New people entering retail ventures have one or more of the following queries. We often hear them saying:
- How to get the price/quality mix right?
- How to find out what customers think of your service, and what changes they might like to see?
- How to increase feelings of ownership or patronage among customers?
- How to increase business through improved community relations?
- How to get involved in the community through charity, sponsorship, and local initiatives?
Before entering into any venture, specially retail, as because retail is booming today, you must be very careful while making selection. The selection process applies to retail space you invest in, kind of products and services you offer, targeted business area or customers and more.
Because every now and then we hear that a mall is coming or a new food court is opened or let us spend this week end at new multiplex.
To avoid such issues and stay away from the after effects, do proper homework. This homework includes:
1. Researching your market - Look for Competition
2. Making the business stand out - Product and Services you offer
3. Socially responsible retailing - Taking an ethical stance
4. Getting involved with the community - Your community will work for you
5. The Law - As it applies to retailing
6. Advertising, an investment in sales - Sell Yourself
7. Creating a brand for yourself or your store - Stay ahead of the Competition