1. Concept and business plan
You need to have a good business plan and sales strategy and you need to know your target group.
You then need to develop a clear concept to use as the starting point for your store. Motivation factors are important here, so you might want to adapt your concept to the types of experiences your target audience is looking for when visiting your store.
Go ahead and test the concept on your friends, family and acquaintances to see whether it has a chance of success.
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2. Prepare a realistic budget
When you start a new store, you need to have a clearly defined operating budget and a liquidity budget as part of your business plan.
A budget provides a good benchmark for getting started because it offers a framework and serves as a road map. Any renovation or maintenance costs can be calculated over time and an agreement can be made with the landlord to spread the costs over several years.
At Thon, we want our tenants to succeed with their business, even if finances are limited during the startup phase. This is why we always try to find a financial solution that is right for each specific concept.
How can Thon help you out?
As a market leader in real estate and Norway's largest private real estate company, we can help you find a space that is perfect for your concept and customers. As a tenant, you decide the design and layout of your store, while we take care of the technical and safety aspects.
Feel free to contact us – we are here to help you achieve your personal dreams and professional goals.
3. Find the right location
Where will your store be located? Is it important to have your store in an area that is already well established and has a distinct profile? Or is it more important to offer your concept in a neutral area where it perhaps stands out more?
If profile is less important to you, you can expand your search area, and equally as important, find a good location at a more affordable price than in high-profile areas – which can be economically favourable during the startup stage.
At Thon, we help you find a suitable location when opening a new store. We make sure that your concept is at the right location in a shopping centre or at street level.
4. Create a social meeting place
To succeed, it is important that you think about customer expectations. Nowadays, stores are a social meeting ground, a place to meet friends and family.
Dedicated employees who are knowledgeable about the products being sold and, of course, who provide personal service, are a decisive factor. That's why it is so important to focus on good customer service in order to succeed with a newly opened store – and, of course, to maintain success.
Good luck!
A brief overview
- Prepare a good business plan and a clear vision
- Create an operating budget and a liquidity budget
- Choose the right location based on the target group
- Hire suitable and dedicated employees
- Always put the customer first and deliver excellent service
- Keep it simple
