
Do you want to become one of the over 24 million men and women who own a retail business in the United States? Selling products and services is one of the most exciting, time-intensive, exasperating and fun adventures you will ever take on. The first challenge of many is to figure out what you need to do to get off the ground. Here are some tips from successful entrepreneurs.
DECIDE UPON YOUR RETAIL MODEL
The ways people sell goods and services are seemingly as varied as humanity itself. Here are just a few of the most popular:
- The traditional retail store with a fixed location, many walk-in customers and a wide array of products on display;
- A specialty retail store catering to a niche line of products or type of customer;
- Non-store retailing including e-commerce, mail order, telephone sales, door-to-door, home parties and vending machines.
If one of these types of sales environments appeals to you, you must then make sure that you have the personality traits required for all entrepreneurs. These include the ability to multi-task; tolerate fluctuations and risks; deal with stress and the unpredictable; be self-motivated and excited by diversity. If you don’t possess these vital traits, starting your own retail business might not be right for you.
IDENTIFY WHAT SETS YOU APART
Competition is fierce in today’s business climate, particularly now that e-commerce has taken hold with so many consumers. Therefore, it is incumbent upon you to understand and communicate what separates you from the rest of the pack. Are you going to sell a new product that people want? Or perhaps you have a new twist on an item that already exists. Is there a potential pool of buyers waiting to snap up what you have to offer? The time to ask and answer these questions is not once you have invested all of your capital and passion into your enterprise; it is as you are setting it up. Use resources such as online analytical tools, peers and local networking contacts to help you determine whether your fledgling company has the potential to take off in your area or with the customer base you are targeting.
GET SUPPORT
Taking the rugged individualist approach when starting a new store or company is a recipe for disaster. By collaborating with mentors, investors and personal contacts, you can gain the informational, financial and emotional support that you will … Read the rest




