Many people like the idea of running their own business but are put off by the barriers to entry, such as having to invest in a premises and employing staff. Not to mention the uncertainty of whether the business will succeed or not.
Running a newsagent is a very viable way to run your own business however. Providing you get the fundamentals right, you stand a great chance of making it a success.
Below are some of the most important considerations when you’re thinking of running your own newsagent.
- Location- Location is extremely important when you run a newsagent. Unlike most other business types, advertising isn’t really effective for newsagents so being in a good location that’s convenient for customers is a must. Just this one thing alone will have a big impact on whether the business is successful or not.
- Insurance – Having the right insurance is crucial when you run a newsagent. Newsagent insurance doesn’t just cover your building but also contents and cash, liability claims, stock, business interruption and goods in transit. Newsagents can unfortunately be targeted by criminals who view them as an easy target so having a good insurance policy in place is a must.
- Security – Security is another thing that you need to think about when you run a newsagent. While there’s nothing you can do to eliminate the risk of being targeted by burglars completely, there are steps you can take to make your shop more secure. Installing CCTV and a security alarm will help to keep your business safer for sure.
- Working hours – One of the most important aspects of running a newsagent is to have regular opening hours that your customers can rely on. You should think about what hours you are prepared to work because it’s not unusual for a newsagent to be open 12 hours a day or more.
- Competition – When thinking about the location of a newsagent, you should know what competition is close by, whether it’s other newsagents or supermarkets. The amount of nearby competition will certainly affect how successful your business is so this is important information to find out.