Do you have what it takes to own your own retail store? Anyone considering starting a business will probably answer 'yes' to that question. Choosing to become an entrepreneur is just like making any career decision. Before starting your business, take a moment to seriously consider your strengths, weaknesses and the qualities any good retailer should possess.
Assess Your Skills
Retail owners wear many hats. They are expected to play the role of manager, market researcher, accountant, and even receptionist. What skills do you have in the following areas?
- Sales: Sales planning, customer service, tracking competitors, direct sales.
- Accounting: Billing, bookkeeping, monthly profit and loss statements, tax preparation.
- Marketing: Media planning, pricing, copy writing, public relations, distribution channel planning.
- Management: Hiring and firing employees, motivating workers, general management skills.
Qualities of Successful Owners
You can still be a successful retailer if you don't have all of the skills listed above. However, there are natural qualities business owners should posses in order to be successful. They generally have the willingness to sacrifice, high levels of self-confidence, are willing to take risks and can make good decisions under pressure. Ask yourself the following:
- Are you willing to risk losing all of your capital? If you're uncomfortable with risking money or time on things you're not absolutely sure of, then you may not be entrepreneurial.
- Are you willing to put in long hours, be the last to be paid, and give up those yearly vacations? Start-ups generally take up any and all personal time you once had.
- Do you have the ability to lead others? Retail ownership is all about being able to manage customers, employees and even suppliers. Many people will be looking towards you to answer questions.
- Can you organize your personal and business life? Successful owners must be able to keep track with every aspect of their business.
- Do you have knowledge of the type of business you want to own? To obtain financing, you should have some solid business experience. Work part-time or volunteer at the type of business you hope to own one day.
After evaluating yourself, you may find that you lack an attribute needed to be successful. Don't panic, everyone has weaknesses! It is very possible to build your business around your strengths and hire others to fill in where you are weaker. You could develop traits or skills you currently lack or partner with someone who has what you lack. If you decide that retail ownership isn't right for you, consider one of the many choices of careers in retail.
