Opening a shop in the UK

Opening a shop in the UK involves several key considerations. With endless opportunities and a great hands on approach, its an exciting industry to be in.

So, where to start? – The business plan

There will be a million things going on in your head as to what it start with so the best thing is to get everything down on paper. Brainstorm your ideas and get a picture of that you want to achieve, this can include:

– Your products/services
– The demand
– Looking into local competition
– How will you get your customers to the store
– Are the products/services available in your area
– What customers are your targeting
– Pricing 

The key here is to write down EVERYTHING. Get all your ideas down as it’s easy to forget. You can get online business plan templates here along with some helpful guides.

This is an essential part of any business start up and is required to get a full picture of your business including cash flow predictions. 

Choose your location

As you begin to get a picture of what you would like to offer and the demand it’s now time to start looking at locations – Would you benefit from a high footfall or is space key to your business? There is a lot to think about and many variables so let’s see what options you have:

Opening a shop in the UK on main high streets – These are often the most expensive but with the highest footfall. If for example this will cost you £200 a month more than an area with less footfall you need to weigh it if the extra exposure will give you extra business thus making sure you cover the extra costs.

Off the main highstreet – This often comes at a lower risk with slightly larger spaces. If your off the main street this can be beneficial, customers can have more parking available. With generally more shops around people are more likely to see yours and of course you would usually save money without being in a prime position. 

Industrial units – This can sometimes be a great option if you’re looking for a large space and not too worried about having a lot of passing trade. As an example your beauty salon could be advertised online with bookings, you offer various treatments in an industrial unit that you have split up into multiple rooms. Units can also give you more free parking for your customers depending on location. 

Cargo Units – There is a massive increase in cargo sites that offer units for small businesses, these are usually ‘Easy in and out’ options that can be a great stepping stone for new businesses. You will most likely be surrounded by like minded individuals that can be very beneficial to help you build relationships and gain new skills. Companies like meanwhile creative are ever expanding around the UK offering these options. 

In a nutshell, look at your options and assess what sort of locations would work for you best. Don’t over commit but also be mindful of future expansion and options.

Now you’ve got your location, how will you finance it?

There’s a whole world of finance options out there so really dont worry if you are starting from nothing. With a solid business plan and some passion for what you’re doing then you have various options.

Have a look back and your business plan and piece together your initial costs. This can include everything from products, equipment, epos systems, rent, marketing and even initial staffing. This can be daunting seeing this end figure but it’s best to be realistic and transparent with finance companies with what you need and why.

If your opening a shop in the UK their are government backed schemes (up to 25k) available which is a great place to start – https://www.gov.uk/apply-start-up-loan

The legal stuff

Yes this is the boring bit. Make sure you look into all the legal requirements for your business. This includes:

– for opening a shop in the UK you need to register your business with HMRC
– Check if you need any licence for your business activity
– Health and safety: compile with any health and safety regulations and risk assessments.
– Insurance, make sure you can be covered by public/personal liability and cover your stock/equipment. 

You have your funds, now to find your suppliers

The keys is to do your research, find suppliers and compare with other options. Jumping in too fast could give you a bad deal. For any interested products,  you will usually find a list of distributors on their main page. 

With any product of service you need to make sure you have also looked into what will sell and your market. Look back at your business plan and offer products that are inline with your offerings and fit your target market.

Be nosy, look into your competitors and even visit their store, get a gauge of what they are offering and how you could better them. 

When finding the right stock make sure you don’t overstock too soon and price competitively while making sure you make a profit.

Big tip – always have an idea of what your daily running costs are, this includes rent, staff wages, bills, payment costs, and any other overheads. This is key to knowing what you need to achieve each day/week/month. 

The fun bit, time to market your business

Now you’re fully gee’d up about your business and ready to do its key to look at your marketing opportunities. In this day in age simply having a shop that people will pass in the street is usually not enough. Here’s some inspiration of how you can promote:

Branding – Create a brand that stands out from the rest, be daring and create a theme that is memorable.

Social media – Facebook, X, Instagram, tiktok, youtube. Be creative and push the boundaries. Make people want to see more and give them excitement of what you have to offer. 

Website – Build yourself (or have someone build you) a stand out website that is fast loading, aesthetically pleasing and friendly on the search engines (i.e all ready to rank well in the search engines)

Network – Visit local businesses and see if you can help each other. A simple chat can bring a lot and remember that everyone in retail is in it together, they all face similar challenges. Be a friend to all! 

Flyering – Yes it sounds old school but it still really works. Everyone loves a handout with all the relevant information on about your business, it can help bring in a new demographic and is great for tracking (e.g offer a deal on the flyer so you can see who comes in with it)

The main thing we would say is have some fun with your marketing, believe in your product and draw inspiration from around you. 

Should i bring in staff

If you are looking for some staffing will free up your time to do what you do best and help you delegate taste. Remember not to jump in too soon as of course bringing staff in comes at a cost so expand wisely. Things to consider:

– How much will a member of staff cost
– Will i require someone from the start to help me
– If i pay someone else how much extra will i need to turnover a day/week/month
– Remember for opening a shop in the UK you need to look into payroll/PAYE if your paying staff

Make sure you are ready to take someone on and don’t be afraid to take the plunge. With the right person, they will help your business flourish. 

What till system to use?

In any retail business you need to make sure you have the right till system to cover your day to day sales. Modern EPOS till systems give you an opportunity to organise your products/service, run extensive reports and help build a loyal customer database. No one wants to get down the line and think “I wish I knew what I sold that month” or “I wish I had captured each customer’s email over the last year so i can send them my new promotion”. 

I know we are biased with what our site is all about but you will genuinely be able to build your business quicker by automating a lot of processes and getting a better idea of your business with the right epos.

The best way is to get some Demos – Epos now we believe offers the best solution for start-ups with a low monthly fee but endless ways to expand and grow as you do.