Of all the business ideas that tend to be most involving, the chain stores may actually top them all. Given the amount of resources it requires, there is need to be well equipped and armed if this is the direction that a business is to take. There are certain channels and considerations that can be taken into account in this regard to ensure the attempt is a success.
1. The type of business
The reality is that not all businesses are cut out to progress into a chain of outlets. There is need to take stock of those that ventured on this journey and succeeded. The greater bulk includes clothing stores, gift boutiques, fast food centres and supermarkets. This means that any business revolving around these parameters has a successful precedence to build its hopeful attempts on. The success of this parameter is also based on the availability and access of suitable and reliable suppliers, who will guarantee a steady supply of quality products for the business’ outlets.
2. The product being offered
Even with the right business idea, there is need to take the evaluation a step further and encompass the services and products being availed. This ties in very closely with the location as certain products may only be marketable in some localities and be a total waste in others. Ensure the choice of product or service will attract as many customers in the area of operation because there is a definite need for the commodity in the area. This may be a challenge as chain stores target more than one location at a time. The best locations need to be densely populated areas so as to assure the businesses of large amounts of traffic.
3. The type of staff
The kind of staff that a business chooses to hire for its stores will be a direct representation of the company, its values and principles. They have direct access to the customer and the impression they create will have a lasting effect on the customers. They need to have the right credentials and thereafter training, to ensure they understand their role and the fact that customer satisfaction is there direct responsibility. They are also responsible to a large extent of attracting and retaining customers. Management needs to put in place guidelines that ensure this, to give staff a framework to work with all its chain stores.
4. The kind of pricing
If there is one aspect that has the power to both drive away and drive in customers, it is pricing. When seeking to penetrate a market, take stock of all the competitors in the market and the price points so as to ensure the right price range is being considered. Next, seek to have lower prices for a period of time, to entice the masses and have them buy into the new establishment. Thereafter, seek to restore the prices tactfully while regularly having offers and discounts to keep the customers interested. Again, this can be regulated across the stores so that only certain stores are giving offers at a time.
5. The type of credentials
For any chain store to legally operate there is need to have a proper legal framework in place. Licensing is at the core of it all, as this gives the store authority to run in a specific area. There is need to adhere to the specifics of every location, as some times the laws may differ from state to state, thereby affecting the requirements that one branch will have over another.
Katy A. Limbaugh is an anchor and host in a famous broadcasting company. Her drive to thrive comes from reputable media personalities, the likes of those found in CNN, Fox and NBC. Business icons such as William Lauder, as well as other company CEOs feature in her works.