Top Struggles of Indie Store Owners

We all have a “list”. Whether it’s a mental one, on your i-Pad, or scribbled on paper, “lists” are popular among busy folks – and really, anyone. So of course, retailers are not the exception here. In fact, most retailers we speak to have many lists. They have their immediate “to-do-list”, their “wish list” for new products, their “maintence list” for store repairs and many others. One list most don’t actually write out, though, is their “struggle” list. Here at Retail Minded, though, we have been keeping our own list on what we hear to be the top complaints, frustrations and ultimately, struggles, of indie store owners.

In no particular order, here’s what has made our list.

1. Store Overhead

Let’s face it, rent isn’t cheap (for most of us) and inventory costs a lot. But both are necessities for most retail businesses. This can create pressure for indie retailers since along with these expenses, they have many others. Are best advice? Determine your best Retail Turn rate to support your store space, inventory and ultimately, your bills. Retail Minded Magazine‘s Issue 2 has a fantastic article on this, and we encourage you to find your own best turn to help you manage your overhead.

2. Personal Expenses

Life isn’t free, plain and simply. Covering the expenses of your store is one thing. But feeding yourself – not to mention a family – and keeping a roof over your head is another. And as far as we are concerned, we want you to have a roof you enjoy! So what’s a retailer to do? For starters, get your store in shape. Don’t skip any steps in helping it succeed in the marketplace. And if possible, factor in a target salary for yourself so that you can budget your personal life accordingly. Then work extra hard to earn it and even earn more! Promise – we know many retailers who do this and do it well.

3. Health Insurance

And time off to actually go to a doctor! Retailers don’t have idealistic hours. You work a lot! But finding a health plan is important – and dare we say vital – in your work / life balance. Many Chambers offer health care as a benefit to their Chamber members. Other associations and organizations also offer this. So if you think you have to be alone in getting health care, you don’t have to be. While that is one option – you have many to consider.

4. Work/Life Balance

The idea of spending all day, everyday in your store can often seem exciting. Fast forward a few years – or even months – and there gets to a be a point for almost every retailer we know that they wish things were not so strict when it came to store hours, face time in store, etc. Here’s the catch – it’s strict for a reason and it’s simply part of retail. You should do everything you can to avoid closing your store early or at random times during the day – unless it’s a quick 15 minutes or so to grab lunch, walk your dog or run a fast errand. We get that. Otherwise, strive to find support to give you the balance you need in being away from your store. This may mean hired help. Maybe a friend can help you. Whatever it is, don’t let yourself get burnt out. That’s where things go downhill.

5. Logisitcs

A license for this. A license for that. Who knew in retail you would have to gain permission to put a sign outside your door? While each retailer and each community is different, for the most part everyone has been surprised by all the logistics involved in getting doors opened and more importantly, stayed open. Whether it’s serving wine at a party you have or putting a new overhang sign on your door, there are hurdles to consider – legally. We’re not even talking about the licenses you need simply to resale as a retailer. Our suggestion? Don’t take shortcuts here. The steps may seem long and mundane, but they are a must.  Plus, fines add up. And from our notes, fines are distributed way too often!

While it’s impossible to give everyone a master plan to easily navigate your unique store and your unique steps in this crazy business we know as retail, we certainly try our best to give you some support. And we hope you can each support each other, too! Leave comments below about your biggest frustrations and struggles in retail. It’s our bet you aren’t alone.

Want more support to help your business thrive? Want to learn about other retailers who you can learn from and lean on? Be sure to checkout Retail Minded Magazine – the nation’s only Retail Lifestyle Publication! Plus, we’re “boutique” like you… so we truly know what it’s like to be indie! 

Photo Credit: Haderdapper in Lake Geneva, Illinois is known for their VIP customer service, beautiful in-store aesthetics and high end apparel for men.