A military surplus store often called an Army-Navy store, has been around since the mid-eighteenth century. Francis Bannerman bought excess military equipment after the commencement of the Civil War, adding them to his already-existing firm. Shop owners have recently started to shift their business strategies, focusing less on civilian-military fans and more on customers seeking affordable adventure, survival, and sports equipment.
Find out how to open your own military surplus store and if it’s the best fit for you by reading this article.
You’ve discovered the ideal business opportunity and are now ready to take the next level. There’s more to opening a business than just filing paperwork with the government. This easy-to-follow tutorial will help you get started with your military surplus store. These processes will guarantee that your new firm is well-planned, law-abiding, and correctly registered.
Table of Contents
- Step 1: Plan your steps ahead
- Step 2: Prepare the accounting department
- Step 3: Get your business insured
- Step 4: Establish your brand
- Step 5: Don’t forget your business website
Step 1: Plan your steps ahead
As an entrepreneur, you must have a well-thought-out strategy. It will assist you in mapping out the details of your company and uncovering some uncertainties. The following are a few key points to consider:
What costs should you be ready for?
When you’re starting from the ground up, the first thing you should do is invest in a place. Work with a reliable company that can assist you in locating low-cost renting and leasing possibilities in the area. You’ll have to set aside a budget for necessary build-outs, furnishings, sales and inventory systems, and a website once you have your space. Your initial budget should also cover the cost for the store signage, a logo, and marketing collateral.
Who is your target market?
This form of business’s target niche has changed over time. While civilian-military aficionados are still catered to, the majority now appeal to ex-military, outdoor enthusiasts, sports fans, fishers, and survivalists. When establishing their target market, store owners should research what the local community’s demands are and where they are lacking.
Step 2: Prepare the accounting department
Assessing your business’s profitability requires keeping track of your numerous expenses and sources of revenue. Maintaining precise and complete records also makes annual tax filing much easier.
Step 3: Get your business insured
Insurance, like permits and licenses, is required for your business to operate safely and legally. In the case of a covered loss, business insurance will protect your business’s financial health.
There are a variety of insurance policies designed for various sorts of organizations with various risks. If you’re not sure what kinds of dangers your company might face, start with General Liability Insurance. This is the most frequent type of coverage required by small businesses, so it’s a good place to start.
Step 4: Establish your brand
Your company’s brand is what it stands for, and also how the general public perceives it. A well-established brand will set your company apart from the competition.
How do you promote a military store?
When it comes to signs, make sure it’s easy to read and reflects the types of products you sell. For example, if you customize metal military replica signage, you may indicate it there. Distributing flyers to local businesses and residences, as well as getting involved in the neighborhood, are both effective. Your local chamber of commerce and police department can help you publicize and arrange gun safety and self-defense seminars.
Today’s business environment necessitates that all companies have an internet presence. Customers can be attracted locally and nationally using online community periodicals, social media, and sponsored advertisements.
How do you make sure your customers come back?
Building a loyal customer base requires consistent high-quality customer service. Start a rewards program to show your customers how much you appreciate them. Engaging with them when they come to see you and asking for comments are other good ideas.
Step 5: Don’t forget your business website
The next stage is to build a website for your business after you’ve defined your brand and designed your logo.
While developing a website is an important step, some people may believe it is out of their grasp due to a lack of website-building skills. While this may have been a valid concern in 2015, web technology has advanced significantly in recent years, making the lives of entrepreneurs much easier.
The following are some of the major reasons why you should not put off the creation of your website:
- Websites are required for all legitimate companies. When it comes to getting your business online, it doesn’t matter what size or industry you’re in.
- Social media accounts, such as Facebook pages or LinkedIn company profiles, are not a substitute for having your own website.
- Website builders, such as the GoDaddy Website Builder, have simplified the process of constructing a basic website. To build a website that you can be satisfied with, you don’t need to hire a web designer or developer.