Know the Niche Market When Starting a New Retail Business

How many times have you started something that failed and wonder why? It’s called being in the right place, at the right time, with the right idea. Timing is everything in starting a business and thinking you have a brilliant idea does not cut it. If you have your choice between brilliance, luck and timing: take timing first, luck second, brilliance third and don’t confuse them. In these difficult times, if your timing is not perfect, even the best idea can fail. You are going to need to wear many hats; construction manager, stocker, salesperson and bookkeeper among a few. You will need to do a self-evaluation of your capabilities and find the areas that you will need help and rely on those people you select in your weak areas. If you’re not willing to put in the hours, don’t take on the task of being a retailer.

The rewards are many and the experience fulfilling. You are the one that decides the success or failure of your business. You can use your creative ability to design, stock, create the atmosphere and most importantly pick a good location with good timing. Oh, by the way, good POS software helps too.