What you should know before commencing a retail start-up?

Looking back on the past 18 years of my life, I can confidently assert that I’ve put in some long, hard yards in the retail sector. My first couple of retail jobs were for high end fashion labels. The price tags were stratospheric, the quality questionable, and the designs unimaginative. Consequently we made approximately four sales a week. With so much time to stare listlessly out the window, I did what any reasonable person would do, and ate all day, every day, until I began to resemble Violet from Charlie and the Chocolate Factory after she turns into a super heavy human blueberry. Yet somehow, the owners of the business scraped together a passable income from these paltry takings. They would not be so fortunate these days.

The changes that have taken place since that time are truly extraordinary. The retail landscape has been indelibly marked by the advent of online shopping, and would be retailers more so than ever need a strong grasp on the fundamental requirements of a successful business. The retail sector I started in no longer exists- the one in which retailers could afford to make mistakes.

Street retailers, ideally, should be trading in a product that people do not traditionally feel comfortable purchasing online. If your product is one which people can cheaply and readily get online, it is vital that you create a unique shopping experience for them within your store. Loyalty cards are a terrific idea, as are in house launches, exclusive previews of new collections with drinks and canapes, seasonal parties - anything that helps people identify your shop as a destination.

Research the competition. When I began my second retail job, at a thriving little boutique selling quirky designs imported from Hong Kong, there was nothing else like it around. Fast forward fifteen years, and the streets are littered with imitators. Unfortunately, the business is now struggling to make ends meet- much less exceeding sales targets as a matter of course. Ask yourself this: does my business have long term viability? Is it easily replicated by would be imitators?

But if you get it right, the rewards are great. With planning and foresight, there’s no reason your retail business shouldn’t thrive. For more information, visit Jeanette Maree.