Like what you do: Doing some consumer research can give you an idea of the right product to take up for your retail venture. But remember, in today's world, with huge competition around, that's not enough! You certainly need to have an interest and adequate skill in that particular domain of business. That's the only way you're going to last the long haul.

Carry personal conviction: Take up something that you will feel excited about selling. Before you can convince others, you need to develop a strong personal belief in the value of your products.

Take the case of Anita Roddick, the person behind The Body Shop. Anita was deeply committed to the usage of only natural ingredients in her cosmetics, besides being totally against animal testing. Her company was the first green company in England. It was her passion, apart from the quality of her products that won people's hearts.

Establish a difference: Many entrepreneurs have tried to ride the boom in the retail industry. As a consequence, there is a mind boggling array of products to be bought. How do you differentiate your products from those sold by Joe next door? By making your offering a bit unique!

Innovation is the key to tapping a competitive market. And sometimes you have to think way out of the box to establish a competitive advantage. Christian Dior scored a hit in one of the shows with a dress they made out of newspaper. In that case, it was sheer novelty value that caught the buyers' attention. The company later created a version of the dress in “newsprint-look” fabric which was a roaring commercial success.

Low price equals Great sales, right? Wrong!

While this theory may work in many markets, it's not a universal rule. So, consider the market sensibilities before you launch an all out price war. Sometimes, you might devalue a product with a good image by discounting it aggressively, and lose all your customers in the bargain!

Don't believe us?

Swedish home furniture giant Ikea stumbled badly in Japan when it entered the quality-conscious market many years ago. The Japanese are known to prefer high quality merchandise over low price. Ikea's lower-priced products were harshly rejected by them.

The world's largest retailer Wal-Mart met with a similar fate when its ‘everyday low prices' boomeranged badly.

Customize your product: Are you sure that your product is correctly adapted to the target market? Take some time to understand the subtler aspects of market demand and customize your product accordingly.

Let us go back to the Ikea example. Ikea is famous all over the world for its furniture which is affordable as well as contemporary in design. When the company entered the US market, it was confident of succeeding. However, the bedroom-line Manager at Ikea, visited people's houses to peep into their wardrobes, learning that Americans prefer to store most of their clothes folded. The result was a wardrobe that had deeper drawers. Many other well-established brands customized their products while making a move to a new market, even after registering a high demand.

So, remember that a lot more goes into your product decision that the actual product itself. Cover all your bases, to make your way to success!