Are you entertaining the idea of starting Costa Rica as starting a furniture store in Costa Rica? Then, go for it.
This country boasts a business-friendly culture for anyone looking to open a business somewhere new and promising. Unlike some other places, Costa Rica does not restrict foreign business ownership in any possible way. In other words, there is no need for you to be a resident. A standard visa sounds good enough to kick off your business here.
Below is something significant to consider before you open a store in the country.
1. Understanding of the rules
On the one hand, being a resident to run a business here is unnecessary. But on the other hand, you should have a decent idea of how the rules are going in this country. We mean considering the definitions, operations, and constraints applicable to your business.
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2. Costs
The cost to open a furniture store has to do with some crucial factors.
To be more specific, there is no charge for checking your proposed company name’s availability. The procedure is done online and takes less than one day. About CRC 180,000 is the fee for notary public drafts and stuff. It is an online procedure, too, and you need no more than one day to complete it.
What is more? Registering the incorporation charter, getting authorization to legalize your corporate books, and sending the notice of the company constitution will take around two days and cost more than CRC 14,000. The pay for the Legal Entities Tax gets calculated as fifteen percent of a base salary. Less than one day is the expected completion time of this online procedure.
How about registering the firm as an employer with Costa Rican Social Security Fund? It is free of charge and will take you around one day. Speaking of application for the business license from the municipality, you need fifteen days to get it. The cost is somewhere in the range of CRC 10,000 and CRC 100,000 based on the location and number of your employees.
Further, the costs come from a location purchase unless leasing, the facility renovations, delivery vehicles, inventory, and working capital to fund the initial half a year of HR pay, rent, insurance, Internet, and more.
In general, the cost to set up a small operation starts at about 120,000,000CRC. Meanwhile, a more sizable, luxurious furniture showroom may need around 3,000,000,000 to get started.
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3. POS system
POS software is an integral piece of business equipment. There are a lot of perks related to discovering a suitable system for your business. Here, we are covering some of the most significant advantages.
First things first, it helps keep track of your inventory. The right solution should enable you to monitor the stocks in your furniture store in a breeze. The complication of the stocktaking process is no joke. Yet, an appropriate inventory software works to simplify the procedure by smoothing out reorder points, the time between orders of a particular item, package tracking, and order receiving.
Furthermore, you will improve your customer relationship thanks to the POS system. As you know, the furniture sector is never a one-buy-and-done kind of market. Once you form a relationship with your consumers and foster loyalty, they will continue coming back to your shop for all of their furniture demands. Even more, they will brag about how good your store is on your behalf. So, consider getting a POS integrating with a loyalty system or something and boost your customer experience.
But that is not all. POS software helps with multi-location management. Amid your store growth, the chance is you will start another showroom. See to it that you count on a system with the capability of scaling to a more sizable operation.
Last but not least, the right POS solution comes with good customer support. Especially if you are a new furniture store owner, you will have queries. POS software is among your business’ most operational elements. Hence, importantly, you look for a system with professional customer care.
If you are interested in a POS system with such critical benefits offered, here is your best bet.
4. Purchases of all necessary inventory and business equipment
There is no doubt that you need to buy inventory upfront when setting up a furniture shop. This way, you stock your store displays and ensure warehouse inventory availability. Also, there is some other operating equipment you had better think about purchasing to enhance your business operations.
First off, consider getting one delivery truck or more. It helps streamline local deliveries. You can also rent one, but customizing your vehicle with some advertisements would assist in your promotion and branding efforts.
Next up, think about buying necessary retail space equipment. These include but are not limited to office supplies, phones, computers, printers, desks, and uniforms. We suggest arranging a meeting with your new employees and asking more about their needs.
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5. Advertising efforts
It is advisable to put in some advertising efforts before the launch of your store. By doing so, people will have an idea of your new business.
For instance, ensure you go ahead with visible and enticing store-front advertising. It is likewise great to enable your store accessibility on Google My Business. Also, you will want to create a profile on Instagram, Facebook, and other relevant social media channels. They are popular, fantastic places to exploit at an early stage.
What is more? We suggest you design an intuitive website. Also, make it up-to-date with the latest info and inventory. Plus, search for opportunities for advertising in the local area. Other feasible options include organizing a pop-up event at the shop opening and placing advertisements broadcast on local TV channels. Else, you may want to partake in local vendor events.
All in all
Now is the best time to think about running a furniture store in Costa Rica. Some people might be suspicious that the worldwide Covid pandemic would have brought about a setback to the sector. However, it has indeed been pretty much the opposite. According to reports, the compound yearly growth rate of the furniture field will rise by five percent in the period 2021 and 2026. So, what are you waiting for but consider the above critical factors for opening a business in this business-friendly country?
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