How To Start a Successful Retail Business
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- Опубліковано 8 лип 2024
- Ever wondered how to start a successful retail business? I fully believe that the future of retail is bright - in fact 99% of the start-up retailers I work with are cash flow positive in the first year - including paying the owner and starting loan paybacks! But no one dreams of starting or running a struggling business, right?
In this video I share my top 10 strategies needed to have retail success right now!
There is no doubt that retail can be a BIG challenge - I learned that the hard way with my own three stores. Especially so if you don’t have specific key skills necessary to succeed.
So let’s dig into what you need to know to start a successful retail business in today’s climate!
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💰 4 steps to increase your sales so you can consistently pay yourself and your staff ⇒
www.retailmavens.com/paycheck
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䷉ Read it on the blog ⇒ retailmavens.com/how-to-start...
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⭐️ Ready to work with RETAILMavens? Apply here:
www.retailmavens.com/workwithus
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🔔 SUBSCRIBE so you don’t miss the cutting edge retail tips, tools and strategies that will help you improve your profits and get better sleep!
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Learn how to increase sales consistently and sustainably so you can pay yourself and your team in my free training:
www.retailmavens.com/paycheck
Great video thank you 1. i made mistake of buying too much inventory first year expecting turnover to grow but it stayed the same and i was left with too many expenses to pay. Grow with your customer base, it takes time, patience, be cohesive, be there for your customers, build relationships/friendships. You become the rock for the community. 2. Write tasks for staff otherwise they just revert to being on their phone
Your smile is satisfying. Great contents, Thank you
Hi! So glad that retail mavens is on my radar! Do you edit your own videos? So nicely done
Lady, Good video, great Job, congratulation and God bless you and Family🙏🏽👍🏼
You nailed it here. Can't wait to keep watching and learning more from you!
FAIL = First Attempt In Learning = Brilliant. Thank you.
So happy you're here!
Thank you
What a beautiful nail color!
Great video maam
Thanks for sharing your experiences over the year,
This video will help young entrepreneurs who plan to start a retail store in 2022
, love from INDIA 🇮🇳
Thank you! That's my mission! :)
You are a genius
Tai ji bhut accha sa btya apna nice nmsta
Great video 👍
Thanks 👍
Thank you Jesus
Hi! This video is awesome! Thank you so much. How could I get some help from you to plan my drapery store?
Looking forward to hearing from you.
Kind regards.
Hi @DayanaLimonte I'm glad you found it helpful! The quickest way is to apply for the New Store version of our Profit Club program, just make sure you select "brand new or about to open" on the top obstacle question:
www.retailmavens.com/explore
If you'd like more information about the method we use inside Profit Club first (The Profit Roadmap), you can watch my free class on it here and then apply:
retailmavens.com/maximizeprofit
If you qualify you'll be able to book a call with our retail expert who can explain how the new store version of this program works! Looking forward to seeing your application! 😊👏
I’m 17 looking to start a new life and reset, I live in Michigan and there’s a very popular brand “life is good”
There’s no stores in Michigan which is so surprising and I think it would be such a huge change and it would be the new thing… I can bring people in and I have some experience of running a store at my school I was the ceo and I would make schedules, change prices, and we would make about 320 dollars a day in profit with 600 in sales!!
Love it!
My wife and I are opening a Fashion Boutique in Miami Beach. Our goal is to have all items barcoded and when the the barcode is scanned it brings up the price and picture of item (to stop tag switching). And, I want to use the same Inventory system to track our online store. Can you suggest an inventory system? Or where I can start to look? Help. Please
Congratulations Ken! That's so exciting! I do have a few inventory systems I recommend, but because they are always changing and evolving, I made a video to explain what features you should be looking for, you can check that out here:
ua-cam.com/video/s1dvEPRxNQk/v-deo.html
In the description you'll see the link to the list of programs I'm currently recommending!
Our issue is we found a mixed real estate perfect location. Perfect home section. But can’t get into it because it needs to be quickly bought and residential loans aren’t working for it. And owner can’t wait months for it. And my business is art and I have people ready to consign through it too. Just stuck with what do I do now besides walk away.
