Business Education

Don’t Let Sears JCPenney Ruin Your Retail Shop Dreams

“Retail Apocalypse: Why JC Penney Will Survive; Sears Holdings Won’t,” exclaims a Motley Fool headline. ” J.C. Penney May Have No Other Choice but to Aggressively Close,” a headline in TheStreet.com predicts. “With Macy’s, Sears, Kohl’s Sliding, Can Mom and Pops Survive?” an NBC News headline asks. So, what’s really going on and why are these legacy retailers in such trouble? You can read for hours and come to different conclusions. But the underlying question is: can your retail store dreams still come true? The answer is: Yes.

How to Start a Successful Retail Business

The hyperbole of a “retail apocalypse” is a practice in the old journalism cliché, “If it bleeds, it leads.” Shocking headlines do get attention and these might even make you think there’s no point in starting a retail business. But, this simply isn’t the case. The problem these icons face began many, many years ago. And, with a bit of can-do attitude, you can start your own retail business. (Even if you have bad credit, you can be a retail entrepreneur.)

‘Main Street’ has now become a generic term synonymous with U.S. small business in general. But for many entrepreneurs, the prospect of joining Main Street in its more literal meaning – i.e. the primary retail street of a village or town – still holds an enormous amount of appeal as a business venture. Given the right amount of market research, business planning, and financial support, starting a retail business (and joining the more than 24 million people who earn a living this way) can offer many rewards to the right kind of entrepreneur. — U.S. Small Business Administration

The trick is not to fall into a front-loaded trap. That means, taking on a lot of new debt to get it up and running. Incremental growth works every time because it greatly reduces risk. It also allows you to seriously cut down on the inevitable learning curve. Plus, starting small gives you a prime opportunity to identify trends. All of these are a huge help. You’ll come across different ways to grow and to save money in your venture, such as small business tax savings, and plenty more. You can build a thriving retail company, even if you’re the only employee. Here are some helpful tips for how to start a successful retail business:

Find a solid niche. Think about the success of Etsy, Pinterest, Shopify, and other platforms. All of these have a common denominator — niche products and services. Whatever your passion is, chances are excellent you can turn a fun-loving hobby into a profitable business. Start by searching for like products or services and take note of their marketing techniques.
Test the online market. When you have a solid idea of what others are doing, it’s time to step into the business yourself. The good news is, you don’t have to open an actual store in a shopping mall or in a retail strip. You can begin selling online in your spare time. Be sure to spread the word through social media. And, check out local events to test the market in your own area.
Grow its sales incrementally. The one problem you really need to avoid is to allow it to grow past your ability to meet demand. That means managing expectations right from the beginning. Ask yourself how much you can handle on your own. In other words, ask yourself, “How many of these can I produce in a given timeframe?” Then, extrapolate from there to learn how to handle more and more orders.
Go find your Customer. In most retail businesses, their marketing model is to wait for customers to find them and their products. Instead, identify your target customer and go to them in the beginning so that you can get early traction and sales. Be more reliant on your ability to generate sales rather than dependent on waiting for sales.
Consider opening a brick-and-mortar. At some point, you might seriously consider opening a brick-and-mortar location. But this is where you need to be most cautious. Plenty of retail businesses who do well without a brick-and-mortar location open a shop only to be overwhelmed by the new operating costs. However, this doesn’t mean it isn’t an option, just be realistic about the projected revenue and expenses.

Have you established a successful retail business? What tips and tricks do you use for you retail company? Please share your own thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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These Marketing Channels area Waste of Money

May 16, 2017 No Comments

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization. Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business. Don’t Waste Money on These Marketing Channels Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools. Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment: Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility. Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition. Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page. Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention. Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain. Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low. The smart way to get your brand noticed is to build personal relationships. One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale! So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile. [shareaholic app=”follow_buttons” id=”26833294″]

