Why this is the Best Time to Start a Retail Business
Updated: Oct 24, 2022
Is this the golden age of retail? You bet it is!
Society is more accepting of change and innovation today than ever before — there are no limits to creativity where retailing is concerned. This is the greatest and most lucrative time for independent retailers to succeed than any other period in our history. That is due to the power and potential of e-commerce. The retail marketplace and the way we communicate with that retail marketplaces has changed dramatically in favour of the creative digital merchant. No more of the “that’s-the-way-we-always-do-it” mentality! In fact, this generation is used to change — it accepts it, expects it, and wants it.
Retailing has become a way of life with boundless opportunities. Downtown areas are re-emerging as viable places to shop. There are several malls and shopping centers popping up which offer affordable annual rents. The government is also promoting financing packages designed to enable enterprenuers get started, and help existing businesses stay open. More merchant organizations than ever are now available to help new retailers compete in the marketplace. And the Internet not only offers valuable retail business information and opportunities, but it also allows you to market to and communicate with your customers at virtually no cost.
The newest retail battle cry is “making money from the front door and back door.” That means retailers today are no longer solely dependent on the traditional ways to market their businesses. We can truly create customers for life wherever they might move, so we can become less dependent on people walking through the front door.
Today’s retailing world is made up of people with many different talents, skills, and approaches. The new kids on the block don’t always have the finest college education, nor do they always come from major cities of the world. (After all, even the now-mighty Wal-Mart originated in Bentonville, Arkansas.) But in the retailing world, ordinary men and women can become extraordinary. The new kids can either push the established and already successful stores to become better, or they can put those old stores out of business. Great stores (big or small) thrive, and there’s plenty of room for great stores.
The time is ripe for new success stories! Are you ready ride this new wave of change?
This article is the first article in our Start with Kenga - How retailing works sub-category series. which is deduced from the Retail Business Kit HandBook. You can follow the entire series #StartWithKamel or the sub-category #HowRetailingWorks by clicking on these hashtags. The next article of this series can be found here.
Overview of Start with kamel Series
From the challenge of finding the right products to sell, to the thrill of buying it, and the excitement of unpacking it and showing to potential customers what you have in store, retailing can be one of the most exciting and exhilarating experiences can you ever have. Nevertheless, 15% of all new retail businesses on average fail within the first two years. Why? Because people don’t spend enough time learning about selling products in order to understand whether it’s right for them. This doesn’t have to happen to you. Retail business is a wonderful business — if you’re the right person for it. In this series, I'll give you an idea of what retailing is all about so that you can decide whether it's right for you.