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. However, as there are many options in the retail business, 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 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:
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 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. 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.
Overall, it would be best if your retail outlet offers unique products and services that 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 advise and guidance of professionals on what you should do next to realise your dreams of owning a successful retail business.