Starting a small business in
retail marketing
When I refer to starting a retail marketing business, keep in mind that I'm referring to starting a traditional brick and mortar business, a business type that has a physical rather than an online presence, a store built of real material such as bricks, wood, mortar, metal, and so on, that people can drive their car to, enter a front door, where they can purchase merchandise or subscribe to its service. Examples of a regular, retail marketing business are boutique shops, department stores, laundromats, movie theaters, restaurants of all sizes, and car dealerships. We know, of course, that there is still a great demand for this type of business. The huge American and European malls are just full of every kind of small and large business of this type imaginable, and one of these might be just right for you! Research has found that an online business, many home businesses, and other small businesses, such as selling at a Farmers Market or maybe a mobile auto detail business operated from home, have a much greater chance of success. And that's what we want, right? We want to own a small business that has the greatest chance of success!
Why is Starting a Traditional Retail
Business More Difficult?- A business of this type does not have to be harder to start up, depending on which one you choose. But remember this: a traditional retail marketing business will usually require a much greater initial expenditure of money.
- The larger the retail business, the more money you will have to fork out and the longer it will take before you are really earning money from it, maybe up to three years, or even longer.
- According the U.S. Small Business Administration, at least 50% of small businesses fail within five years. Most of those are retail businesses.
How to Start a Retail Business However, there is still, a big demand for retail-marketing type businesses and we know that 50% of them do not fail within five years! So how does one start a retail business? The basics of what you will need is about the same as it is for any other business. (Please check out my page on Starting a Small Business Right.) In addition: - Be in a financial position to rent or buy a building in a great location.
- You will need more in the way of professional guidance.
- And maybe a good attorney or even a team of attorneys, to keep you out of trouble.
- Purchase More insurance, to protect all that brick & mortar along with all its other retail equipment.
One last word of advice on starting a retail-marketing business is this: if you can resist the temptation to plunge right in, instead start small, maybe make it a from-home retail business, or operate from a California type swap-meet. Some of these swap-meets are just incredible, especially in Southern California, drawing huge crowds during the summer. Gradually progress into renting or owning a building of your own, and only as you can clearly afford it. Only buy equipment as you absolutely need it.
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