If you’re looking to buy or rent shops in Cambodia, look no further and take a look below.
Lux Realty get approached regularly by foreigners looking at opening a commercial shop or store in Cambodia.
At the initial stage, it can seem daunting, but not as much as it can be frustrating without the proper guidance and advice.
We look to help you understand current trends around the city or town you are considering.
As a rule of thumb, good advice is that wherever you have lived or based yourself in Cambodia, look at retail stores or Shophouses (if applicable) in your area.
Look at which stores are selling well, have customers or at the very least regular people traffic. On the other side, look at the owners who are doing the opposite and note:
So, it is a case of a little bit of study as to your surroundings will give you a good grounding of what is trending and what is not, but perhaps, it’s not just the product; it could be:
There could be many reasons for failure, but usually fewer reasons for success.
The following steps need to be implemented when you have decided on your business plan, product, and location.
Cambodia is one of the most open countries for business ownership in Asia. The types of companies have been divided into transparent kinds for both parties, ensuring there will be no issues once business operations commence.
Here are the options:
Although creating a name may seem easy, naming the business that resonates with your target audience may not.
Here are some things to consider when naming the business:
Cambodia is now a free-flowing market for all kinds of products and services. There are high-quality products from around the world available to be brought in.
There is a strong Chinese influence in the marketplace. Please note that Chinese standards are considerably higher quality than they were at the turn of the century. So this gives you cheaper and closer alternatives for products and supplies without loss of quality and/or warranties in many cases.
Building a quality name is more important than just being recognised.
Inventory management has been made easier by technology in the last decade. There are many software options in the marketplace to help choose and manage inventory to keep check of what stock is selling and ensure stock supply does not run out.
The emergence of e-commerce was strong before COVID-19; however, e-commerce has exploded into the global marketplace and is unlikely to reverse.
Having an online presence in almost any sector, service or product today should benefit your business is set up correctly.
Cambodia is growing in social media usage and education. So a website, Facebook Page, Instagram or Twitter that you keep regularly updating with new products, outreach, and general information will help your brand awareness.
For a retail store, e-commerce is a wise avenue in which to proceed. Considering payment methods and shipping requirements must be at the forefront of consideration.
However, Cambodia is still a fledgling economy and likes bricks and mortar businesses. The more you can sell online, the cheaper your overheads become. So, we recommend doing both in the Kingdom.
If you are opening a shop or store, registration is quite simple and not costly, and tax is relatively low. However, suppose you are looking to expand and have bigger plans than one store. In that case, it’s best to be prepared legally and consult a lawyer before registering a company.
We all know that far from every shop or store in the country provides excellent customer service and experience.
Even if you are starting small, meeting and greeting clients in the Kingdom goes a long way to gaining repetitive business.
Whether this is something you have planned many years in advance, big or small, you should have a business plan that adheres to the strengths of your product(s) and/or services.
Here are some fundamental sections for any business plan:
Location, location, location, we have all heard it many times before and the bedrock of any bricks and mortar business.
For retail shopping, this particularly applies. In Cambodia, the economic and commercial boom of the 2010s resulted in the expansion of districts in major towns and cities. Despite the economic slowdown, the development has continued.
So, there are many areas with huge potential in and around the main areas of cities which offer much lower market entry levels than the established areas.
You want to look for a property with easy access routes around the city or town and plentiful parking options in the vicinity.
Lux always advises having at least 2 locations you like on a short-list and pluses and minuses of each site for consideration.
Marketing is a critical factor in determining success in any market.
Getting a written plan of what you want to achieve, whom you want to reach and how much you are willing to spend over a specific period are vital success factors.
If you have a solid or proven business plan, having the wrong staff to implement it will ultimately fail.
Depending on the sector you are operating in, this can be somewhat of the unknown. However, many more agencies and companies are using international online tools such as LinkedIn.com, where you can observe professional resumes.
Always ensure you do not launch until you are 100% ready.
There is nothing in business like a first impression; you do not get a second chance to make one.
If staff are not adequately trained or work is yet to be done, shelves are not fully stocked, and so on, then it is an uphill battle from there.
Ensure you have at least one test run and role-play situation to ensure results on your opening day.
When drawing up work contracts, it is worthwhile to ensure salary is competitive, clearly define holiday and sick pay, and ensure everything is clear and concise.
Growing a team from the start is never an easy task, but it is achievable in many parts of Cambodia. People are looking for reliable owners; you will get loyal, hard-working staff here if you follow this.
When it comes to investing in any shop or store here, be sure to look at our options and contact Lux.
One of our experienced advisors will be more than happy to sit down and explain the process thoroughly and give you any help and guidance we can towards your success.
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