From the time Ken began his career in retail sales he dreamed of one day being a small business owner. His hope was to at some point in time own and operate his very own shop. His plan was to use his sales and marketing degree while combining it with his love of athletics and his nostalgia for his childhood hobby of collecting memorabilia. He would sell a variety of sports cards, such as football cards as well as baseball and basketball. He felt this would be a great basis for his business but knew that in order to be a viable, money making business he would have to sell more merchandise. Owning and operating a profitable collectibles shop takes knowledge not only of products but of marketable merchandise as well. What should an owner stock and what quantity is necessary? Additionally, what price points work for the customer base in a particular area and will an owner broaden the customer base by promoting a healthy internet business? The following are some of the most useful tips for small business owners as they seek to set up shop.
• Find the right mix between being an exclusive niche business and a run of the mill mass merchandiser.
• Determine if the business will have primarily a community presence or if it will be more widespread. Many businesses benefit from involvement in many markets or through shipping operations.
• Know the products and product lines backwards and forwards.
• Keep price points competitive and realistic.
• Use effective marketing strategies to promote the new business.
• Know before you begin that long and often unpredictable hours will be required.
• Consider any staffing needs you may have and how you will meet those needs.
• Be familiar with insurance requirements as well as all legal matters before your grand opening.
• Painstakingly identify what kinds of technology are available to automate and simplify the experience of customers.
• Invest in retail consulting services to assist you in finding the most effective location for your business.
Being a small business owner is filled with challenges and details. For the small business owner who is able to handle the demands involved in operations and who is able to present customers with the products they are looking for at the price they can afford, there will always be money to be made. Knowing what products work in your environment is perhaps the biggest key to making a business a success. Creating a store with products that are too niche will certainly keep profits low. Striking the right balance between offering unique and hard to obtain items, while being accessible to a large majority is indeed a trick but something that a successful small businessman or businesswoman will look forward to tackling. By keeping in mind the preceding ten tips, a small business owner can be well on the way to experiencing success in the retail world. For those like Ken, who have a dream that they hope will one day become a reality, proactively investing time and energy into researching business start up information will prove to be a very useful exercise.
