Forums: Discussions for entrepreneurs and small business.

I`m thinking that on the basis of your above questions you may not have a lot of experience in retail. Is that true? If so, then how much do you want to get involved by jumping directly into a brick-and-mortar store? Would you consider perhaps starting a bit smaller, or less expensively?


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Craig Landes
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Defining the undefinable. "There are 10 kinds of people in the world---those who understand binary numbers and those who don`t." - Unknown

International Society of Curmudgeons

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Renee` Rankine
renee.rankine@ranksintl.com
http://www.RanksIntl.com

Judging from your question, it seems that you may benefit from further research and business planning.  Probably THE BEST way to properly research and plan for a business is via writing of a thorough business plan.  While writing this business plan, you will be forced to research and understand your target demographic, possible existing needs that are unmet, methods and ways to best serve those needs, create estimated cash flows and P&L, predict potential risks, etc

If you need, I have an excellent tool that I use to write business plans.  I am willing to share that with you.  Please contact me directly.

Good luck with your quest!


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Mergen Chuluun
Founder, CEO, & Internet Marketing Consultant
WebGuru Co Ltd

WebGuru Co Ltd - Internet Marketing, SEO, and Web Design services
my blog - business, Mongolia, basketball, money, and technology

That is a great gamble and huge risk. I agree with other commenters that maybe you could start something smaller. Create a more comprehensive retail marketing plan, brainstorm on sales ideas, network with people who are successful in retail management. There are alot of resources in the internet. 

 

I would like also to share the book I read couple of months ago, The 5 Second Inventor by Kenneth Chuah, it doesnt speak specifically about retail management or retail business planning but there are alot of practical and proven ideas, helpful strategies for entrepreneurs.

 

My business is still in the development stages but im utilizing the knowledge i got from Ken Chuah's The 5 Second Inventor to propel my venture upwards. Get it and Enjoy It.  

 

 

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I agree with many of the others. Creating a good business plan will really help you in seeing what it entails. There are a few other things you can do to help see if this is for you. These are suggestions I have used or have mentored others in doing.

 

1) Find a store that is doing what you want to do, and get a job there. That will really open your eyes and give you information that will cost you allot of money finding in other places.

 

2) Start small. Find one or two wholesalers that WILL sell to you. It may take some time, but cash is powerful. The markup may be higher, but it is better and quicker than setting up a brick and mortar store. Then hit flea markets, try a kiosk. Some malls now will let you go month to month. That will get you a feel on a smaller budget. If every distributor refuses to sell to you, ask them if they have customers who will.

 

3) Find a synergistic business that will rent you some space. There is some risk, if your business does too well, they may determine to kick you out and carry that product yourself. I did this once and it worked out great for me. You help their business; you are available to be an extra body in their store. They can normally add a special code in their pos system to track your sales. Make sure you have the conditions in writing. Due it for less than a year, with up front in writing what you will due when your business is a success.

 

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