Use your love of shopping and put money in your pockets by considering retail business opportunities.
If you are interested in starting a home based business that builds on your own shopping and retail experience, you can have the enjoyment of shopping for others as a career.
There are several outlets for retail business opportunities: brick and mortar locations, home shows, or an online business. The decision is up to you.
Opening a physical store in your community will help you attract local customers; however, an online retail business will help you reach a broader market. The shrewd business owner combines both operating models.
Open A Brick And Mortar Location
Some consumers must touch, feel, smell and handle merchandise before they will buy it. Perhaps they are not tech savvy, or maybe for them, the shopping experience is just as important as the buying experience.
Brick and mortar locations, or physical store locations, satisfy that need. For a clothing boutique, for example, a shopper can easily try on items and figure out if the color, cut and fit is flattering to them. There is also a sales person available to give feedback and to answer any questions as needed.
With a physical location, you can target your marketing to a local area and can use your contacts to drum up local business.
On the downside, you will have more expenses with this business including rent, utilities and inventory. You will also have to hire employees since it is very difficult to staff the business alone. Hiring and training will take up your time, and salaries and benefits will affect your profits.
Grow Through Home Shows
Another way to get customers to see your products first-hand is to have a home show. You could host it yourself and invite people, or you could have others host one and you bring your products to their homes.
Like a brick and mortar store, consumers can get a true sense of your products, however you won’t be able to bring every size and every color of each product with you – unless you hire a truck for every show.
Home shows are a good way to introduce your products to people who are unfamiliar with them and are curious about them. Your shoppers get an opportunity to know you, and that can translate into them feeling more positive about their purchases. They also have a connection with you and may be more likely to make future purchases.
While you may not reach thousands of people through home shows, they are a way to start a grassroots movement of happy customers demanding your wares.
Using The Internet For Retail Business Opportunities
One of the simplest ways to set up shop is to build a website. A number of companies offer retail business software to help you set one up – along with a sales and accounting system.
Once you have your system built, you’ll need to publicize it in both the online community and your local one. With an online business, you may have customers around the world which will give you a bigger base, but this may make it harder to target your market.
Since customers have to pay for shipping, you’ll need to price your merchandise with that in mind. You could even offer free shipping and free returns as a way to help wavering customers decide to make the purchase.
The beauty of an online business is that it can be done in conjunction with home shows and physical locations.Ode to a Nightingale
Starting a retail business is an exciting journey. Selecting the best of the retail business opportunities available for you is the first step on this road.