Tips for Operating a Successful Retail Business

Starting your own retail business can be scary and the wide variety of information and host of opinions and advice can get a
little overwhelming. To simplify, consider the 5 simple P’s:

1. Product - You need to figure out what your business is going to sell and make sure it is a quality product. Does your product provide more value than your closest competitor?
2. Price - Determine the right pricing for your product. You want to be as close to your nearest competitor as possible. Too high and you will outprice yourself, too low and you could indicate a low quality to the market.
3. People - You need the right people operating your business. Consider the types of skilled people that you need to run your business – operations, customer service, etc. A personal touch goes a long way.
4. Pristine - This is Business 101. Your business needs to be clean and welcoming.
5. Place - Provide a sense of place. You want to create a place that customers want to visit again and refer their friends. What are your competitors not offering that you can add to your business? How does your location reflect your brand’s personality?