The foundation: a good business idea

Everything starts with an idea. A successful business is no exception. The challenge now is to find a suitable business idea and distinguish it from rather unrealistic "booze ideas". One way to do this is to create a solid business plan. With the business plan, you define your business idea and target groups, analyze the market together with your competitors and put your financing on a secure footing for the initial period after the start-up. It is important that the business plan is based on reliable figures, data and facts. This will prevent you from talking yourself into your business and investing a lot of money in a business idea that won't work. A good business plan is therefore something like a map that gives you orientation in the first few years of self-employment. If you have never drawn up a business plan yourself, you can get help from the regional Chamber of Industry and Commerce (IHK) or take advantage of start-up advice from the KfW Bank.

The paperwork: business registration & Co.

Before you can open your store, you must register your business. At this point at the latest, you should consult your trusted tax advisor to prepare the necessary documents for your business and submit them to the various authorities . This will also give you your tax number and tax identification number, which you can later use to write invoices. Even if it's often annoying, it's better to take this step sooner rather than later. This will save you trouble with the authorities and you will have all the necessary documents ready from the start.

Your location: more than just an address

Many florists, beauty salons and farm shops now have an online store. However, they still generate most of their sales in bricks-and-mortar shops. Choosing a suitable location for your business is therefore an important decision that you should not take lightly. If your business plan does not include any considerations regarding the choice of location , you should do so now. Think carefully:

• In which area should my business open?
• What store rent can I afford?
• Is my store at the location easily accessible for my customers?
• Are my potential customers even in the area?
• Do enough walk-in customers pass by my store?
• Are there parking spaces nearby?
• Are there direct competitors in the vicinity?

Also important: Do you feel comfortable in the location yourself? As a store owner, you will spend a lot of time in your store and therefore also in the area where your store is located. Invest a lot of time in choosing the right location, as relocating after opening is often complicated, tedious and costly.

Inner values: your furnishings and inventory

If customers leave your store shortly after entering, it could be due to the furnishings. Florists, beauty salons and fashion stores in particular should have an inviting and appealing atmosphere. You don't have to invest in expensive designer furniture - but your store should be lovingly furnished with an eye for detail. Pay attention to atmospheric lighting, a well thought-out color concept and the attractive presentation of your goods. If you have a larger store space available, you can use furniture, partitions or acoustic panels to create walkways that cleverly guide your customers through the store and increase their desire to buy. Last but not least: avoid annoying advertising jingles or intrusive background music.

Operations management: Efficiency makes you successful

Especially if you have been running your business for years, you will have familiar procedures and processes. That's perfectly fine - after all, routines provide security. However, it becomes problematic when a process is maintained for its own sake. The typical "we've always done it this way " is a real nail in the coffin for many businesses. Therefore, review the processes in your store from time to time. This includes, among other things:

• the opening hours
• the range of goods
• the contracts with suppliers
• Marketing
• your POS system 

We will go into some aspects in more detail in a moment. Also consider whether you should hire additional employees . Many store owners shy away from the additional costs. However, well-trained and committed employees can dramatically increase customer satisfaction and therefore also your turnover. What's more, employees can take on tasks that distract you from your core business.

Marketing: If you don't advertise, you die

Of course - marketing and advertising are particularly important when business opening important. After all, you want as many potential customers as possible to know that your store exists. However, marketing is not a sprint, but a marathon. You should therefore continue to invest regularly in advertising for many months and years after the opening. Traditional flyers are just one option. With local SEO, paid social media campaigns and, of course, a well-maintained, up-to-date website, you can usually reach your target group much more precisely and drastically increase your brand awareness.

The POS system: pays for itself!

A modern POS system is something of an all-rounder for your business. Paying for goods is just one of many functions that can be integrated into POS systems such as the one from LocaFox are integrated. Here are some examples of the added value that our POS system offers you:

• Various payment methods: Whether cash payment, payment on account, by card or digital wallet - with our POS system, you can offer your customers a wide range of payment options.
• Create shopping baskets: With our digital checkout system, you can manage entire product groups and shopping baskets. This gives you a completely new overview of your range.
• Finance and controlling: Our TSE-compliant POS system offers a DATEV export, separate access for your tax advisor and facilitates important business processes such as stocktaking.
• Statistics and analyses: As a business owner, you should always know all the important figures, data and facts about your business. Our digital POS system therefore offers you comprehensive reports and sales statistics to help you keep an eye on your business performance.
• Customer cards and vouchers: Are you planning a discount campaign, would you like to issue a customer card or vouchers? This is also possible at any time with the LocaFox POS system!

And: our POS system grows with your business. So if you need new functions, we have the right suitable extension for you and enable you to manage several locations with one POS system!

Tips for small businesses

This short guide is aimed at owners of small businesses. However, these tips will also help you if you are just starting your own business on a part-time basis or are still generating little turnover. Speaking of turnover: If you generated a maximum turnover of 22,000 euros in the last financial year and no more than 50,000 euros in the current financial year, the so-called small business regulation applies to you. This means, among other things, that you do not have to pay sales tax. However, all other taxes such as income tax, trade tax or corporation tax do apply.

LocaFox accompanies you on your way

At LocaFox, we support self-employed people from a wide range of industries. Our POS system is used, for example, in farm shops, coffee roasteries or flower shops successfully. Do you have further questions about setting up a business, the right POS system or how we can support you as an entrepreneur? We look forward to your call or message and will be happy to help you personally.

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