How do you go about getting into business if you’re interested in buying and selling products for a living because you have a knack for figuring out things like demand and supply, high-conversion price points, and coming up with irresistible offers?
In the past, you would most likely rent a booth at a flea market or get a loan to build a store. However, today, you have another option: create a virtual store. Creating an e-commerce website certainly has distinct advantages over a regular store. It’s far quicker and cheaper to build a website than a regular store, and it’s just as easy to find suppliers and customers. Moreover, you can use an automated payment process to sell to people around the world 24 hours a day.
While is a great way of starting a retail business, it might not appeal to you if you’re not a digital native and are in no hurry to become a late adopter. Does this mean that you can’t hope to make a living as a store owner?
No, it’s a myth that all business success requires digital literacy. The good news is that brick and mortar stores still manage to prosper and compete in the age of e-commerce.
Here are 3 tips on succeeding at traditional “real world” business opportunities:
Start with Location
For the sake of illustration, let’s assume that you don’t want to start a small retail store from scratch but are looking into retail franchise opportunities. When looking for such franchise opportunities, do a geographical search.
If you’re living in South Carolina and are interested in a UPS franchise opportunities in South Carolina, then you should visit the UPS Store website to find out what metro areas it would be profitable to have a store.
The franchiser will help you find the best locations for your business, places where you have enough walk-in traffic to be successful.
Buck the Statistics
You have probably heard that many small businesses don’t succeed. SuccessHarbor, a business website, quotes some distressing statistics: ”According to the Small Business Administration – The SBA – close to 66% of small businesses will survive their first 2 years. What that means is that only about one-third of total businesses will fail during the first 2 years.
The SBA also tells you that about 50% of businesses fail during the first year in business.” There are many reasons for this high failure rate, but one of the primary one is that new store owners don’t know what they are doing. As a result, they make expensive mistakes that can cost them their business. Sometimes, too, they just make many bad decisions that compound over time. The way to sidestep this potential hazard when starting your own business is to not make the mistake of hoping to learn everything you need to know from the job alone.
You should either partner with the right people, hire those who can fill in the missing skill gap, or formally study those things you are not good at doing; perhaps like managing people, marketing, or sales.
Choose Your Business Model
Unless you have considerable retail experience or you have a preference for selling a particular line of products, your best chance of success will come from owning a franchise store. This is because the franchise will have already figured out everything you need to know to run a successful business.
Let’s use the expansion of UPS Stores franchises as an example. They provide a product or service that is difficult or impossible to duplicate online, and they tie their business model into the internet economy. UPS Stores are a franchise venture that can cross both worlds, via print services and shipping.
Moreover, you can always hire someone to review online orders and arrange for delivery.
It’s easy to succumb to the myth that the only way to prosper as a small business owner in today’s world of fast-paced technological growth is to create an online business. This might be a good avenue if you have some background in computer technology, but writing code, building websites, and mastering the intricacies of online marketing is not for everyone.