If you’re going to try your hand at a retail business, then you’re in for a very exciting and potentially lucrative journey if you get things right. Unfortunately, many entrepreneurs make critical mistakes in the early stages of their retail business, frequently ploughing resources into areas where they are not needed, and thus starving areas where money, time and focus are needed. 

So, if you’re thinking about starting your own retail business, be it a brick-and-mortar store, or an exclusively online business with drop-shipping support, then the following is a list of key areas you can’t afford not to properly invest in. 

1. Professional POS Equipment

A proper POS system with a professional point of sale app is a must-have in the modern business climate. You no longer have time to do things in the older analogue ways, and POS systems take your entire business digital. These systems tie in to your online space (see below), provide you with stock taking information, as well as key customer insights when tied in with business tracking software. 

A POS quickly becomes the digital heart of your retail business. Invest in a great one from the start, because it will save you the both of scrimping and saving to buy an inferior one later when you’ve realised your mistake. 

2. An Online Retail Space

Even if you’re building a brick-and-mortar store, you should have an online version, too. Invest well in building an attractive, easy-to-use ecommerce store where your growing number of brand fans can come to purchase your goods whenever they don’t have time or opportunity to visit your store in person. 

In addition, an online version of your store allows you to reach more customers, and generate revenue to better support your physical store location. If sales go well, the money generated may allow you to later move to a better physical location if you want. 

3. Signage

Just as your ecommerce store needs to be attractive and accessible, so too does your physical store. One key element of that is having the right kind of signage. It needs to look great, and be consistent with your overall brand image. It needs to stand out from the sea of other signs in which it will stand, while also being inviting, even tempting. 

Besides the main shop front signage, don’t forget about smaller signage that informs people of any sales, discounts, or important things going on in your store. Helping people clearly navigate the store and find what they need will also greatly improve their customer experience, making them more likely to return. 

If you feel inclined, investing in something really cutting-edge like an AR navigation system that your customers can use on their phones could be a smart move, especially if your customer base is mostly younger people. 

4. Staff Training

Next, another big part of delivering a great customer experience happens through your employees. It doesn’t matter if you just have one part-time assistant, or 20+ full-time employees, you need to invest time and resources to get the staff well-trained in good customer service practice, as well as up to speed on your brand values, your expectations, and what kind of experience you want every customer to have. 

5. Insurance

One more critical thing that you can’t miss when it comes to opening a retail business is having proper insurance. Some of it is required by law, such as workers’ compensation insurance. You also need vehicle insurance if you operate a company vehicle, at least covering third-party personal injury. Finally, you also require public liability insurance since members of the public will be coming and going from your store.