5 Things I Wish I Knew Before Starting a Retail Business

I started Lilly and Lynn's Bridal on a whim, my store is a retail and consignment store for formal wear. I came up with the idea at the same time I started the process of getting my divorce at the young age of 21. I needed a way to make money that didn't involve a normal 9-5 shift. So I began exploring my options and decided that opening my own business would be the best option. Little did I know that I had no idea what I was actually getting my self into. So I made this quick little list to help you out in your own endeavors.

1) Money, Money!

Well, you know that saying you need to have money to get money. This statement is 100 percent true. Being a retail business I quickly learned that having a large inventory was key. Not only did having a large inventory allow my customers to have many choices, but it allowed me to advertise in many different markets and too many different niches. Having a good inventory means spending beaucoup bucks unless you work with a 3rd party. You also must learn to be cheap when it's appropriate and extravagant when it's appropriate.

2) Creativity is key for longevity!

It's a well-known fact that most businesses don’t last past the first 3 years. So if your planning on starting a business you need to constantly be thinking outside the box of new ways to improve your business. The best way to do this is to add uniqueness. This will help you keep a fresh buffet of different things you can offer your customers. For example, offer an upgrade, do business event like a party for your clients. Find a new business partner. I have partners in catering and in photography. Hosting events that my clients can come to helped me gain more clients. HUGE tip make it free and make there be food! A customer is more likely to bring a friend with them and invite other people to come if the event, that they are invited to, is free and offers food.

3) Rules were made to be broken.

When your business first starts out it will be very important for you to have some rules. Rules about spending, rules about customers, and rules about time management. however, as you find that your business is growing it is important that you learn that it's OK to break these rules sometimes. For example, a lady came to me with very little money and needed a wedding dressing. I knew and trusted her well enough to cut down the price and I gave her a discount. Normally I never would have done such a thing but when the time is right, cutting your rules may actually help you. This is also important on a personal level if you find yourself overworked you may need to take some time off that you normally would not have taken. That’s OK! Forcing yourself to stick to rules all the time can actually hurt you more than help you.

4) Wear your detective badge!

Competition is a normal and even a healthy part of business. It can help the market find stability. For you to stay on top, especially in the fast-paced world of retail, it's important for you to keep up with what’s going around your business. Stay competitive, find your edge. Sometimes this means going into other stores that have similar themes and checking out their prices. Spend a couple hours a week browsing the internet to see recent trends. Compare and contrast your products and services to that of other businesses. Doing this will help your business stay active and in the flow of any recent trends.

5) Patience and renewing your passion.

Sometimes it’s hard to run a business and there is going to be those days when you want to give up and sell everything you worked for. Sometimes you get tried out and bored of your business. Somewhere someone started a rumor that you have to love what you do 24/7 and that you will somehow magically have all the passion it takes to run a business 24/7 for the rest of your life. NOT true, somedays you’re going to have to pump yourself up and remember why you’re doing this. The best motivation for me is to remind myself that I need money to live and that I would rather work for myself than work for someone to make their money off of me. Also, listen to music and motivation speakers and remind yourself to never give up!

I haven’t been a business owner long and even after I become more experienced there will always be more I need to learn. But this is my beginning and hopefully, this will be yours too!