Lesser Known Things to Remember When Starting a Retail Business

Starting a business may seem like the perfect career move – you get to set your own hours, there’s no boss to answer to, and you rule the roost. But before you flip your window sign to “open,” consider these lesser known things to remember when starting a retail business.

Love What You Do

Don’t start a business just because you can. Unless you love what you do, you won’t love your business. And love is absolutely necessary. You’re going to devote most of your time and energy into starting this business, and won’t be able to sustain that commitment if you don’t love what you’re doing.

Don’t Expand Before You Have To

Apple, Google and Mattel all started in garages. Maybe your big idea doesn’t need commercial space yet. Maybe you can rent a booth, or sell from your home or garage, or attend trade shows … if you don’t need a brick-and-mortar store yet, you may be better off holding off. It’s better to wait until demand necessitates it than to spend money you’ll need in other areas.

You Can Do It

And you should do it for as long as you can. If you don’t need other employees, don’t hire them. Make sure you’re making enough profit to justify the expense of that employee’s salary, payroll taxes, workers’ comp, etc. That’s different from having professionals – such as an accountant and an attorney – to help you.

Customer is King

If customer is king, then your customer service employees are your knights – doing battle on the front line, fighting for your reputation. These employees are your front line, the image you present to your customer, and often the deciding factor for whether or not a customer will return. When you do decide to hire employees, make it count and hire the very best customer service agents that you can find. Other skills – like running a register – can be taught. The instinctive ability to please your guests is a gift worth its weight in gold.

Mix It Up

Hopefully you began your business – or plan to – with a hefty business plan and know exactly what will work and what won’t. BUT that’s not always reality. .Be prepared to reconsider every word of that plan or decision you make. As you gain a loyal customer base, you’ll learn what people like best and why. You’ll learn that your carefully-researched price points may actually be too low or too high. Be prepared to adjust your stock, your pricing methods, your hours … just about everything until you come to the right arrangement that takes you from start-up to success.

Lead By Example

If you’re passionate and excited about your work, odds are your employees will be, too. Create and sustain the work environment that you’d like to see. This is your company and your employees will look to you to set the tone and moral. The more you can do to get your employees emotionally invested in your company, the better the quality of work you will get from those employees. Anyone can pay them to work, but not everyone can cause them to feel like they’re part of a greater cause.

For more information on starting a retail business, visit the Small Business Administration (SBA).

Additionally, Retail Minded offers over a thousand articles in our archives to help you succeed. Be sure to review our website to learn more!

Written by Nik Donovic. Nik finds happiness in the simple things in life. As a resident of Arizona, he spends most of his free time outdoors hiking, walking, or enjoying the occasional cool breeze instead of being indoors (except in the summer, of course!).

Photo Credit: Retail Minded

 

Photo Details: Shari Ralish stands outside her store in downtown Geneva, Illinois. 

 

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