What is a PEO Service and Does My Small Business Need One

November 22, 2023 No Comments

What is a PEO Service and Does My Small Business Need One? As a small business owner, you are constantly juggling a multitude of tasks, from managing finances and operations to overseeing marketing and sales. With so much on your plate, it can be difficult to keep up with all the administrative and HR responsibilities that come with running a business. And, this is where Professional Employer Organizations (PEOs) can step in and provide valuable support. What is a PEO? A PEO is a company that provides a comprehensive suite of human resource (HR) services to small and medium-sized businesses (SMBs). PEOs essentially act as an extension of your company’s HR department, handling tasks such as payroll, benefits administration, workers’ compensation, and employee relations. However, they don’t run your company. They don’t get involved in business decisions. Nor do they enter day-to-day operations – all of that remains your exclusive domain. How Does a PEO Work? So, when you partner with a PEO, you actually enter into a co-employment relationship. This means that the PEO becomes the legal employer of record for your employees, while you maintain control over day-to-day operations. The PEO usually assumes responsibility for all HR-related tasks, including: Payroll processing and tax administration Benefits administration and enrollment Workers’ compensation insurance and claims management HR compliance and regulatory guidance Employee training and development Recruitment and onboarding Performance management Employee relations and conflict resolution Benefits of Using a PEO There are numerous benefits to using a PEO, including: Reduced administrative workload. PEOs take on the burden of HR administration, freeing up your time to focus on core business activities. Access to expert HR resources. PEOs have a team of experienced HR professionals who can provide expert advice and guidance on a wide range of HR-related matters. Improved compliance. PEOs ensure that your business is compliant with all federal, state, and local employment laws. Reduced risk of HR-related lawsuits. PEOs have the expertise to handle HR issues effectively, reducing the risk of costly lawsuits. Access to better benefits. PEOs often have access to better benefits at more affordable rates than small businesses can obtain on their own. Streamlined onboarding and offboarding. PEOs can streamline the onboarding and offboarding process, making it easier to hire and terminate employees. Does My Small Business Need a PEO? Whether or not your small business needs a PEO depends on several factors, including your company’s size, growth plans, and HR needs. If your business has fewer than 50 employees and is experiencing rapid growth, a PEO can be a valuable asset. PEOs can also be beneficial for businesses that have complex HR needs or are facing HR challenges. Here are some questions to ask yourself to determine if a PEO is right for your business: Do you have the time and resources to manage HR tasks effectively? Are you confident in your ability to comply with all HR laws and regulations? Are you concerned about the risk of HR-related lawsuits? Would you like to access better benefits at more affordable rates? Do you want to streamline the onboarding and offboarding process? If you answered “yes” to any of these questions, then a PEO may just be a good fit for your business. How to Choose a PEO If you decide to use a PEO, it is important to choose a reputable and experienced provider. Here are some factors to consider when choosing a PEO: Experience. How long has the PEO been in business? Reputation. Does the PEO have a good reputation in the industry? Services. What services does the PEO offer? Costs. How much does the PEO charge for its services? References. Can the PEO provide references from other small businesses that they have worked with? Wrapping It All Up PEOs can be a valuable resource for small businesses that are looking to reduce their administrative workload, improve HR compliance, and access better benefits. If you are considering using a PEO, be sure to do your research and choose a reputable provider that can meet your specific needs. Now, do you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. This is a $1495 value we are offering in November for only $99. Contact us for dates and times. We offer a 100% money-back guarantee if you don’t leave the workshop confident that you know what to do to grow your company in 2024. So, go ahead and contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business forward!

The T-Mobile-Sprint Merger Raises these Important Questions

May 9, 2018 No Comments

The T-Mobile-Sprint merger is generating a plethora of headlines. Some think it’s a bad idea. Others believe it will provide certain benefits. Still others don’t see a clear winner. Regardless of where you stand, it does raise a few interesting questions. We all understand what a merger is — the combining of two entities into one. But, there’s a lot more to it than just this simple explanation. The truth is, there are distinct advantages and disadvantages of merging two organizations. Common Merger Disadvantages Let’s begin with one of the most obvious pain points — employee morale. The reason two brands come together is to improve their performance. However, this often means the elimination of duplicate roles. And, rank-and-file employees instinctively know this fact. Another downside to merging is that it can create more debt. Teaming up means taking on the balance sheet obligations, which can easily become problematic. …making changes to your business include the economic and political climate in which you operate. Determine whether tax or trade laws in your region are friendly toward the types of modifications you want to make. You may come to the conclusion that now is a good time to move forward with the desired alterations or you may elect to wait for circumstances to change in your favor. —Bix Fluent.com Then, there’s another intangible — company cultures. One organization might operate with a completely different dynamic than the other. Which might manifest trouble when the two become one entity. Of course, merging means the essential elimination of the top decision maker. Instead, there are at least a few people on either side of the aisle. Biggest Merger Advantages Now, let’s take a look at the upsides of merging. The point of coming together is to improve the performance and ensure a better future for both companies. Here are the top merger advantages: Improved efficiency. We’ve already partially mentioned this but here’s the other side of eliminating redundant positions — increased efficiency. A merger can provide a new environment to improve efficiency on many levels. New territories. When two companies come together, it’s likely that one (or both) parties will benefit from the introduction of new territories. It’s a way to tap into market share without undergoing the growing pains. Cost-effective expansion. Speaking of growing pains, a merge creates an opportunity to expand without all the normal hassles. It allows for the identification of the best assets, which means increased productivity. Multiple growth opportunities. Two previously competing businesses combined as one opens up a number of growth opportunities. Instead of working to beat one another, they now work in unison toward one or more goals. What other consideration would you factor into such a decision? What experiences have you had in this scenario? Please feel free to share your thoughts by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Don’t Let Sears JCPenney Ruin Your Retail Shop Dreams

How to Start a Successful Retail Business

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These Marketing Channels area Waste of Money

What is a PEO Service and Does My Small Business Need One

The T-Mobile-Sprint Merger Raises these Important Questions

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