People are nowadays more interested in fulfilling their entrepreneurial dreams rather than working for someone else. There are a lot of potential business options but one option that stays evergreen irrespective of time, place, and situation is the Departmental Store. However, starting a departmental store is quite a hectic and time-consuming process if you are not aware of the procedure. Here, we address all the issues that you might face while starting a store and explain the steps to successfully launch your dream entrepreneurial project.
Steps to Start a Departmental Store in India
- Make a Business Plan
Making a sound business plan is the foundation of any business that you are going to start. A well-thought business strategy will determine how your products will perform in the market, which location you would serve, and who are your major competitors in the market. Your plan should cover all the major aspects that could be beneficial for your business and it should also emphasize the major threats to your business. After going through all the changes and challenges, you will determine a sound business plant for your departmental store.
- Choose a Good Location
Before you begin the license and permit procedure, you must decide where you want your business to be located. As a result, you must be aware of your consumers’ surroundings. A good location can help you succeed, while a bad one will almost certainly lead to failure. Choose a location with less competition around, great connectivity with the public transport and ensures the security of your business. Also, keep in mind that you are opening up near places where you get great exposure, attention from every user, and of course a busy street with the general public.
- Prepare your Finances
Before making an investment choice, evaluate the expenses of products, personnel, vendors, and maintenance. The financial needs differ depending on whether you want to start a small business or buy a franchise. If you require credit, select a banking institution with a lower interest rate. There are also government programs that might assist you in obtaining a loan of up to 10 lacs.
- Register your Business
After defining the size and scope of your firm, you may proceed to fill out the relevant legal paperwork. As a proprietor, you need to register your business and trademark. Along with that, to open a departmental store, a person needs to acquire these documents:
- Shops and Establishments Registration
- A license to sell food is necessary.
- Entity Registration.
- Gross Domestic Product and Services Tax (GST)
- Acquire Inventory
Buying inventory is an important step in your quest to consistently attract clients. Before you begin managing your stock, decide what items and brands you wish to offer. You may check the best-selling items by visiting your local department store. You may also buy retail shop billing software that automatically manages stock lists and re-orders out-of-stock products. You can buy the inventory from distributors or directly from the wholesalers if you want.
- Invest in Marketing
In today’s time, marketing is the key to the success of every business in the market. Even if you are a well-established business, you need to invest money in marketing to keep your customers engaged and informed. A new departmental store would require some more effort to get into the brains of people and as an entrepreneur, you need to identify the best medium for marketing. You can utilize different approaches like print marketing, direct marketing, or digital marketing.