Also, many consumers prefer to buy from the owner. They feel that an owner is the most knowledgeable person to deal with and can offer them the best price. Managing multiple stores requires a different skill set than managing a single store. Hire a manager for a second store, and a manager is never as attentive to detail as an owner; he has no vested interest.
Most small business owners that open second and third locations close them within a few years. If you have a simple and profitable concept, a second store may indeed be just what you need to grow your business.
Business issues are often time-sensitive. What do I hope to accomplish?
What alternatives will also achieve my goal? Perhaps something other than signing a lease for new space will work as well, such as an online store, listing your inventory on Etsy or similar sites or displaying at antique shows or antique malls.
What will be the financial impact on my business? What does a SWOT analysis tell me?
In a SWOT analysis, you analyze the strengths, weaknesses, opportunities and threats involved in making a move. This analysis is where you will consider timetables, cash flow, responsibilities and deadlines. What will be the impact on my personal life? Additional stores will stretch all of your resources, including personal ones. How important is it to you to play with your kids, attend their events or have a date night with your spouse?
How about hobbies or socializing with friends?
Retailing can be fun, challenging and profitable. Lest you think these lessons are mere ideas, Averwater is clear to provide an example in many of the lessons that occurred in his own experience with his own music retail business Memphis-based Amro Music Store, if you need to know, and now one of the largest musical instrument retailers in the U.
Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.
Retail Truths: The Unconventional Wisdom of Retailing [Chip Averwater] on rapyzure.tk *FREE* shipping on qualifying offers. lessons retailers learn the. Editorial Reviews. Review. "Retail Truths should become a dog-eared companion to anyone who hopes to succeed in retail. It's packed with honest, straight-up.
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