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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Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

May 22, 2022 No Comments

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example. Why Businesses should Never Mislead the Public or Consumers As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy. One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Entrepreneurs Can Minimize Customer Anxiety When Taking Over an Established Business

January 23, 2025 No Comments

Purchasing an established business can be an exciting venture, but it often comes with its own set of challenges, particularly in reassuring existing customers during the transition.

How to Handle an Employee Demotion Without Creating New Problems

January 12, 2024 No Comments

How to Handle an Employee Demotion Without Creating New Problems Unpleasant situations can arise just about any time within the dynamic landscape of workforce management. For instance, when an employee demotion becomes a necessary course of action. While challenging, handling such transitions with tact and sensitivity is crucial to maintaining a positive workplace culture and ensuring the continued growth of both the employee and the organization. So, we’ll take a look at a few key strategies to navigate employee demotions effectively, mitigate potential issues, and foster a path toward professional development. Understanding the Situation When an employee faces a demotion, it can be a challenging experience for both the individual and the team. Managers must approach the situation with empathy and clear communication. Understanding the reasons behind the demotion and the impact it will have on the employee’s responsibilities is the first step in handling the situation effectively. Communicating Transparently Transparent communication is key when addressing an employee demotion. Managers should clearly explain the reasons for the decision, focusing on specific performance issues or changes in business needs. By providing a detailed understanding of the situation, managers can help the employee see the demotion as a constructive step towards improvement. Supporting the Employee Following the demotion, managers need to offer support to the employee. This may involve providing additional training or resources to help them improve in their new role. By demonstrating a commitment to the employee’s success, managers can help mitigate any negative feelings and foster a positive environment. Maintaining Professionalism Throughout the demotion process, both managers and the employee need to maintain professionalism. Encouraging open dialogue and a respectful attitude can help prevent any new problems from arising. Managers can guide the employee toward a successful transition by focusing on clear expectations and constructive feedback. Fostering a Positive Work Environment After a demotion, it’s crucial to foster a positive work environment where all team members feel supported and valued. Managers should strive to maintain a sense of camaraderie and collaboration, emphasizing the importance of teamwork and shared goals. By fostering a positive work culture, managers can help prevent potential conflicts or disruptions. Managing the Impact on Team Dynamics A demotion can affect team dynamics and morale. Managers must address any concerns or conflicts that may arise within the team as a result of the demotion. Open discussions and team-building activities help bridge any gaps and restore harmony within the team. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.