Location, location, location, that is the mantra that you always hear. Your location is a critical part of your retail business success, so you must choose wisely. But, how do you choose the right location?
One common mistake is to select the least expensive place available to keep overhead costs low. Containing costs is important, but remember, no amount of advertising dollars will make up for a bad location. If people can’t find your business, they can’t spend their money with you and this will be even more expensive for you in the end. Think of it this way. What you don’t spend on rent you will spend in advertising.
A second mistake is using a retail location for offices and storing inventory. Retail space is expensive and the vast majority of the space should be used to display your merchandise, not house your bookkeeper. Put your back office staff in a different, less expensive location.
If you’re an entrepreneur, you will fail. I don’t mean your business is going to fail and you’ll go bankrupt. I mean that sometime, somewhere, to some degree, you will fall short. You will forget to follow through on a commitment to an employee, partner or customer. You’ll be late to a meeting. You’ll make a bad choice. You’ll exercise poor judgment. You will make a mistake.
How you react when you fail will say a lot about who you are as a person, and will be a critical factor in determining how successful you are in business in ways that go beyond financial.
New entrepreneurs make many of the same mistakes, said Ethan Mollick, a professor who specializes in entrepreneurship at the University of Pennsylvania’s Wharton School. They fail to fully develop a business plan. They neglect important market research. They get into trouble by making poor hiring choices.
Don’t Fear Failure | Robert Kiyosaki – Entrepreneur Magazine
You are what you think you are. Whether failing makes you a failure is all a matter of how you view yourself. This article by Robert Kiyosaki, author of ‘Rich Dad, Poor Dad’ discusses what he learned from failing. Read Article”