The term “essential businesses” is one that we have heard more in the last year than we have the rest of our lives. Or so, it has undoubtedly appeared that way! The last year has indeed been one that has been out of the ordinary, and one that we won’t be forgetting for a long time, whether you are a business or not.
With the prolonged closure of non-essential businesses, there is no surprise that some business owners have been reconsidering the ways that they work and how they can adapt to this new normal that we find ourselves in today.
While most businesses have adapted the ways they work, to allow employees to work from home, some small companies out there are considering the other things they can do to stay afloat during such a tumultuous time. Transitioning into the essential retail market is a consideration for some small businesses and is what we will be addressing in the guide below.
Keep reading for some inspiration on how to transition into the essential retail market, and what you will need to know when doing just that.
Identifying a Niche in the Market That You Can Fill
Something that is important when wanting to adapt in any industry, the first and most crucial step is to identify where you can fit in. Whether you identify a gap in your existing market or have spotted one that is available in a similar industry, there are ways that you can determine the niche and numerous ways that you can adjust to fit the gap.
From adapting an existing product or service that you provide, through to developing an entirely new one, you have numerous options and avenues available to you that you can explore.
Once you have identified where in the market you will fit in, you can consider the other important factors when transitioning into the essential retail business sector.
Finding and Opening a Physical Store
When wanting to explore the essential retail industry, it is a bit of a given that you will need some sort of physical store to do this.
While you can provide some goods and services from the garage or spare room of your home, it is not entirely suitable, and you would be limiting the amount of stock or product that you could hold at one time.
Not to mention, you would not want customers wondering around your home to view the products.
By finding and opening a physical store, you are opening more growth and expansion opportunities in the future. That being said, there are some things that you must do before opening your store to the public, to ensure that it is as safe as possible.
Identify Risk Factors
Ensuring the health and safety of employees and those who grace your store is of utmost importance to any business and budding entrepreneur. None more so, when making the transition into essential retail. You don’t want anything to happen which would force you to shut!
You will want to undertake various assessments on-site, to ensure that there are minimal risks to those persons who will be there. Ranging from ensuring that the display cabinets are fitted correctly, to having adequate safety measures to hand in the case of an injury, numerous factors should be considered.
Not to mention, you will need to complete a fire risk assessment checklist, to ensure that you have identified any possible fire risks to the building, and the evacuation plans for your business in the event of one. You should identify those at risk too, as you will be prioritising protecting life, rather than the building itself. ACMS UK has provided a straightforward way of conducting a fire risk assessment, and how to implement one into your business, on their website. Check it out for more information!
Understanding Rules and Regulations
Like many other parts of life, there are specific rules and regulations that you must follow, and this could not be truer for the world of essential retail. Particularly when branching out into essential retail, and more specifically, when opening a physical store, you will need an understanding of the regulations you must comply with when supplying customers with products.
When complying with these rules, you should ensure that your products are to as high a standard as possible; the responsibility lies with you as the seller, rather than the manufacturer. By ensuring that you have considered and gone over the specific regulations that you must follow, you can rest assured that you are as prepared as possible for any potential issues before opening your store.
While these are but some of the factors that should be considered when opening an essential business, we hope it has shed some light on this particular sector. Mostly, when there is such an emphasis within the media, on the importance of essential businesses.