/Start your very own retail business in Edmonton

Start your very own retail business in Edmonton

Even though e-commerce businesses are the what’s-hot business now, retail business aren’t going out of fashion anytime soon. The fact is that customers like to see and feel their products before purchasing them. Furthermore, buying from a retail store carries the advantage of instant gratification that an e-commerce business can’t match.

Alberta’s retail industry have been constantly growing and it is a thriving business. So, how do you open your very own retail store in Edmonton?

Alberta retail stores

Decide the Business

Automobiles, electronics, clothing, sports merchandise, franchise, art, and convenience stores – there is a long list of possible businesses you can open. You need to narrow done on one. Since you are thinking of a retail business, you may have a few ideas already.

  • A franchise is a not a bad idea as you take on the name of an already successful brand name, however, the control that the owner company has may not be to your liking.

  • You can open something you are passionate in, for example, if you are passionate about sports, you open a sports store. This makes sense because you already have in depth knowledge.

  • More and more creative entrepreneurs are opting for out-of-the-box retail stores, which offer unique products and services.
    Royal Bison is a store that brings locally made products under one roof, Stylus is known for selling quality pens, and Carol’s Quality Sweets is the largest candy store in Edmonton. All of these three are known to be unique businesses in Edmonton.

The only advice for this is – Pick a business you know and are passionate about.

Craft a Business Plan

The success of your retail store depends on your business plan. A business plan answers the questions of:

  • How are you getting the finance?

  • What are the expected costs?

  • What is your budget?

  • How do you plan to build a team?

  • What products are you selling?

  • Who is the competition?

  • What is your exit plan?

Have a look at a good example of a business plan.

Select a Place

You need a physical location to set up a retail store. The best location depends on:

  • Price Range: Rent will be a big part of your budget, so how much are you willing to spend? Once that’s been decided, you can narrow down your search on various other factors.

  • Demographic: Who are you selling to? If your products are only affordable by the upper-middle class, you may want to set up shop in an affluent area of Edmonton.

  • Competition: Will the competition complement or strangulate your business?

  • Proximity to Supplies: Whether you purchase from suppliers or have a warehouse, the time taken to get products to your store has an impact.

  • Zoning: The location must be permitted to have retail stores.

The lease cost for 700 square feet area in Jasper Avenue can come up to $23,000. The lease cost for 1,250 square feet in a mall can cost upward of $2,800. Compare those two with the lease cost in Leduc, which is $1,900 for 1,000 square feet. [All of these prices are estimates].

Price is going to play a major factor in your selection.

Permits, Licenses and Codes

You can’t miss out on the legal aspects that you need to have compliance with.

  • Development Permit: When you move into a new location, you want changes in the place. A development permit gets you the City of Edmonton’s permission to make them.

  • Business License: Every business must have a business license. Only a licensed business is permitted to function.

  • Building and Fire Codes: Ensure your business stays within the building and fire codes. Expect checkups from the City of Edmonton.

  • Food Handling Permit: If you run a restaurant, you need a food handling permit from the Alberta Health Service.

Marketing Plan

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Source: http://economicdashboard.albertacanada.com/Retailtrade

The Alberta retail market is a bit rocky and from 2014, the Alberta’s retail trade dropped by 4%. You have to invest in marketing to ensure people walk into your retail store and make purchases. This has to include online and offline marketing.

  • Flyers: A cheap and affordable way to get the word out.

  • Billboards: An expensive way to grab eyeballs and create awareness.

  • Have a grand opening: Make your store’s opening into an event and publicize it.

  • Online Social Media: Get on social platforms and make your presence felt.

  • Curate Review Platforms: Review platforms are places for customers to put reviews and ratings. Gracefully thank the positive ones and attempt to come up with a solution to the negative reviews.

  • Website: Your website is your real estate on the web, your retail store needs one.

The list goes on and on, there are tons of things you can do.

Setting up your own retail store in Edmonton is a fantastic idea. You are going to stare down many challenges, all of which can be dealt with.

Original Source

Entrepreneur, Mentor, Business Coach, Trainer and Public Speaker. Dennis has his talent for making the complex simple and his unique strategic way of thinking combined with his genuine passion to see others succeed makes him a powerful ally to have in any business. To learn more visit www.topbusinesscoach.ca or connect with him on LinkedIN