Starting a retail-based business idea? Well think again

BUSINESS IDEA INSIGHT

There can be a right time and a wrong time for launching a business. Retail based business ideas can be great, but there are many downsides these days with how the internet and other factors are changing the retail shopping landscape.

It’s important you pay attention to the timing of markets. You can have a great idea, but if the timing is off, you’ll fail. And 2020 has continued to show that trends in the retail space will continue their path.

If we look at some of the industries in retail businesses that are thriving, such as restaurants, nails salon, pet care and gyms. We will see some commonalities. Let’s walk through some common factors and patterns you will find in these thriving industries.

A common theme among those five thriving industries is that they provide an experience for their customers when they leave the home. These places make it pleasant for people to spend their time, which now is proving to be more important than the amount of money a customer will spend. If you can get them to spend their time with your business, that is a success too as that will build over time to more money being spent because of brand loyalty.

Another common theme is that internet has allowed these businesses and business models to thrive by driving people to their store fronts. Whereas the dying industries like the furniture stores, shoe stores and hardware store are being over-taken because the online experience is much better and preferred.

The last key theme among these thriving retail businesses is that they provide value in the person feeling better about themselves. A restaurant will provide a great meal and that person will be full and happy. The nail salon may give someone new confidence because of their fantastic new nails. And a gym allows someone to get into shape and better their health.

Just think about it. Think of a time when you went to go buy shoes in the mall. First, you need to spend time getting to the mall and finding parking if you drone. Then, when you first walk in, you’ll have to walk half a kilometer to find the shoe store you are looking for. And finally, when you reach the store to buy shoes, you’re bombarded with sales tactics to get you to buy everything in the store.

There are usually more deals found when doing online shopping as well. For example, flash discounts through email marketing that you usually won’t get in store, and you can see from all these growing retail industries that they create value for their customer.

It’s not as a pleasant experience as ordering something online in the comfort of your home. There are usually more deals found when doing online shopping as well. For example, flash discounts through email marketing that you usually won’t get in store.

1: Follow the trends and don’t start a retail storefront in the declining industries, and stock within the growing industries if you want a retail-based business. If you need help finding trends, you can use these 12 tools for discovering business idea trends.

2: Design more engaging, fun and value-added aspects to a declining retail industry, and see how you can substantially stand out from the competition and take market share from the current competitors.

Next time you sit down with your list of retail-based business ideas, ask yourself those questions I put in above, and see if the company you want to start will actually provide an amazing experience and add value to someone’s life.