Entrepreneurs in developing economies such as South Africa are driven by both opportunity and necessity. In fact, in Africa 75percent of people believe that becoming an entrepreneur is both admirable and an excellent career choice.
Here are some tips to help you start your retail business strategically, from Vend, a world-leader in getting retail stores up and running:
The product: You may know what you want to sell already, but even if you’re looking at a specific theme or set of products, making the right choice on what to stock is crucial. There are three things that can help you refine this: interest, demand and margin.
Interest: Retail is complex and has its fair share of challenges so make sure you’re selling something you’re passionate about, that has an interesting story or is unique and of value to your target customer.
Market demand: The reality of fluctuating economies and easily distracted customers is that you can’t rely on your passion alone to build a successful business. Look carefully into whether or not your products interest your target market.
Margins: How much can you sell your products for? How much will it cost to purchase or make them? To determine your margins, get in touch with suppliers.
Supplied by Vend