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.

How to build on your wild ideas

Are you a creative person who daydreams about the possibilities of new business ideas? 


Not sure how to control your thoughts?

Start an idea diary!

1. Get a small notebook and make sure you put it somewhere easily accessible and visible to you in your bedroom, office or even car. Don't forget to hook a pen onto your notebook, you'll need it!

2. When you have a quick thought or business idea, jot it down in your notebook on a blank page.

3. Give the idea a title and expand on your idea while writing it all down in the notebook.

4. Then, leave some space, full or 1/2 a page to expand more if you have some more thoughts throughout the day.

5. Consider making a list of pros and cons to having this type of business on the next page. Think about the costs, the time, the marketing you will need to do, the people you can call on to help, the enjoyment of having this type of business or the problems it will cause you. Weight the pros and cons.

6. Move on. Keep dreaming. Add more ideas to your diary and keep adding ideas continuously.

7. Revisit your previous ideas in the following weeks. Looking back, was this a good idea? Do you still think it will work after having thought about it for a while?

8. Pick out one, two or three of your top ideas and presents them to several trustworthy friends, family or colleagues. Ask them there thoughts on the pros and cons.

9. Based on others opinions and your own thoughts, decide which idea is the best and then move on to the next steps to start expanding on your idea.

Not all of your ideas will be winners but you can help narrow them down to the best ones by writing them down and revisiting them later.