Tips

If you’re considering a move from an online retail operation to a brick-and-mortar store, here are some tips that might help:

Planning is key – Retail expert, Ted Hurlbut says you have to take time to plan, run the numbers, know who you will sell to and how much; plan your sales, cash flow and then the inventory plan flow from that. Hurlbut is the principal of Hurlbut & Associates, a merchandising and inventory management consulting firm based in Foxboro, MA.

Cash flow positive – In this economy a retailer must do whatever it takes to be cash flow positive, says Hurlbut. Most retailers will fail because of being undercapitalized, says Dick Outcalt, co-founder of the Retail Owners Institute.

Hire great people – Pat Johnson, retail expert and co-founder of the Retail Owners Institute says that you must hire people that love your products and love the people who buy them.

Create a community – Most retailers that start online have the advantage of already having a community built around the passion for the unique products they sell. That community building must continue in the store says Hurlbut; start a blog, a Facebook page and Twitter page. Remember to keep a consistent message across all marketing channels and create exclusivity for your community.

Manage inventory – Create synergy between your online and in-store inventory and use your online and brick and mortar presence to your advantage, says Hurlbut. Just remember to create your sales plan before your inventory plan and keep inventory as lean as possible.

Melissa Kellogg

Kellogg is a freelance writer specializing in mountain home and living trends, marketing, real estate and business. She is based in Edwards, CO, and is a regular contributor to Mountain House & Home magazine. Her work has also been published in various newspapers and magazines, such as Beaver Creek Magazine and the Vail Daily.