That doesnt mean that you should keep the stress of dealing with problems to yourself. Rather, be selective about when and where you discuss what is going wrong.One of our young employees once asked if we had any other boss friends we could talk to. Luckily we do. It often helps to trade stories with other small business owners and managers. Not only do we get to complain without worrying about upsetting our customers or staff, but we sometimes find that other retailers have solutions to the problems that are bothering us. Not only do we get to complain without worrying about upsetting our customers or staff, but we sometimes find that other retailers have solutions to the problems that are bothering us. It is sometimes better to run one store passionately than to have your attention diverted to several locations. MULTIPLE STORES: GROWING YOUR BUSINESS The reasons that compelled you to get into retailing to begin with may influence your decision to open a second, third, or fourth branch: an ambition to create a new and exciting store, a desire to fill a need in the marketplace, an eagerness to promote merchandise you have a passion for, and an interest in creating new jobs. One particularly compelling reason for branching out is to provide opportunities for advancement for staff members. Although we have been fortunate to have staff members stay with us for more than twenty years, the fact of the matter is that working for a single-location store does not offer much of a career track, especially if it is a family business that will most likely be passed on to the sons or daughters of the owners. If you decide to open a branch store to provide a new management position for a loyal employee or a family member, be sure the person plans to stay with the job. Consider offering a financial stake in the success of the branch to encourage the person to make a long-term commitment. Consider offering a financial stake in the success of the branch to encourage the person to make a long-term commitment. decides to close the store for reasons other than lack of business success. Many shops do close because of financial reasons, of course, especially if they were started with insufficient capital to keep the doors open for the first year or two. But you may find that your store concept goes out of fashion, that you want more free time, or that the local economy takes a downward spin. You dont have to be open for decades to have had a successful shop. It is a major accomplishment to have brought your dream to reality. It is a major accomplishment to have brought your dream to reality. A going-out-of-business sale will in fact often start by offering the goods at very close to full retail. The first weeks, or even months, the storewide discount may be 15 or 20 percent off. The wider public attracted by the store closing (sale vultures, we sometimes call them) will be drawn by the promise of bargains, and a considerable amount of merchandise can be moved at greater than wholesale value. As the sale progresses, the discount will need to be deeper, but very little will probably remain by the time the markdown is 50 percent or more. Be sure to put signs on your fixtures indicating that they will be available for sale when you close. There are always new retailers looking for an inexpensive way to outfit their store. There are always new retailers looking for an inexpensive way to outfit their store. A store closing is a time of loss for those who loved the store, and especially for those who worked there. Be sure to offer assistance in finding your staff new positions. Dont be surprised if they take job offers before you have finished your going-out-of-business sale. It can be distressing for them to see the store empty out and start to look shabby, which it will as the merchandise selection is reduced. Staff members need to protect their own future and should take whatever opportunity comes their way. You may need to contact a temporary agency for salespeople for the last weeks of the sale. You may need to contact a temporary agency for salespeople for the last weeks of the sale. .
Posted in marketing