Retail Business Don'ts
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What Mistakes Can I Avoid in my Retail Business?
The retail business is oversaturated, as a trip to your local mall will tell you. High end, low end, trendy, traditional, old, young…every market has more than its fair share of players. Many retail stores don't make it through their first year of operations. If you want to fail too, take these tips to heart.
- You don't need experience. You've never worked in retail before? Not a problem. It's easy to pick up! What can be so hard about learning how to buy clothes and fold them on a shelf??
- Don't worry about the risk. So what if you poured your life savings into this retail business opportunity? The 10,000 chinchilla shorts you just ordered are going to be as hot as, well, hot pants! They'll fly off the shelves and make you millions!
- The more players, the better. Don't sweat it if a store selling exactly the same inventory as your store just opened up next door – and across the street, and down the road. A little competition never hurt anyone, and you're sure that your product is the best, so you'll get all the sales, right??
- Be a generalist. Why specialize in a particular style of clothing when you can make more money selling everything? So bring in the maternity hot pants and put them next to the executive wear and surf apparel.
- You don't need a plan. Fashion is spur of the moment and always changing, so why would you as the business owner need a long term plan? You can just wing it.