“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. [shareaholic app=”follow_buttons” id=”26833294″]

Alex Jones is all over the news. His controversial content sparked a national conversation about free speech. And, social media corporations have received public pressure to remove the conspiracy theorist’s presence. They’ve mostly complied. Regardless of what you think about the man, it not only brings up the issue of free speech but also puts another dynamic at the forefront. That is the age-old saying, “One bad apple can ruin the bunch.” Or, in this case, how these various social networks put themselves in an untenable condition. How One Bad Employee can Damage a Company The real crux of the matter comes down to the fact that social sites do police and prohibit certain types of content. (Violent images, pornography, and more.) But, we’ve seen that just one user can easily tarnish the reputation of the entire platform. The same holds true for business. A bad employee can utterly damage a company. Once the damage is done, it becomes an even larger issue. There’s that one person on your team — the bad apple who has nothing positive to say, riles up other team members, and makes work life miserable. If you can’t fire him, how do you respond to his behavior? What feedback do you give? How do you mitigate the damage he inflicts? —Harvard Business Review.org All it takes is a single instance of an egregious behavior. Or, a pattern of bad practices that go without correction. This is why Disney parks enforce so many employee behavior rules. The theme parks are selling experiences. And, all it takes is one bad encounter to absolutely ruin a whole family’s trip. Because, that’s what they’ll most remember — the bad stuff. If you don’t believe this, just look at the statistics about how many people an unhappy customer will tell their friends about a bad experience. It’s double, even triple, the number of people a happy customer will tell others about a good experience. 3 Ways to Prevent Employees from Ruining Your Business If you sense or have already encountered a situation where an employee is damaging your company, you must take action immediately. Here are some effective ways to prevent employees from ruining your business: Privately deal with the bad behavior. Once it’s happened, you can’t ignore it. Bring the employee in for a private chat. Have an honest talk about the circumstances and give positive guidance. Then, follow up periodically to ensure things are going well. Regularly monitor everyone for toxic behavior. Yes, one bad apple will ruin the bunch. And, this goes for employees. Bad attitude easily spreads throughout a business’ culture. So, keep your eyes open and listen for any negativity. Encourage team members to openly recognize one another. It’s not just on you as the leader. Encourage employees to praise each other and encourage one another when appropriate. The more positive the environment, the better. How do you deal with bad employees? What methods are the most effective? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.