I. Just Starting Up? (You'll need profits!)
Every dream can be realized with enough luck, perseverence...and this website!
While there's much information out there about "small business", there is very little about the special requirements of retail businesses.
That's where this site comes in. It makes the financial know-how needed for profitability readily accessible to any retailer, anywhere.
Think of it as sharpening your retail Profit–ABILITY.
Your First Store
You can picture it perfectly.
What your store would look like. How the displays would look - and change.
Going to buying shows, finding just the right items. The excited customers who see those items. And making those bank deposits. Sweet!!
Plus, you can be your own boss. Hire a great team. Mean something in the community.
Sound familiar? Been dreaming about owning your own store?
You're not alone. In fact, each year in the United States, about 100,000 new stores start up. Every hour, every day, 11 new retail businesses switch on the Now Open! sign for the first time!
Who are these new retailers?
People just like you.
• They love the products, or the customers who buy those products.
• They want to be their own boss.
• They're willing to take risks.
• They want to contribute to their community.
• They are creative, have a vision for new ways of doing things.
• They're not afraid of hard work.
• They like being around people - the people who work for them, the customers, the suppliers, their neighboring merchants.
Some choose to start with a business partner who shares their dream and ambitions. Even better, someone who complements their own set of skills.
Others prefer to do it all on their own.
Whatever those differences might be, there is a shared experience: they all Dreamed the Dream!
Be honest now. Can you answer a resounding "YES!" to all three of these questions?
1. Do I have the capacity to be in retail?
That is, talent, money, locations, merchandise, systems, people, business sense, etcetera?
2. Do I have the appetite to be in retail?
Owning a retail store, like any other business, demands desire, drive, ambition. Do you have that?
3. Do I have the stomach to be in retail?
Ahh, the true test.
Just like all other business owners, you must deal with uncertainties.
But, as a retailer, you must do all this as if in a goldfish bowl!
Do the Homework!
Work in a relevant retail store.
Sounds pretty basic, doesn't it? If you can't get a job in the kind of store you think you want to own, consider offering to work as an unpaid intern for 2 to 3 months. (Recognize that the owners will still have to train you, and of course, may regard you as competition as well.)
Work in any retail store in the neighborhood or mall you are considering for your store's location.
Your goal now is to see for yourself - firsthand! - the customers in that area.
Become a student of the "theater of retail".
Pay close attention to the design of all kinds of retail businesses. Spend time in stores and malls as an observant student, not just a shopper.
Then, go to a business library or online to learn more about store design and layout, visual merchandising, displays, fixtures, shopping bags, digital signage, and much more.
Know the heroes – and the has-beens – of your chosen retail segment.
Learn as much as you can about the greatest success stories of retailers in your chosen segment, as well as those who no longer are in business.
What drives the (continuing) success of the winners?
And what caused the demise of the others?
All the resources and tools you'll need
to grow your retail profit-ability.
For as little as 41¢ a day!
The first 5 days are free! No risk to try!
Or, go here for more about
the PROFITS Center