Opening a new shop? This checklist will help you

Setting up a shop is not as easy as it seems. First and foremost, you will need a well laid out plan on how you wish to go about the interiors of your upcoming store. Once you are done with that, a good plan will not only help you visualize the shop but also give you an idea of tasks you need to accomplish. For instance, the type of shop display equipment, shelving systems, furniture, counters, displays, lightings etc. you will need. Then you also need to do a careful review of shopfitting suppliers and select a vendor that offers a perfect balance of quality, cost, and customer service and after sales support.

Here’s a 5-step checklist, which should help you set up your shop properly, avoid common mistakes, choose the right shopfitting suppliers and also give you an idea on shop display equipment and other fittings that you need to buy.

1. Find the right location

This seems obvious but you will be surprised to know how many businesses go under because they end up selecting a poor location. Based on the type of business you are starting- you must research your target audience and ensure that your shop location has good visibility and is also conveniently accessible to your buyers.

2. Get your floor plans ready

Once you have selected the location, its time to design your shop. Where will you put your shop display equipment? What type of shelving solution you need? What about interior décor, billing counter, seating arrangement etc.? All these questions must be answered when you are coming with the floor plans. If planning becomes a bit overwhelming, ask shopfitting suppliers. Many shop fitting firms these days have a dedicated team for planning and they can even help you properly visualize your shop through CAD (Computer Aided Design) and VR (Virtual Reality).

3. Defining your brand identity

Brand identity is how your target audience visually associates with your business. Logo, fonts and colors must be consistent across the brand to ensure maximum brand recall. For example, if you are opening up a fast-food outlet and plan to create a red-blue theme for your restaurant, you must ensure that your brand is consistent across all your brand assets- from shop equipment and furniture to logo, menu card and take away packaging- they should all follow the same theme.

4. Determine your budget

Setting up shop can be expensive. But proper planning can help you minimize your losses. Do a complete budgeting for your upcoming store, at least for the next six months, if not more. How much you need to spend on shop front? What about shop equipment and furniture? How much will you pay in rent, salaries, electricity bill etc.? What are the expected sales for the first few months? Proper budgeting is imperative to the success of any business.

5. Who will build the shop?

Now that you are done with the planning, the budgeting and the brand strategy, it is time to select a shopfitting supplier. It is important that you make an informed decision before choosing a company. Talk to at least five different firms. Get quotes. Compare the services that each supplier is offering. The cheapest option is not always the best choice. You must also look at the past record of the company. Talk to their existing clients and visit the shops that they have serviced before. Quality of the products, turnaround times, customization options, delivery & installation and after-sales support are also extremely important.

Proper planning is imperative to success of any business and setting up your new shop is no different. Carefully reviewing your options and making an informed decision will go a long way in ensuring that you run a profitable store for years to come.

I'm Preben Paulsen and working with Planova and they are leading manufacturer and supplier of Shelving solutions, shop fitting, retail store displays and best space planners in Europe.