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“Liked the shop so bought the business” - it does happen and owning your own retail outlet is a dream shared by many. After all there is huge revenue to tap into with New Zealanders spending more than $12,000 in shops each year, for every adult, child and baby.
Bear in mind that this revenue is spent in more than 49,000 retail outlets, including shops, service stations, cafes, restaurants and car yards.
If you are thinking about starting or buying a retail business you need to consider both the general issues involved with starting a business, as well as specific issues relevant to retailing and the retail sector. To be successful you need to operate competitively in your chosen niche, standing out and having a good understanding of your customer and the market.
Location is an important factor but equally so is determining what “drives” the customers to your store to buy. A central location with plenty of foot traffic means a steady supply of potential customers past your door. But if you have identified a niche market that is particularly sought after, then location is not of paramount importance, which could mean big savings in rent.
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Cheers
Marc
Bear in mind that this revenue is spent in more than 49,000 retail outlets, including shops, service stations, cafes, restaurants and car yards.
If you are thinking about starting or buying a retail business you need to consider both the general issues involved with starting a business, as well as specific issues relevant to retailing and the retail sector. To be successful you need to operate competitively in your chosen niche, standing out and having a good understanding of your customer and the market.
Location is an important factor but equally so is determining what “drives” the customers to your store to buy. A central location with plenty of foot traffic means a steady supply of potential customers past your door. But if you have identified a niche market that is particularly sought after, then location is not of paramount importance, which could mean big savings in rent.
Read More...
Cheers
Marc