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4 Things to Know Before Opening Your Retail Store

January 27, 2020

You’ve decided to turn your passion into profit and open your own retail store. You found the perfect storefront, selected the products you want to display, and have a seamless business plan—now what? Opening up your own shop can be both exciting and overwhelming, and while unexpected issues and hard-earned lessons are inevitable, there are four things you won’t want to learn the hard way.

Make sure you check off these four items before opening the doors to your new business:

1. Get insured.

Insurance can sometimes feel like an unnecessary bill—until it’s time to cash it in. Insurance can protect you from having to pay out large settlements if someone is injured on the premises, or covering the crippling costs of stolen or damaged merchandise. Even if your retail store doesn’t seem like a particularly dangerous space, keep in mind that icy sidewalks, loose floor tiles, or a neglected spill can all lead to lawsuits.

2. Don’t forget security.

New shops are vulnerable to break-ins and vandalism. However, installing a high-quality retail store security camera system will prevent your new business from becoming a prime target for thieves or the victim of a sticky-fingered shopper or employee. It will also allow you to check in on the shop through a live video feed no matter where you’re at. Security cameras protect your products, income, and the success of your business. It will also give you peace of mind—something every business owner could use a little more of.

3. Enlist the help of a lawyer.

From signing a new lease to business licensing, there can be a lot to think about and plan for. If you feel particularly overwhelmed, it’s never a bad thing to consult with a lawyer. A lawyer experienced in business law can help make sure that you aren’t opening yourself to a lawsuit that could harm your business or even have negative impacts against your personal financial well-being. Having a legal team you trust can help you to quickly resolve any issues should they arise.

4. Hire the right staff.

New business owners often try to take everything on themselves, partially to cut costs and partially out of worry that the staff won’t deliver the highest level of service they’d like their business to be known for. However, hiring quality employees is crucial because it allows you to delegate and focus on the big picture of keeping your fledgling business afloat. You should do thorough interviews to ensure prospective staffers meet your standards. Remember that with a wireless video surveillance system, you can monitor staff 24/7 to make sure things in your retail store are operating smoothly.

Get professionally installed security cameras

If you’re opening a new retail store in the mid-Atlantic region, make sure it is equipped with a high-quality, custom-installed security camera system. At Maryland Security Professionals, we can help you design a customized video surveillance system that meets your needs and budget. Keep an eye on your store 24/7, from anywhere in the world with our state-of-the-art wireless technology. Contact us today for a free estimate.

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