The world of retail can be a tricky one to crack. But it is by no means impossible to succeed in. If you have a brand and concept you are passionate about – whether this is jewellery, clothes or even vintage records – it’s worth taking the leap of faith.
Life isn’t about wondering what would happen if you followed your dream. Just follow it, work hard and the rest will come!
There are some steps you can take when setting up a small business to get you in the best starting point possible.
- Are you selling primarily online or in-store?
This is vital to establish from the outset. Your target audience and the way you operate will be completely different if you are eCommerce rather than boutique. It is possible to do both, of course, but it’s usually wise to start with one or the other. If you have a boutique store it is sensible to have a website and facebook page etc. set up. But once you start selling online as well, your stock levels and delivery operations will need a total re-jig. Start slowly and build up to your empire!
- Don’t be afraid to invest
Although cash can be a little thin on the ground when starting a business, investing in people and agencies that can benefit you is always worth it. Put a little startup cash aside initially for things like marketing and PR agencies. You might just want an amazing photography agency to shoot a lookbook for you. Or perhaps you need a full assessment of your online presence (sites like Chatmeter can do this). The investment will pay off in no time.
- Identify your target audience
All good retailers know who their target audience is. Therefore all marketing materials, content and designs are targeted primarily towards this audience. It will give your business more of a cohesive feel and more of a sense of purpose. Content (online) should be carefully curated and personalised to entice the specified population demographic. Things can feel a bit messy if you are grappling at sales from the entire population when the product is not ideal for anyone.
- Start small
Regarding lines of stock being sold, always start small. Perfect a handful of products and designs and use these as a trial run to solve anything business teething pains. You will also get a better idea of what your audience want to buy if one thing, in particular, flies off the shelves. You can then manipulate the rest of your collection accordingly. Doing this each season will increase the likelihood of your retail business being a longstanding success.
- Only settle when you are 100% happy with your product
It can be tempting to get a launch date set in your mind and rush to finish things by then. If you are not 100% happy with everything, it will show. The last thing you want is a slap-dash job that you don’t even feel proud of. Set a rough date in your mind but give yourself a good few week’s leeway either side. That way, you won’t feel like you have failed before you’ve even started if you happen to miss the initial deadline!
So just keep positive and work hard to create a finished product that you truly believe in. The rest will fall into place naturally.
This article was provided by ellie jo