It is almost everyone’s dream to start their own business and become their own boss. That’s a great dream and goal for anyone to have. However, not everyone who has that dream is blessed enough to make it a reality. And for those who were fortunate enough to have their own retail business, they were not completely prepared for what came along with it.
Sure, they made wrote down their goals and business plans. Some of them have probably acquired a ServiceNow Implementation Plan to make their dreams reality. But we all know that it requires some sacrifice and toughness to endure them birthing pains of starting a business.
Here are some of the things you don’t hear people talking about much when it comes to starting a retail shop:
20 Things You Often Don’t Hear When It Comes to Starting a Retail Business
1. No one will love your store more than you do.
2. Expect to work holidays and weekends. Some even go as far as working 80-hour weekends. If you don’t see yourself giving that much time for work, then retail is not for you.
3. Your lunch breaks will be spent eating your food standing up, getting in only a bite or two while your food is still warm.
4. You will be in a constant battle with your stockroom, backroom, and desk in trying to keep it as organized and orderly as you can, which is a near impossibility.
5. A sense of humor will keep you sane. If you don’t have one, make sure you develop one real quick. Otherwise, you will be miserable.
6. The customer is always right. Not.
7. Balancing income and expenses is an art form that is rarely mastered by any entrepreneur. Take heart. You’re not alone.
8. More than business-savvy, being organized is the skill that will probably make or break you and your business.
9. Not all the people that impressed you during the interview process will get the job done.
10. You should always do your due diligence. Even when you’ve already opened shop, never stop learning. Keep up with the different trends and other things related to your market.
11. Customers often tell you what they want, but their wallets do the loudest talking of all.
12. Simply because you declined a customer asking for a discount doesn’t mean they won’t buy anything from you.
13. About 80% of your sales will come from only 20% of your customer base.
14. You have to be firm with vendors and suppliers. Do not just take up their offer when they say they will replace an item with a different one. If you do, they will eventually just send you whatever it is they feel like sending your way.
15. Certain business people live just to scam other businesses. Know which ones they are.
16. Never ever discuss politics and religion in your shop or with any of your customers. Steer clear of it as much as you can.
17. Nothing is ever consistent in retail. Some weeks, your best day will be a Wednesday. Others, it might fall on a Saturday. You can never tell.
18. People will think that you are rich.
19. Your events will always fall on days with bad weather.
20. Treat your store as if it’s your own baby. Well, it is your baby so you need to know it well — what it needs and how to make it grow. Just like any parent, knowing your baby well can help you become the best parent to it.
Owning a retail business can be crazy and chaotic, but if you do make it and it becomes a huge success, there is nothing more fulfilling and satisfying, regardless of all the insanity and challenges it brings.