Want to know about retail market!!

[kristi491]

Hi all,
Before starting any business, it’s a big deal to take a decision which business we have to start. Right now I am facing the same situation. I want to start a retail business but before starting the business I want to know everything about it. If you guys know any source through which I can know about retail business. So, please help me in this.
Thanks!!

[red120]

First off so we don't have too much overlap, what have you learned from your own research so far?

[Drew_W]

So basically all you know is that you want to start a business. Any other thoughts come to mind?

[heavyweight]

The source and amount of information will depend on the sector your choose.
"Retail" is an extremely broad term. Unless you are complete unsure of which sector you want to choose, and want general information on different categories of "retail", you should create a narrow list of potential businesses that interest you and conduct research accordingly.

Most secondary sources of research and information is only partially useful to helping make an important decision, such as which industry to enter. You may want to take some time to conduct your own primary research. Analyze other similar businesses in your region, and compare this with other regions to determine the local potential. Conduct some brief surveys to get a better feel of what the market thinks of your business idea. Analyze the demographics in your region to understand the needs and wants of the majority of the population.

This will help you to understand not only the different retail businesses that interest you, but also the potential of each in your region. Combining this with hard facts and evidence from secondary sources will allow you to make better decisions.

[Just Confused]

I'm intrigued why you have jumped straight to retail when you're not sure of what business to start.

IMHO, retail is one of the tougher ventures because the average consumer could be described as "high maintenance". They are always quibbling about cosmetic details, returned merchandise, give rubber cheques, and figure anything is fair to screw over a business. On the other hand, selling to industrial, commercial or other business customers (B2B) is a lot easier and lucrative. That's not to say some industrial customers can't be flakes and a pain in the rear too... it just seems a lot less to me.

[slavka012]

I'm intrigued why you have jumped straight to retail when you're not sure of what business to start.

IMHO, retail is one of the tougher ventures because the average consumer could be described as "high maintenance". They are always quibbling about cosmetic details, returned merchandise, give rubber cheques, and figure anything is fair to screw over a business. On the other hand, selling to industrial, commercial or other business customers (B2B) is a lot easier and lucrative. That's not to say some industrial customers can't be flakes and a pain in the rear too... it just seems a lot less to me.

I second that. You sell b2b once and they are your repeat customer forever. Well maybe not forever, but for a long time, if they are happy.

And higher margins, too. Margins in retail are cut-throat -- there is always another store like yours 100 m down the street.