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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Six habits of successful retailers

There is a saying in retail that the customer is always right. However, while the customer might always be right and has more autonomy thanks to the digital revolution, they shouldn’t be calling all the shots. Indeed, it’s up to you to make sure you are putting resources into the right places. These six successful retail habits are a good place to start.

Prioritising tasks

There are often a thousand things for you to consider at any one time as a retailer. So, it makes sense to prioritise what’s immediately necessary and either push back or eliminate the things that are not as pressing. Scheduling also means setting deadlines and keeping to them wherever possible.

Staff training

With one in ten of us working in the retail industry, it’s more important than ever that your employees are properly trained if you’re to get the best out of them. Your employees are the public face of your business and brand so you need to be sure they are reliable brand ambassadors. Invest time and resources in your staff and you’ll get those investments back tenfold. Well trained staff will also create an environment that your customers actually want to visit.

Defining and differentiating with a USP

No retailer can be the master of all trades. Figure out what it is that you do better than anyone else and lean into it. One of the benefits your shop can offer over online retail channels is a personal service. You can also offer products and services in the here and now.

Utilise technology

The retailers that reveal the most success are those that stay ahead of the game and in touch with technological advances. Whether that’s signing up to services that automate payroll and save staff countless hours, or investing in automated point of sale machines that simplify the purchasing process.

Comply with the law

With retail law in a state of perpetual flux, successful retailers need to keep up to date with the latest legislation, which includes conforming with data protection laws. This issue has gained traction in recent years due to the implementation of GDPR in the EU.

Know your enemy

Whether your closest competition is a major supermarket chain or an online usurper, the most successful retailers intimately know their competition. Don’t just read about them, visit their stores, talk to their customers and analyse what they are offering and how it compares to what you’re offering. This will allow you to spot developing trends and make sure you’re not being left behind.

Make the most of your data

Finally, the best retailers are able to take their analytical data and transform it into results. Good data can be used to react to trends, personalise the shopping experience and allocate retail stock. Data is getting more sophisticated and is making more of an impact than ever before. The best retailers know their data inside out and actively take advantage of it.

Copyright © 2019 Article was made possible by site supporter Victoria Harrison

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