Building a successful retail startup isn’t exactly impossible – as roughly one third of people who attempt this feat will actually achieve a decent level of success and wind up staying in business for at least one year – but it also isn’t the easiest thing to do either.

There’s all sorts of planning and preparation involved, and if you fail to take something into account, it could wind up having disastrous effects on the momentum you’re able to build in the early goings.

To make sure you’re properly equipped with the expertise and tools you need to have the best start possible, try heeding the following three tips:

1. Learn the Basics of Your POS System

Starting any kind of store without thoroughly understanding the technology that’s responsible for processing your customers’ payments is never a good idea. Try to choose a point of sale system from a reputable company, as those will typically come with the best support. However, simply picking the right POS isn’t enough – you also need to become proficient in using it and ensure that all of your managerial employees are also well-trained in using it. You never want to run into a situation where you’re unable to figure out a problem with your POS on opening day, so it’s best to work out this aspect of business management before launch day. 

2. Prepare a Strategic Marketing and Content Distribution Campaign

Knowing exactly how you’re going to market your business before you get started is the best approach because it will keep you from wasting payroll, your advertising budget, and other overheads when you haven’t even formulated an effective way to generate leads yet. When you’ve prepared enough promotional ideas and creative content to feel confident that you’re going to have no problem creating your own wave, that’swhen it’s time to start taking the finals steps before launching your retail startup. 

3. Make Sure You’ve Allocated a Budget for Everything

One of the worst mistakes you can make before officially founding your startup is overlooking an important or unexpected expense. Such mishaps can place a burden on your cash flow and available capital, thereby crippling your company’s ability to re-invest and scale up at the previously projected rate. Try to visualize and imagine exactly how each day, week, and month of doing business is going to play out in terms of the costs that you will or might encounter.

Starting the Game Unprepared Puts You at a Disadvantage

Ultimately, metrics are what really matters when it comes time to prove that your startup is successful and worthy of investment to investors, partners, clients, and customers. By waiting until you’re ready to take off at full speed, you can ensure that all of your essential statistics like conversion rates, site visits, sales, and other crucial marketing metrics are convincing from day one. Having a slow start isn’t always a deal breaker, but it isn’t something to aspire toward either.