Filling a need for niche markets in all different industries, specialty retail caters to a diverse contingent of consumers. While your business model and product line may be unique, there are business principles and ways to improve that can be implemented throughout the industry, regardless of your focus. Even if you currently have a loyal following, it’s important that you do not become complacent. Here are just a few suggestions for keeping your specialty retail company thriving into the future.

1. Interior Renovations

Making sure the inside of your store provides an inviting atmosphere for your clients is a key to keeping them in your establishment and spending money. Not only should you focus on comfort, you should also create a theme or vibe that conveys the message of your company. A clean and updated interior can go a long way in establishing and maintaining a great image for your store.

2. Storefront Improvements

Having an updated storefront will go a long way towards making a good first impression on potential customers. A well-organized facade that conveys the feeling of a legitimate, thriving business can draw clients in on its own.

3. Equipment Upgrades

Depending on the type of business you run, updating your equipment could lead to a significant return on investment. Upgrading to more energy efficient equipment can save you money on electricity and water. Also, incorporating eco-friendly solutions can improve your reputation with customers and your community, which can drive business from environmentally conscience consumers.

4. Marketing and Advertising

The world of advertising is changing rapidly with the advent of digital marketing and social media. If your company isn’t taking advantage of these avenues to get the word out about your business, you’re missing out on a large portion of potential revenue. Hiring a marketing firm to run your campaign will ensure you get the most out of your advertising dollars.

5. Signage Improvements

It may seem silly, but having a sign that stands out to customers is important in driving business. It provides relatively inexpensive advertising and helps to increase foot traffic. Depending on the look and feel you’re going for, you may consider adding lights and neon to help draw attention to your business.

6. Inventory Purchases

Inventory is where you make your money. Sometimes having the ability to buy in bulk can provide significant savings. Expanding your selection can also improve the bottom line and diversify the selections your customers have to choose from. 

7. New Locations

If you’re looking to make a major investment and truly expand, adding an additional location is an ideal avenue. If you have a successful business that is creating consistent revenue, it may be time to look into purchasing a new building.

8. Additional Staff

With customer service being so important to consumers these days, adding additional employees to ensure your customer’s needs are met may be a good idea. Making sure you have adequate staff to serve your client base is essential in developing customer loyalty and improving the customer experience.

9. Point of Sale (POS) system

If your company isn’t set up to accept credit and debit cards, you’re leaving a significant amount of revenue on the table. Many consumers prefer to pay with a card, and there are some that don’t even carry cash. The last thing you want is for an interested customer to walk out the door because you don’t accept their form of payment.

10. Emergency Needs

Physical and online security is the biggest focus of many small business owners today. Upgrading your computer system, adding surveillance and training your staff how to react in an emergency are all worthwhile investments that help to ensure the safety of your employees and business.

With over 12 years in the business, Quikstone Capital Solutions has proven to be a trustworthy and knowledgeable lender specializing in small business funding. Over 60% of our clients are renewals looking to continuously grow their business. Whether you need cash for emergencies, cash to cover unexpected costs, or if you’re looking to make long overdue improvements, Quikstone Capital can help.