When you’re ready to start a business, it can often be daunting thinking about all of the possibilities and responsibilities of being your own boss. If you’ve been working for the past couple of years under someone’s guidance, then making decisions on your own can be surprisingly difficult and you’ll need to be a hundred percent prepared to fail or else you’ll end up burning yourself out and shying away from ever starting up a business again.
There are many ups and downs to starting a physical business, and we’re going to help explain them to you one by one so that you get a better understanding just what it takes to become your own manager of a store that you’ve worked hard to grow.
You’re Not Getting Rich Quick
Unless you become an overnight viral success and make something ridiculously popular (such as the famous cronut story) then you’re not going to get rich quick. You’re going to spend long days and nights working hard to make just enough money to pay your employees and keep your business running. There are going to be periods of good income and there will be times where you’ll barely scrape by and make just enough. It’s going to depend a lot on how you approach your business, but the cold hard fact is that you’re not going to be wealthy by opening a retail store unless you become a viral success and make something so popular that everyone around the world wants. Even if you make it into the news, you’re just not going to reach the same level of success that you could if you aimed for an international market with an online business.
Passion Goes a Long Way
One of the most important aspects of success is to create a business that resonates with you. If you love books, sell books. If you love to bake, sell cookies and cakes. If you love to serve the community, create a local grocery store. Passion helps you remind yourself that what you’re doing isn’t just for yourself, but for your customers as well. As mentioned in the previous point, you’re not going to get incredibly rich by just having a physical store. A retail store might make you some money and you might live well, but if you’re not passionate about what you do then it’s going to be incredibly hard to grow your business and make progress. In short, create a business and a retail store about something that you are passionate about.
Growing Your Retail Store Is Hard
Between hiring an engineering firm to help you create a parking lot and integrating yourself into the local community, there’s a lot to think about when attempting to grow a retail store. Once you reach a certain point, you’re going to need to think about physical expansion. It could mean building and staffing a second location on the other side of town or it could mean moving to a larger store and accommodating more products. Either way, there’s a lot to think about. The truth is that there’s no simple formula to help you grow your retail store and it’s going to take a lot of hard work, dedication and ultimately passion in order to grow larger. Whether it’s physically increasing the size of your store or increasing exposure to draw in more customers, it’s much more difficult than an online business because you’re limited to your local area. A great way to bolster your sales is to actually look online and offer your services and products (if possible) over the web. Of course, this is going to be difficult if you’re a bakery, but if you sell books or art supplies or something that could be found on the internet, then you can greatly increase your sales by getting yourself on the internet.
Dealing With Customers Is Even Harder
Coming face-to-face with an angry and disagreeing customer is one of the most terrifying things an entrepreneur can face when they’re inexperienced. It takes a lot of time and experience in order to fully grasp these situations so you know how to defuse it before something goes terribly wrong. However, it’s not just frustrated customers that you need to deal with. Some customers love to talk and get you excited that you’re about to make a sale, but it’s how they use their wallets that will ultimately matter to you. As much as we love to hear a customer talk about how much they love our products, it doesn’t matter much unless they actually purchase something. It can be incredibly stressful to guide a customer around your store, making recommendations and showing them everything you have in stock only to be told that you don’t have what they’re looking for. It’s almost enough to make you scream and shout at having your time wasted, but the art of drawing in customers and making a successful sale is something that not everyone has, hence why it’s important to hire the right staff for the job.
Some Final Words
While opening a retail store is a great idea for people who are confident in their ability, there are many ups and downs that you’re going to have to deal with in order to fully grasp and appreciate how difficult it is to actually run a successful retail store. It’s not something you can wing because every decision you make not only affects your brand, but also the livelihood of your employees that you’ve built a relationship with and your own reputation. In short, if you’re going to start a physical store, then you need to prepare yourself by reading as many journals and guides as possible, and you need to be ready and willing to fail for the sake of learning.