Is Opening A Retail Store Worth It?
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Opening a retail store is not as easy as it might seem.
Sure, there are fewer barriers to entry than most businesses, but the challenges you’ll encounter along the way are as prevalent as for any business.
The most important thing is to do your due diligence and ensure you understand the risks, challenges, and potential rewards to avoid any bad surprises.
Therefore, to help you make an informed decision on whether or not you should open a retail store, we’ve shared below some pros and cons.
Pros Of Opening A Retail Store
Australians Prefer Shopping In-Store
Despite a pandemic and technological advancements, Aussies still overwhelmingly prefer to shop in-store. In fact, according to recent research, 73% of Australians prefer to shop in-store as opposed to just 59% globally.
But why is that?
Aussies enjoy touching and seeing the products before committing to purchasing something. And they also enjoy being able to interact with a sales rep directly and get advice on the spot.
Develop Personal Relationships
If you thrive on social interactions and love to help others find the perfect item or service based on their needs, you’ll enjoy opening your own retail store. One of the main advantages of operating a physical store over running an online shop is that you get to interact with customers face to face every day and provide personalised services in-store. Moreover, face-to-face interactions make it much easier for you to connect with your customers and build a loyal clientele.
Cons Of Opening A Retail Store
One of the main drawbacks of opening a retail store over starting an online shop or business is the cost involved with the project. You’ll need to take some financial risks and have enough money saved to pay upfront costs.
Some of the costs you’ll have to factor in include:
- Merchandising equipment
- Interior design
- Shelving and fixtures
- Point of sales systems (POS)
Another expense you’ll need to consider is Public and Product Liability insurance. This type of cover is designed to protect your business if one of your customers harms themselves on your premises as a result of your negligence or if they are injured due to one of your products. To learn more about the best insurance policy for your retail store, check our instant quote generator. It will allow you to get an estimate on market-leading insurance in seconds.
Simply enter your occupation and expected revenue to get started.
Dealing With Disgruntled Or Rude Customers
While you might have to deal with disgruntled customers online if you have an online shop, dealing with angry or aggressive customers face to face can be challenging. What’s more, certain customers might be rude, ignore you, or respond in a short and disrespectful way. Keeping your cool is essential to protect your reputation and your sanity, but it can be harder to do in-store than online!
With the massive Aussie preference for in-store shopping, having a physical store might be a no-brainer if you want to reach a high number of customers. Yet, the rise of online shopping makes having an online store almost inevitable these days. Therefore, if you can afford it, one of the best strategies is to combine both an online and physical store to reach the highest number of people and cover your bases!
And if that requires too much time and money, thoroughly consider the pros and cons of each option before making your decision.