Setting up their own retail business is a dream of many. Lots of us long to work for ourselves selling the kinds of goods we’re passionate about, thinking that it will give us a brilliant quality of life the likes of which we simply can’t achieve as employees. The truth is, although running your own retail startup can be life changing for all the right reasons, it isn’t always a walk in the park. There are lots of things about starting a retail business that no one will tell you before you start.
We’re here to change that by telling you some of the things you won’t usually find out about running a retail startup until you actually do it…
People Will Think You’re Rich
One of the weirdest things about becoming the owner of a retail startup is that a lot of people you know, and many who you don’t will assume that because you’ve started your own business, you’re rich, which, of course, is rarely the case. Most people who go into the retail business have to scrimp, save and borrow to get started, and they’re hardly bringing in the big buck once they do, but it won’t stop people assuming and acting accordingly. Which brings us to…
You Will Be Asked for Donations Immediately
So many new retail store owners have been solicited for donation before they’ve even made a sale! Depending on where you live, there are always community events and collections going on, and as a local business person, you will be expected to contribute. This can be difficult when, as a startup, you know that every penny counts, but you should try to donate when you can, even if it’s only something small because being seen to be philanthropic and invested in the local community is great publicity.
The Weather Can Make or Break Your Business
If you’re running a bricks and mortar store, the weather can have a huge impact on your success. If you get a long period of rain or scorching heat, for example, and you’re not selling anything essential, you might find that customers are few and far between. You can do things like installing Aluminum Walkway Covers or offering a delivery service to try and mitigate this fact, but you need to be prepared to see a drop in your business when the weather is extreme. It’s tough, but knowing in advance should help you to work out some strategies to deal with it.
Customers Can Be Confusing
Pretty soon in the retail industry, you learn that customers are quite good at saying one thing and then doing the other. For example, they might say that they’d be happy to pay more for a superior product from an independent store, but when it comes down to it, you’ll see them heading to the discount store for a bargain. You should, of course, always listen to your customers, but you should take a lot of the things they say with a pinch of salt.
Running a retail business undoubtedly has its challenges, but you shouldn’t let this put you off. If it’s what you really want to do, you’ll find a way to make it work for you.