Retail, while rewarding, also comes with its fair share of tribulations. That’s why it’s important that you honestly evaluate your situation to determine if you’re up for the challenge.
For one thing, you’ll be investing a lot of money into the business, and you likely won’t see an immediate return. Some stores could take years before turning a profit, so you need to be prepared to lose your savings and/or lower your standard of living (temporarily) while you build your business.
And unlike a typical 9-to-5 job, running a retail business requires longer hours especially in the beginning. Store owners are hard at work even before the first customer walks into the shop, and they may continue working long after the last shopper leaves.
We’re not bringing up these things to discourage you. We just want you to be fully aware of the realities of retail so you can make a truly informed decision. To help you do this, here are some questions you should ask yourself:
It may not be fun to face these questions, but it’s something you have to do. Also remember that taking this step doesn’t make you negative or pessimistic&emdash;it makes your prepared.
The good news is, if you get through these questions (and the other steps outlined in this guide) and you’re still passionate about retail, chances are you’re on the right path towards retail success.
Time required: 1 - 3 days
Materials: Your favorite note-taking device (smartphone, pen & paper, etc.), phone, mode of transport