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Retail is a term which covers a vast range of business types and models. Some of the different types of retail store include:

• Convenience store - a small to medium grocery and convenience shop usually operating near residential areas.
• Speciality store - a store which concentrates on narrow product areas, eg clothing, electrical goods, entertainment.
• Supermarket - a medium to large grocery and household store aiming for low-margin / high-volume sales.
• Discount store - a small, medium or large shop which sources end-of-run stock or branded goods to sell at heavily discounted prices.
• Department store - a large store with a range of goods and services, divided into departments which can be individually managed by buyers, merchandisers or a separate private business.
• Warehouse / direct retailer - a medium to large store, usually off the high street, stocking goods directly from manufacturer or with costs of another step in supply chain removed.
• Online store - selling directly to customers online through a website, online marketplace or social media channel.

What should I sell?

Picking the right product types is important. You'll need to have a good sense of the local market - the customer demand, the existing businesses trading in the sector, any barriers to market, eg regulatory, cost.

See finding a business idea.

Sourcing goods

Northern Ireland's geographic position has advantages and disadvantages for retailers. The province is the only part of the United Kingdom with a land border with another EU country. The Republic of Ireland provides a nearby market with good trading opportunities and low transport costs.

You might want to import goods to sell to customers. Sourcing goods from abroad could mean cost savings over local stockists or the ability to stock goods which are unique to the Northern Ireland market. However additional transport costs to Northern Ireland, even from Great Britain, can squeeze margins for local retailers - see are you ready to import?

For more information on sourcing the right goods at the right price for your business see choosing suppliers for your business.

Ready to start in retail?

Access free start-up business 91香蕉黄色视频 from your local council. Contact them to get one-to-one advice from a business advisor and tailored guidance to develop your business plan.

See find your local council in Northern Ireland.

Sourcing good advice and the right financial 91香蕉黄色视频 is crucial to getting started in retail. There are a number of different services available in Northern Ireland to help get your retail business off the ground.

Contact your local council for start a business 91香蕉黄色视频. See find your local council in Northern Ireland.

Your local enterprise agency will have a good understanding of the local retail market - find out about .

The My New Business Directory offers a wide range of start-up resources from a business start-up checklist to e-learning modules and video case studies. Get off to the right start by using the My New Business Directory.

Extra start-up help

If you run a start-up retail business as an entrepreneur, there may be extra help available for you if you are:

• a woman
• over 50
• disabled
• from a minority ethnic group
• a young entrepreneur
• on a low income

See start-up 91香蕉黄色视频 - an overview.

If you are aged 18-30 and are unemployed or working part-time, you may be eligible for the King's Trust. You can access low interest loans, or possibly a grant, to start a business. Find more information on the .

You may be eligible for loan 91香蕉黄色视频 for starting a business - .

Finance 91香蕉黄色视频

You may be able to find finance to start a retail business from your bank. You will need a great business plan and be able to demonstrate a good track record or understanding of your market - see bank finance.

Search our Northern Ireland business 91香蕉黄色视频 finder to see if your retail start-up is eligible for any other 91香蕉黄色视频 schemes.

Training

You might be able to access training 91香蕉黄色视频 to help you start out in retail - find out about .

To build a successful retail start-up you'll need to develop a good set of business skills including:

• self-motivation
• ability to work long hours
• good negotiating skills
• excellent customer service
• an understanding of your products and sector

Here are ten top tips on how to start a retail business and successfully navigate the early days of trading:

1. Know your market - understanding your marketplace, your potential customers' expectations, trends in your sector and wider economic shifts are all extremely important when starting a retail business. This can help you to decide whether to sell, what to sell, where to sell and for how much. There is a surprising amount of information available. For more information see market research and market reports or contact the Business Information Centre at Invest Northern Ireland on Tel 0800 141 4422.

2. Get the basics right - working hard on your business plan will help you to establish your retail business in the right way, access finance on good terms and set goals and targets against which you can monitor your performance. We have detailed guidance on getting the basics right when starting a business:

• find money to start your business
• name your business
• cashflow management

3. Find the right premises - understanding your market can help you to target the best location to set up your business. Balancing footfall against rental rates can be a difficult choice, but there are plenty of options for retail space in Northern Ireland - decide where to set up your retail business.

