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[S917]Start Your Own Retail Business

by Kirk Bachelder, Kir

If you are looking for a rewarding retail business, consider sunglasses. Retail sunglasses business is booming. People love to sport sunglasses from leading brands at all occasions whether they are at a fair, festival or at the beach. A retail sunglasses business can help you earn a pretty handsome income with some well planned operation and these tips.

Why should you start your own sunglass business?

The main advantage of having your own sunglasses business is that you are your own boss. You can decide when and where you would like to work. The profits can be very rewarding and selling can be very exciting.

How difficult is it to sell sunglasses?

Sunglasses sell very well. The nice thing about sunglasses is that they are a necessity item and people are always breaking them or losing them.

We have found that selling replica sunglasses with the compare to "brand name" sticker on the front of the box really gets you very good sales. People can relate these with the brand that is being compared with.

Not everyone can afford to pay $100 and up for a pair of original branded sunglasses. Therefore, the replica sunglasses sell pretty fast, being much more affordable.

What would the start up cost be?

The start up cost really depends on how many sunglass styles you want to carry. For example if you carry 100+ styles, the prices would run at $16 per dozen.

On the other hand, I have flea market vendors that start with only 5 dozen at $100. However it has been my experience that the more styles you carry, the better you will do.

What is the profit potential?

The profit margin in the sunglasses business is very high. Just to give you an idea, you may be paying $1.33 per pair and selling for $8 each.

On a busy day at a fair or festival, it is not unusual to bring in $2,000.00 per day, which can give you $1667.50 margin.

I have had people tell me that they sell the sunglasses from a low price of $5 per pair to a high of $15 per pair so your profit really depends on your market. I always suggest starting out with a higher price. You can always offer a discount if needed.

What locations are preferable?

I have been in the retail sunglasses business myself. The locations that I have personally done would be mall kiosks, fairs, festivals, flea markets, boat shows, gun shows, street corners and car shows. I have done well at all of these locations.

Some of my customers have done well at sporting events, such as softball & baseball games and soccer games. As you can see, sunglasses can be sold just about anywhere.

How difficult is it to find good wholesale sunglass suppliers?

There are several good wholesale sunglass suppliers out there. The thing that I would look at is how fast can they ship my order? Also how is their customer service? Are they knowledgeable about the product; do they know which styles sell well and do they have the new and popular styles in stock.

Also do they have a telephone number where you can reach a live person? This is very important especially when you are doing an event and you need the merchandise quickly.

As you have seen, it is really easy to go out there and start a flourishing retail business selling sunglasses.

Wrong location

In retailing, location is paramount. The world will not beat a path to your door simple because you have the 'right' product or service at the 'right' price.

Do not be tempted, as many other small business people have been, to take premises because the rent or purchase price is low or because you like the area. Your location should be chosen carefully in relation to access to your markets.

Don't commit the cardinal sin of assuming that just because you think the retailing idea you have thought up is a good one that everyone else will think the same and rush to become your customer! Many new hopes fail simple because the market is just not big enough to provide the necessary custom.

The market you intend to serve might be contracting rapidly, be too competitive, or, for all intents and purposes, non existent. Opening a shop without researching the market is similar to taking a job without asking how much you will be paid.

Little or no knowledge of their customers' buying motives

Many shops appear to have little idea of the type of customers they are serving. The result is the business cannot have any sales promotion / marketing strategy and may actually be unsure of what type of business it is in.

For instance a business selling clothes on price, when its market holds quality and reliability as its main considerations, will not maximize sales from that market. To keep the importance of this point in the forefront of your mind define your business in terms of its customers.

No systems or policy for selecting, training and managing staff

Few who enter small business for the first time have had experience of selecting, employing and managing staff, therefore, it is hardly surprising to find that many small businesses make costly mistakes in this area.

One dishonest or poorly trained employee can cost you all of your profits. Remember that, in generating and keeping custom, your most valuable asset will be well-trained sales staff.

Failure to keep records

Ask any small business person questions such as, 'How do this month's sales figure compare to last month's?' or, 'How much profit did you make this month?' and the likelihood is that the majority would not be able to give you an accurate answer.

The reason for this is that the have either not kept up to date with their records or don't have a proper and useful administration system. A shop founded and operated on this basis has little chance of success.

Without basic accounting information, your business could be nearing failure without you recognizing the problems until it is too late. In particular, retail businesses are prone to failure through theft of stock eroding profits.

A good stock control system is needed not just to closely monitor and control stock loss, but to give accurate sales information to enable you to buy in the right goods at the right time.

Article Source : Pg. 8

About Author

Both Kirk Bachelder & Joe Lee are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Kirk Bachelder has sinced written about articles on various topics from Goji, Customer Service and Eyewear. . Kirk Bachelder's top article generates over 3600 views. to your Favourites.

Joe Lee has sinced written about articles on various topics from Home Businesses, Small Business and Start Online Business. Joe is an enlightened entrepreneur starting his business in an out-of-the-box way. With his experience , he compiled a report, "49 Compelling Headlines to increase your profit by 433%".If you are frustrated with your advertisement response rate, you may w. Joe Lee's top article generates over 8100 views. to your Favourites.