COVID-19 has caused substantial changes for both essential and nonessential businesses. While essential businesses have changed their structure, retail stores have shifted to an online ordering system, provided curbside or delivery options for their customers, or, in many cases, closed completely. If you have closed your retail business temporarily to help minimize the spread of the virus, there are many things you will need to accomplish to prepare your business to return to full operation when those orders are lifted.
Many non-essential retail stores have been unable to keep their doors open during the coronavirus outbreak. That doesn’t mean, however, that you do not still have inventory available that people want to purchase. Creating an e-commerce solution for your business can offer a number of advantages as you manage your business throughout this crisis–and thanks to the ready availability of easy plugin website solutions, you can get up and running quickly with an e-commerce site.
Given the unprecedented temporary shutdown of businesses in the U.S. and around the world, G.A. Wright wants to reassure small businesses that there are resources available to help you through this crisis. We’ve put together a list of resources for those impacted by the COVID-19 (Coronavirus). We will be updating this page frequently as we learn more information.
For the new entrepreneur, starting up or purchasing an existing retail business can be risky because, honestly, the future is pretty unknown. It is impossible to know how the well the business will do in general, if it will be successful in the local area, or what the future will hold. All we can do is plan and strategize.
No one wants to see their business fail, but anyone starting a new retail business has to face that possibility. It’s better to accept that possibility rather than hold on to false hope. If you find yourself in the unfortunate place where your store remains well stocked with items for sale, but the customers aren’t coming in and you’re losing revenue faster than you can earn it, it may be time to take a hard look at whether you need to exit your retail business.
In general, liquidation sales are not particularly easy. Much planning goes into any closeout. But in liquidating a smoke shop, there are even more details due to government regulations regarding age restrictions, and additional licenses needed. Smoke shop owners are no doubt familiar with the many age-related regulations for their products in general, but particular attention should be made during a closeout. It is wise to get assistance from those who specialize in planning and executing closeout sales in all facets of the retail world.
Cash flow, or lack thereof, can be a major problem for any type of business. In a retail business, it can hinder the stocking of shelves, hiring additional staff, and you, the owner, taking home your own paycheck. Understanding potential common causes of cash flow issues may help prevent the problem, although sometimes it may just be out of your control. Let’s take a look at some of those reasons.
There comes a time when a retail business owner may decide it is time to close the doors. If you think it’s time for you to start your outdoor gear closeout sale, you should take the time to do serious planning. After all, you don’t want to just give your inventory away, when you could get a fair price for all of that outdoor adventure, hiking, and camping gear. No matter what time of year you choose have your closeout sale, there will probably be items out of season, but that’s OK. With the right preparation it will sell. A consultant from G.A. Wright Sales can help you plan and hold your closing sale.
It happens to every retailer. Sometimes you make either order too much of something, or simply order a product you think your customers will buy, but they just aren’t interested. Having a surplus of unwanted merchandise can hurt the aesthetics of your store, take up valuable storage or retail space, and become a financial burden.
However, there is good news! When you end up with excess merchandise that simply didn’t garner the interest you thought it would, there are a variety of ways you can salvage the expense and liquidate surplus from your store.
Whether you have been in the retail for a short time, or a lifetime, remerchandising is an important part of retail sales. By its very definition, remerchandising is simply the act rearranging products of a store to give the store a fresh feel, highlight new or seasonal products, or to feature sale or promotional items. For any particular item, it is the act of physically moving that item from one location to another, particularly if the item is part of a discount or sale promotional.
When it comes to marketing your business, simply sending out flyers or posting fancy advertisements in your store window are gone. These days, it takes much more than that to build your brand. Why? Perhaps because every form of media — including social media — is inundated with ads. There are many businesses offering similar products and there’s fierce competition. Marketing today requires a development of a brand. And when it comes to developing a brand, studying the buying habits of one demographic in particular holds the key.