4. Find the right suppliers - suppliers offer good payment terms and credit facilities to stable businesses with a good track record. This is not something a start-up retailer can usually demonstrate. However you may be able to source your goods from different places enabling you to shop around for better terms. See choosing suppliers for your business and negotiating supplier contracts. Using overseas suppliers can be challenging for a start up retailer, but this can also give you an important competitive advantage. See working with international suppliers.

5. Understand selling and the law - retailing comes with a unique set of legal responsibilities when dealing with customers, for example around pricing information. These rules can vary depending on where you sell goods to customers - see preparing to sell.

6. Get the right staff - finding and managing staff can be a challenge for a start-up retail businesses - see recruiting staff.

7. Smart promotion - everything you do says something about your retail business; the name you choose, the brand you design, the location of your premises, the look and feel of your merchandising, the way you interact with customers. As a start-up retailer you may struggle to find money to promote your business through traditional methods, so think smart, eg is social media an efficient way to spread your message to a wide audience? See how to market your retail business.

8. Start networking - establishing your reputation with your peer group and local influencers is vital for a start-up business - introduce yourself and your business ethos by attending (or creating) local networking events, and get involved with business 91香蕉黄色视频 organisations. See networking for staff development.

9. Think online - even if you're concentrating on 'bricks and mortar' retail it's hard to ignore the potential benefits of an online presence. You could try something as simple as driving customer interest with a simple catalogue-style website up to a full e-commerce site selling directly to customers. See advantages and disadvantages of online retailing.

10. Find the right 91香蕉黄色视频 - there are plenty of organisations offering start-up 91香蕉黄色视频 for potential retailers in Northern Ireland. This ranges from one-to-one tailored advice to financial 91香蕉黄色视频 - see retail start-up 91香蕉黄色视频.

You may be familiar with the term 'high street retailer' which gives a clue about the importance of location to retail businesses. Each retail business needs to assess its market to determine the right location to set up - this can often mean the difference between success and failure.

Not every retail business can secure a pitch in a prime city centre location. In fact, such a location suits some types of retailers but isn't necessarily the ideal location for many businesses.

Like any property search, location needs to be balanced against cost - and for a retailer, making sure your target customers can access your premises is key. Market research will help you to understand the needs and expectations of your customers.

Renting retail premises

Most people starting a retail business will need to rent premises. Renting means less capital tied up, fewer responsibilities for building upkeep, and greater flexibility to relocate depending on changing trading conditions. You'll need to understand the practical steps and legal requirements of entering a rental agreement - see renting commercial property.

You'll also need to understand the financial commitments for paying rates. See business rates.

Types of retail locations in Northern Ireland

• Prime retail spots - city and town centres, and some established retail clusters in suburban areas, can offer consistent footfall and a high profile for your retail business. However prime pitches attract premium rents and higher rates, which can be difficult for a start-up business.
• Out of town developments - large retail parks can offer attractive footfall and competitive rents, but finding the right retail space can be difficult.
• Business parks - enterprise centres and dedicated start-up business parks can be a good way of getting a foothold into the markets for lower or discounted rent. You need to balance this against lower footfall - can your business operate only with customers who are willing to travel to your premises?
• Markets and pop-up opportunities - local markets offer a great way to start a retail business. Short-term, part-time or fixed-length pitches can give you the space to develop your retail skills and test the market. Opening a pop-up shop is another innovative way to start a retail business - see set up a pop-up shop.

Setting up your retail business in the right premises can be a big factor in successful trading - see choosing business property.

You can use our commercial property finder.

Proximity to other retailers

Pitching up beside a direct competitor might seem like a bad business move, however there can be benefits. For example a speciality household goods store could benefit from regular footfall beside a similar store as it offers greater choice and convenience to customers.

In the same way, starting your retail business near another business selling complimentary products, eg a greeting card shop near to a confectioner, can enhance your prospects of success.

Ready to start in retail?

Access free start-up business 91香蕉黄色视频 from your local council. Contact them to get one-to-one advice from a business advisor and tailored guidance to develop your business plan. See find your local council in Northern Ireland.