High traffic area. City that needs and wants businesses and commercial spaces used. Needs sit down spaces that are affordable right in the middle of everything. So frustrating to try to take action with not much funds.
It can be challenging finding the right location at the right price, don't give up and always ask "what else is possible?"!
Do you have any advice on finding the funds to open a retail store? Thanks.
SBA has offered some funds in the past. Not as much any more. Reach out to see what banks are certified to be SBA lenders. You can’t just Google it - they don’t all advertise it well! The process can be loooong.
Most get loans from a bank that are secured with hard assets - house, stocks or land. A bank won’t loan you money and use the store as collateral. Hope this helps and good luck! 😊
@@retailmavens Darn, I find myself in that same issue. I've been looking all around for a business loan, because you're right- without a full inventory there aren't profits. Aside from SBA lenders were else would you recommend we look into?
@@mielycopal ask all banks! Local banks tend to be more helpful than national ones. But keep asking them all. Don’t take rejections personally. You never know what kind of loans that they have in their portfolio. They might already have enough retail and that’s why they say no. Or they might be looking for a loan like yours! Keep at it!
My husband and I are in the process of buying a building with 5 store fronts. The owners have a established store which has been there for many years. I am thinking of keeping and running that store myself. Any tips on buying an already established business?
Congratulations! Buying an existing business comes with great opportunities because you already have a built in customer base - BUT you might have different goals and aspirations than the previous owner, so you might want to consider a rebranding. I'd recommend checking out this video so you can clarify who YOU are (as it relates to YOUR store) as well as who your IDEAL customer is:
ua-cam.com/video/P-X2X1198Gk/v-deo.html
This will help you determine how to tweak the existing design/layout, product mix and marketing strategy!
I want to start a shoe store do you have a video for people who have no idea what they are doing I guess like a beginners guide
I have two free trainings, I'd recommend you watch them both because if you can put those foundations in place right from the start, you'll be in a much better place as you grow. Joining either program we break down in those trainings will also give you a great head start:
www.retailmavens.com/paycheck
retailmavens.com/maximizeprofit
I want to start a retail business but how can I get goods direct from factory with a minimum wage
You'll be looking at getting goods from wholesalers mainly, although you could also get into the private labeling aspect. Either way, you'll need to have starting capital to invest in your starting inventory and build out of your store.
are there any grants out there, that I can get to jump start my Inventory?
Grants are usually found locally so do a search or reach out to some of your local business organizations!
I live in a small town thats still in the so called Bible belt but we have a lot of people here that are gay or bi with no place to get things I want to start a pride store but have no business experience at all what do I do
How exciting!! Don't miss my "Start Here" playlist which has a lot of great information to start educating yourself about running a successful retail business:
bit.ly/3F0BC98
And I also welcome you to join one of our programs to start in the best place possible - By filling out this quick application you'll be guided to the program that would be a best fit right now:
www.retailmavens.com/explore
How would start own a successful retail sporting goods store.
There are some helpful tips in this video, and check out the other videos on our channel for tips in specific areas of running a successful store!
How do we contact suppliers ?
Im struggling in this area
Find trade shows for your type of store, do an online search or check out Faire!
I’m contemplating getting a different job so that I can withdrawn my small retirement to invest in this. And work my butt off. Crazy?
Ok, so how do I start......
How do I reach out to you for coaching
Head over to our website to check out our program options:
retailmavens.com/services/
You can join RETAILMavens Coaching program right from that page, or you can contact us to book a call if you're interested in the Profit Club!
@@retailmavens I sent my contact info via your website
You are adorable 💕
How much $ to get started?
It's going to depend on a lot of factors, like what type of inventory you're selling, whether you're opening a brick & mortar location or online store, if brick & mortar - will it require a buildout? The type of fixtures needed etc. We help store owners set up a budget for the start up and inventory through our Profit Club program. You can learn more and apply here:
www.retailmavens.com/pc
Wow amazing
Hi, how can i contact you for business? Thanks
Contact info in the description!