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Start A Retail Business
Steve
There may be thousands of retail businessowners in your locality. And there are may be cutthroat competitions betweendifferent retailers under specific categories. So, how does one retailer winover the competitor to get more customers and enjoy a better sales volume!
The basic rule is simple. You must providethe right product at the right time to the right customer at the right price. Alot of people say that, they provide something more than the products likegreat customer service. However, this is only an add-on service. If your basicsare not clear, these add on solutions will not help. For example, if you cannotoffer the right product at the right time, do you think that the customer wouldcome back to your store for convenience of shopping or for the friendly stuffor great customer service! You must agree to this ? you have no other options.
So, what are the basics?
Theright product:You have money and you can afford to open a SUV showroom and service center inyour locality. But does it mean that you have started a great business and willmake a lot of money in near future! Do you really think that people in yourlocality have enough money to buy a car! Did you do the background studies on thevolume of your target market (in your location) and how much sales you canexpect every month! It's fine that you want to become an auto dealer but whichwould serve the purpose of your locality ? two wheelers or SUVs? A lot ofpeople start thinking about a business on the ground like ?there is no SUVshowroom in the locality?. Whereas, in an ideal situation, you must find out ifthe locality really needs a SUV showroom or not!
The RightTime:It is all about giving the people what they want and when they want it. Justthink about a situation when someone opens up a Halloween Costume section inhis store when the Halloween is over. The example may seem gross and funny butthis is reality. You must understand the need of the time and the need of yourlocality ? the target market. And who knows it better than the store frontemployees!
TheRight Customer:We have already talked about this in the last two points. You may followwhichever communication channel you want, but if you don't find the rightcustomer in your area, it will be impossible to run the business. A lot ofcompanies try this out in a different way. What happens if a company develops aproduct for which the market is not yet ready! There had been a lot of similarincidents where the company actually created an artificial need in the marketand than sold the product. However, in most of the cases these were done inbigger scale.
The RightPrice:This one of the most important part of any successful business. As a retailer,you often do not have much option as far as pricing is concerned. However, ifyou can find the right wholesaledistributor or wholesale supplier,you can offer the product at the best possible price.
A good retailbusiness is normally a great combination of all these elements. Have youcleared your basics? If your answer is yes, are you ready to roll with asuccessful business.
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