The success or failure of a new specialty retail store is the result of how much time the new store owner spends on developing creative ways to build their business, rather than building out their store. Hire qualified professionals to build out your store and then get out of the way. There is no money to be made overseeing construction and physically getting the store up and running.
Your startup time should be spent doing all the things necessary to let people in your neighborhood know who you are and what you do. You should also study successful businesses in your neighborhood and figure out what they’re doing right. You might also want to consider introducing yourself to successful owners of retail stores in your neighborhood. You’ll be pleasantly surprised at how helpful they can be. If you think that all you have to do is open your door and then stand behind your cash register to succeed, you’re doomed to fail.
Total Resource Group
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.