You are finally ready to start outfitting your store and think that you are prepared. You have analyzed the potential costs when figuring your startup capital needs and are ready to start buying. Suddenly, you realize that one pack of five shirt hangars may only cost $5.00, but if you need 1,000 of them… Fortunately, there are ways to keep the costs of store fixtures and equipment down and still create an attractive and functional store.
Most often, this is the first scare that new retail store owners face before the doors are even open. They have usually detailed the cost of major equipment, like computers, cash registers and signage. They have even figured the price of new display cases and counters. Unfortunately, it is in the details that this game is lost. Outfitting a store is like moving into a brand new home and bringing nothing with you. It can get very expensive.
To avoid this nightmare, begin by making a list of all major pieces of fixtures and equipment that you will need. Examine sizing and brands and then seek the best possible new price. Do not forget to factor in shipping or delivery fees. When this is completed, go over it again. Make sure that you did not forget simple things like chairs to go with the desks. This group will include signs, display cases, clothing racks, shelving units, grid boards, computers, and tables. Visit other retail businesses that are similar to yours and see what they have and how many. This is the best way to accurately predict your needs.
Secondly, create a list of minor pieces. Think through a day of operation at your store. This will help you imagine those small things that you may have forgotten like price tags or mirrors for your customers to try on hats. Include in this list office supplies as this can become a very large category of little things. It is in this group that watching the pennies can save your business a lot of money. Give yourself ample time to research each item. It is a waste of money to buy more than you need or to have something that does not meet the demands of your business.
Once this is complete, find businesses that sell used fixtures and equipment. Unfortunately, many retail stores close and must sell off what they have. This is usually achieved through one of these operations. These used fixtures stores can be found locally or online. Browse their offerings and compare pricing. You can usually save a significant amount of money and still be buying items that are practically brand new. Additionally, many going-out-of-business sales will be advertised in your local paper. You can save even more while negotiating with a former store owner on his or her fixtures and equipment. This is also a good opportunity to buy small things like office supplies, paper, bags, and hangars that the former shopkeeper can’t get rid of otherwise. You will probably have to transport the larger items yourself, but the savings should be more than enough to justify hiring a mover to do it for you.
Finally, you often have the option of leasing the more expensive items. These typically include computers, security systems, credit card machines, and furniture. There are several benefits of leasing over buying. To begin with, you do not have to outlay a large amount of cash to obtain the newest equipment or nice furniture. Also, if your needs change or the item wears out, it is often just a matter of a phone call to exchange the item for one better suited to the current conditions. Many store owners do not want to absorb additional debt and make those monthly payments, however if your start-up finances are tight this option will keep more cash on hand for the business. You can always change your mind later when you have had time to decide what you really need.
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