Setting up Shop: What You Need to Know

If you have dreams of setting up your very own shop, then make your dreams a reality with our helpful guide

Self Reflection

First, think about why you want to be self employed. Try not to idealize the prospect of not having anyone tell you what to do and think about the reality of being self employed. Think about what you want to sell, and how you might get your products. Will you make products yourself, or will you buy some products in?


You should take the research side very seriously. Who are your customers? Who is the competition? How expensive is the location you need? Will you need staff or can you cope by yourself? How much will the initial cost be? How much will you need to turn a profit?

Getting to the nitty-gritty of running a shop will help manage your expectations, and help prepare you for the real thing.

Identify a USP

What will make your business stand out from the rest? Setting yourself apart, both in the way your shop is presented and the products it sells will help catch the eye of the consumer.


Think about the skills that you need to run a shop, from financial management to people management and everything in between. Don’t assume that you’ll be great at managing people just because you’re a great ‘people person’, learn the skills properly through a course and become a genuinely good manager.


Be creative about investment. Brainstorm how you will finance your business until it can float by itself – and make sure you calculate how long this will be. Try to secure a couple of different ways of getting investment, so if one falls through you still have something to fall back on.

A Business Plan

Writing a realistic, comprehensive business plan will not only help you get funding should you need it, but it will also set you up for the next few months, giving you aims and goals, rather than just having to plod along.

Finding a Location

When you’re looking for a location for your business, there are a few different things that you need to keep in mind. Does your business need parking, lots of foot traffic, big windows? The price of rent should be at 6%, but if the apparently perfect location appears, you must remember to ask the agents why the last tenant is leaving it.


Branding is essential. Whether you get a professional to do it or you have a crack at it yourself (don’t do this blind, do your research first), branding is one of the key ways to endear potential consumers before they’ve even stepped inside your shop.

The Practical Stuff

Once you’ve acquired funding, the first step you need to make is how you’re going to spend it. There are a few practical things that you’ll need to set up your shop physically, including card machines like the ones from Card Cutters, stalls, hangers and shelving or whatever you need to display your products, as well as furnishings and décor and security for your shop.

You should also consider the invariably essential cover that insurance will provide.

Happy Selling!

Share this article
Shareable URL
Prev Post

5 Factors Involved in Making Informed Investment Decisions

Next Post

How to Make Reminders Show Up on Lock Screen

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next