We read and share a lot of content about “big box” retail and industry giants like Amazon. But, the vast majority of retail businesses are small and medium-sized. They are entrepreneurs that put it on the line to build a business and a life on their own terms. Maybe that’s you, reading this post now!
Retail entrepreneurs inspire us. Helping small- and mid-sized retailers sell like/compete with the likes of Walmart and Amazon is our purpose. So, this week I want to share some content we’ve been reading about entrepreneurship. If you’re a retail entrepreneur, here’s some excellent advice.
Maybe you’re thinking about starting a retail business. Maybe you already have, and you’re wondering “am I the only one who feels like this?” This article by AudienceBloom CEO, Jayson Demmers, paints a realistic picture of the sacrifices every entrepreneur must make. It can seem bleek, but the message is actually positive: make the sacrifice early, do the work, and it’ll pay off in the long term.
Playing Small Ball
This article on the Sage ERP blog talks about how to set a realistic growth strategy. It’s about not underselling what you can do to grow, but also being realistic about how you approach it. This is a unique era in retail, and you have a huge opportunity. Just look at all the new retail brands that have turned the industry on its head (Bonobos, Warby Parker, etc.). Why can’t you be one of those?
Learning from Big Mistakes
Learning from others’ mistakes is an effective (and free) way to hone your strategy. And, where better to look than at big time retailers? Consider these stories a cautionary tale. Learn from the mistakes of those who grew before you. That way, when you grow to “big online retailer” status–you will…see previous link–you won’t make the same mistakes.