Buying a Retail Store

Buying a Retail Store

Things You Should Know Before Buying a Retail Store – Consider Your Interest Before You Purchase One

Setting up a successful retail store is serious business. This is one industry which can help you earn a steady income with numerous opportunities for expansion and growth. It is important to invest in a business that matches your interests and meets the needs of your specific customers.

Basically, retail outlets are shops or stores where business owners sell merchandise directly to consumers. According to the latest retail sales index released by the Singapore Department of Statistics, Singapore’s retail sales excluding automobiles increased by 0.3% year-on-year in December 2016. In many cases setting up a retail business in Singapore is relatively straight forward.

There is scope for all kinds of businesses to flourish here and among the leading retail businesses are:

  • Fashion & Retail

Singaporeans are a very fashionable bunch and love keeping up with the latest trends and looking their best. International high street fashion brands such as H&M, Aldo, Levis, Zara, and the ilk are already making their chunk of profits here. The fashion retail industry in Singapore is bound to flourish and cashing in on this should be a strong consideration.

  • Education

One consideration is to set up a business in providing quality education. This sector provides accredited courses in travel and tourism, hospitality, fashion designing, business administration, science, and research.

  • Information Technology

Many globally-renowned IT firms have since set up businesses in Singapore due to growth potential and skilled labor available in this field. The infrastructure in Singapore has also been established keeping in mind the support that IT businesses would require in the years to come.

Retail Outlet – Registered First With ACRA and Required Relevant Licenses

However, as everywhere else, before you begin operations, your retail outlet must first be registered with the Singapore Companies Registrar  – Accounting and Corporate Regulatory Authority (ACRA). Also, depending on the nature of the merchandise or products offered by your retail outlet, you may have to apply for the relevant licenses. If your outlet offers products which can affect human health and safety, certain other relevant licenses may be required. Singapore company registration is a quick and easy process which can be completed online within 24 hours. Also, before you invest in any existing retail business, there are several important things you need to determine.

 

Research on Retail Business

Research on Retail Business

 

For one, you must know why is the owner selling their retail business? Do your research – are other similar businesses selling or closing down? You must also determine how successful the business has been. It would be pointless to purchase a business that hasn’t at least broken even. Location is also another key factor when running a retail store. Retail stores do best when located around other businesses. Also, find out if there are any environmental, community or legal concerns associated with the area.

Retail Outlet Should Offer Unique Products and Services

Overall, it would be best if your retail outlet offers unique products and services. Much better if they are not currently available in Singapore’s colorful retail market. It would be best to browse through websites like easybuysellbusiness.com to get a clearer picture of what is out there. Once you have spotted something of interest, the next best step would be to seek the advice and guidance of professionals on what you should do next to realize your dreams of owning a successful retail business.

If you are interested to start a retail store business in Singapore, read more from a local corporate service provider in Singapore who can assist you along the way.



Posted on August 9, 2019 by Easy Buy Sell Business in Blog