Dreaming the Dream?
3 Essential Steps to Making It Come True

©Copyright, RetailStartup.com and The Retail Owners Institute®. All rights reserved.
Been dreaming about owning your own store? 
You're not alone.

In fact, each year in the United States, about 100,000 new stores start up.  Every hour, every day, 11 new retail businesses switch on the Now Open! sign for the first time!
​​Who are these new retailers? People just like you.
  • They love the products, or the customers who buy those products.  
  • They want to be their own boss.  
  • They're willing to take risks.  
  • They want to contribute to their community.  
  • They are creative, have a vision for new ways of doing things.  
  • They're not afraid of hard work. ​
They like being around people - the people who work for them, the customers, the suppliers, their neighboring merchants.

​Some choose to start with a business partner who shares their dream and ambitions.  Even better, someone who complements their own set of skills. Others prefer to do it all on their own.

Whatever those differences might be, there is a shared experience: they all Dreamed the Dream!

Step #1: Confirm the Decision


Proceed only if you can answer
a resounding "Yes!" to all three 
of these questions!
1. Do I have the capacity to be in retail?
That is, talent, money, locations, merchandise, systems, people, business sense, etcetera?

And if I don't have it, can I get it? (Go here on RetailStartup to fast track some of that.)

2. Do I have the appetite to be in retail?
Owning a retail store, like any other business, demands desire, drive, ambition. Do you have that?

3. Do I have the stomach to be in retail?
Ahh, the true test! Just like all other business owners, you must deal with uncertainties.

But, as a retailer, you must do all this as if in a goldfish bowl!

Turns out, being in retail makes you a quasi-public figure. And when you are the owner - with yours or your family's name on the store - it can be especially challenging.

If this kind of public exposure doesn't appeal, now is the time to pursue other, non-retailing ways to invest your startup capital.

Step #2: Do the Homework


Reality check time.
Work in a relevant retail store.
Sounds pretty basic, doesn't it?  If you can't get a job in the kind of store you think you want to own, consider offering to work as an unpaid intern for 2 to 3 months. (Recognize that the owners will still have to train you, and of course, may regard you as competition as well.)

Work in any retail store in the neighborhood or mall you are considering for your store's location.
Your goal now is to see for yourself - firsthand! - the customers in that area. 

Become a student of the "theater of retail".
Pay close attention to the design of all kinds of retail businesses. Spend time in stores and malls as an observant student, not just a shopper.

Then, go to a business library or online (start here at Resources for Retailers) to learn more about store design and layout, visual merchandising, displays, fixtures, shopping bags, digital signage, and much more.

Know the heroes – and the has-beens – of your chosen retail segment.
Learn as much as you can about the greatest success stories of retailers in your chosen segment, as well as those who no longer are in business.
  • What drives the (continuing) success of the winners
  • And what caused the demise of the others?

Step #3: Make It Happen!


If you bog down, especially during Step 2 or Step 3, revisit Dreaming the Dream.

And if you ever lose 
the dream? 
It's time to get out!
Minimize expenditures on leasehold improvements.
This is a store you're building out, not your home (even though you may spend more time in it than your home.) Treat it like a stage set.

Flexible, changeable, and, since it's your nickel, as little as possible built in.

Make lighting one of your spending priorities.
Customers are drawn to light. Learn to use lighting to create the atmospherics of your store, and to highlight the merchandise.

Lighting is a powerful ally when creating your store's "Wow!" effect.

Spend money on systems. Get information, not just data.
Accounting programs and point-of-sale systems are not just for the big guys. To manage the investment you have put into your store, you need reliable systems for bookkeeping, accounting, sales, and inventory.

Then, spend the time to learn these systems, so that you, the decision-maker, can have direct access to the perspective they offer on "the big picture" of the business.

Hire people for their attitude.
Anyone can learn the merchandise in a few weeks.  When hiring, look for responsibility, honesty, respect for the customers, and a positive, upbeat attitude.
Direct links to self-help retail calculators and how-to resources. Specially for busy retailers!
Grow PROFITS
Control INVENTORY
Manage CASH FLOW