Retail entrepreneurs are of different types. Serial entrepreneurs launch business after business and creatives entrepreneurs turned their hobbies into success. The one common thing that each of them has is their passion, the fuel for starting a business in the first place. The fledgling entrepreneurs can study the insight of those success stories to start their own retail business. The most important factor, before starting a new venture or putting the passion into business, is market analysis.
With research and development you can collect more data on why your idea is great, and how you can improve it. Conducting market research, holding focused groups with variations of your product and testing out a few small-batch options can kick-start your product development.
The work that went into product development is a large part success and is a great lesson for any entrepreneur who wants to turn a passion into a big retail business.
A retailer can get the most valuable data from direct customer feedback, in-person. Every interaction may not give a chance to conduct a customer survey. The interaction should be meaningful and authentic to solicit feedback.
The most important thing to remember is that it is easy to ask customers to share opinions, but the real payoff is taking action based on that.
Though not every retailer has the luxury of traveling while growing their business, it is very true that digital interactions can not replace in-person interactions. No email or Facebook post can replicate sharing passion with potential customers, in real life.
Networks are important. It helps to build rapport. Get to know the people around you and local store owners, attend community events to build up a network to spread the word and brand is always easier than selling to consumers who don’t know you at all.
There is no right or wrong approach if you have a passion and want to turn it into a retail business. Some passion-motivated retailers have an authentic story and for others, it is about realizing a solution to a problem they face when pursuing their passions.