You're finally going to do it. You're finally going to open that small retail store you've always dreamt about.

But, while you're undoubtedly excited, you're also a little apprehensive. After all, you've never done anything like this before.

So, what does opening a small retail store entail? How do you successfully open such a store? Here are 7 tips to utilize.

1. Establish a Business Plan

First and foremost, you must establish a business plan. A formal plan will give your business direction, helping to build a foundation for the first few years of your business's existence.

In your plan, you must detail a number of different components, including but not limited to finances, marketing, funding, organization, market analysis, and business growth. To perfect your plan, you will need to research these components all of these components thoroughly.

Out of all the things you do when starting your business, this is the most important. Failure to establish a solid business will start your business out on shaky ground. And starting out on shaky ground is no way to create a successful business.

2. Work Within a Niche

One of the biggest mistakes new business owners make when starting their businesses is trying to cater to everyone at once. While this can work for large corporations like Amazon and Google, when it comes to small businesses, it's a recipe for disaster.

Instead of trying to be everything to everyone, you need to work within a niche. A niche will give your business a specific identity and will draw in a specific type of customer base. Because this customer base will have an inherent interest in your niche, they will identify with your store, likely providing you with regular business.

For instance, you might exclusively sell graphic novelty tees. Or, you might cater to motorcycle enthusiasts.

Anything is a possibility. The key is to find a small market and cater to it as much as you possibly can.

3. Handle Legal Matters Before They Handle You

Regardless of the type of business you run, you will encounter legal issues. American business is highly monitored, existing within a complex web of rules and regulations. If you're not careful, you could get caught in this web, landing both you and your business in legal hot water.

Our advice? Get all of the legal matters out of the way as soon as possible. Step on them before they step on you.

Now, how do you go about doing this? Your best bet is to hire a business attorney. An experienced business attorney can direct you through all of the complex legal regulations, ensuring that you're operating in a lawful yet cost-effective manner.

A business lawyer can show you how to do your taxes, how to pay your employees, and how to designate your business, helping it operate to the best of its capabilities.

4. Be Clever With Your Marketing

When it comes to opening a successful retail store, it's impossible to overstate the importance of marketing. Marketing is needed to draw awareness to your business, thus drawing in sales.

Now, you're not going to be able to market like the big guns. You simply won't have the money to inundate TV and radio with commercials and adverts.

Instead, you'll have to get creative. Advertise your business on your car window. Write your business' name on the sidewalk in chalk. Hold a raffle on social media.

There is no shortage of things you can do to attract business to your store. Just throw whatever you can against the wall and see what sticks.

5. Get the Location Right

The geographical location of your business is vital. If you open your business in a bad location, it's going to struggle to attract customers, and will ultimately fail.

So, where should you locate your business? Ideally, it will be in an area that's visible and accessible from the road. The more visible it is to passersby, the greater chance it has of bringing in new customers.

For the best results, you might consider paying for geographical analysis. GIS companies have the tools and software necessary to thoroughly assess geographical areas, finding the most prosperous locations for businesses to open.

6. Pick a Memorable Name

The fact of the matter is: your business name is important. Whereas an intriguing, catchy, or provocative name will attract attention and bring in new customers, a boring or generic-sounding name will slip under the radar.

So, instead of calling your store something like "Regional Outfitters", consider calling it something like "Hazy Hare", for example. Your business needs to stand out among other businesses. It can't do so with an indistinguishable name.

7. Buy Equipment Used

Starting a business is expensive. For this reason, when starting your retail store, you need to do everything in your power to minimize costs. A great way to do this is by buying most of your equipment used.

Whether it's clothing racks, furniture, electronics, or otherwise, it can be likely be bought used for around half the price of what it would cost brand new. Worried about quality? As long as you're diligent in your search, you should be able to find items which are comparable to their new counterparts.

Ready to get started on your search for equipment? Go ahead and check out this POS service now!

Maximize the Success of Your Small Retail Store

Now that you know the basics of starting a small retail store, you might be looking for some additional information. If so, you're in the right place. Performance Magazine has you covered.

Our website focuses on improved performance, covering not only business performance but personal performance, organizational performance, and more. If you're looking to better yourself and your business, our publication can help you do so.

Start improving by browsing our other articles now!