best POS software for mobile payment can set your retail store apart from the competition by making the checkout process easy and efficient. Your customers will be grateful for a smooth checkout process, avoiding long lines and slow transactions. The quicker your customers can find what they’re looking for and checkout, the happier they’ll be!
Additionally, modern POS systems have many extras that can help you manage your business. For instance, real-time inventory tracking is available with many POS systems, allowing you to effectively keep track of inventory and enjoy fewer errors than with manual counts. This will ensure that your customers’ favorite items will always be in stock, and any recalls you may have to perform will be implemented without error.
Having the right POS system is definitely a must-have tool for any new retailers. You don’t want to be stuck in the past with bulky cash registers that can end up slowing down over time and create problems as well as high maintenance costs. Give your new store a leg-up on the competition by purchasing a great POS system.
Many are using the POS system Singapore for retail because it is one of the best POS systems around the globe.
2. Retail Insider
Perhaps the most valuable resource for new stores is information. Information can help grow your business, identify problem areas, train better employees, and so on. The web provides an almost unlimited amount of information, and Retail Insider is among those websites aimed specifically at retail stores.
This site is more than just a retail industry news source; the site contains valuable information and insight into business practices and trends in the industry. By arming yourself with information on trends in the industry, you can better tailor marketing efforts and products to meet these trends and drive sales.
Never underestimate the power of information (or the lack of) to transform your business for good or ill. Good information will help improve your customer service and sales, whereas bad or no information can drive your business into the ground. Keep yourself informed and educated so as to be on top of your game while running your retail store.
3. LegalZoom
The legal requirements of running a business can be exhausting to say the least. Sales tax, endless local, state, and federal tax forms, and more can keep you from focusing on running your business. If you have no experience in these areas, keeping track of and filling out forms can be all the more exhausting.
LegalZoom is an online legal resource that staffs legal professionals to help businesses like yours with all of their legal needs. They’re often able to provide these services at better prices than personal attorneys, and the variety of services they offer makes them a force to be reckoned with.
If you’re having trouble with the tax or legal aspects of running your business, LegalZoom can help. They’ll help you fill out and file all the necessary forms, as well as act as your agent on file for the state in which you’ve founded your business. Having an ally in this area of business is incredibly helpful, as you never know what kind of legal questions or concerns you may have with your new business.
4. The National Retail Federation
The NRF is an organization that is focused on advancing the retail industry through education, training, and partnership. If you’re new to the industry, it’s important to have allies and support during your journey. Seasoned business owners can offer guidance for tough situations, as well as advice on how to best manage and grow your new business.
Connecting with other retailers can help eliminate the feeling of isolation that many new business owners face. Feeling like you’re part of a community can bolster your resolve and help motivate you to reach for greater goals for your new business.
The NRF requires that your organization become a member to benefit from the Federation’s services and community. By joining, you’ll have access to special events, seminars, and much more.
5. The Small Business Administration
The SBA is a government-run program for business owners. With plenty of resources such as business plans, business guides and advice for new business owners, the website itself can be an incredibly valuable resource for new business owners.
The SBA provides training and also has local offices so you can connect with professionals and experts that can assist you in your small business ventures. Best of all, the SBA provides (mostly) free services, so you won’t have to worry about spending a small fortune to get your business off the ground.
If you’re thinking about utilizing the SBA’s services, you can visit their website, or contact your local or state SBA office.
