Make shopping a special experience, and customers will return.
Starting a specialty retail business takes time and careful planning. It also requires a sense of creativity and the willingness to take risks. Yet with a retail business, you have the chance to specialize in your area of interest. Perhaps that's why of the 500,000 new businesses started in the United States each year, one third or more are retail businesses, as the Entrepreneur website says.
Instructions
Research, Plan and Implement
1. Research your market. When starting a specialty venture, you may not be able to find other companies with similar goods or services. This can be good, of course, but also might make it difficult to gauge how good sales will be. Instead, talk to local businesspeople to find out if they think a gap in the market exists. Alternatively, if another business has a similar focus, decide how yours will be different. If a bookstore already exists in your area, you might start a children's book store with a play area and story times, for instance.
2. Create a budget. Determine whether you'll need to rent store space or a warehouse, or if you can run the business from your home. Consider what types of equipment you'll need, especially if you'll be producing your products at home. Think about how much you'll need to spend on your stock of products at the outset, insurance expenses, employee wages, and advertising. Based on your market research, consider when you expect to turn a profit and how much you expect to make. Determine whether you have the funds necessary to start the business. If not, apply for a loan or borrow from friends and family.
3. Design a store atmosphere that draws people in, creating a warm, personal atmosphere---small stores often succeed in the specialty retail business, says Entrepreneur. Soft lighting, a homey feel, and personable staff will encourage people to stop in and browse. Set your store in a location where people pass by on foot, encouraging them to stop in for a first look. Start by renting your facility, and consider buying property as your business proves itself successful. Consider starting with a kiosk or cart in a mall to test your market, suggests the Specialty Retail website.
4. Design your store. According to Entrepreneur, specialty retailers usually sell products that people want rather than need. Buying the products is part of the fun. Design a store atmosphere that draws people in, creating a warm, personal atmosphere. Small stores often succeed in the specialty retail business, says Entrepreneur. Soft lighting, a homey feel and personable staff will encourage people to stop in and browse. Set the store in a location where people pass by on foot, encouraging them to stop in for a first look.
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