Thursday, November 29, 2007

Learn by doing

Billie is a new mom who is planning to open a children’s store in her neighborhood. She’s working on her business plan, taking an accounting course, and deciding what products to offer. But, she’s never owned a retail business so she’s nervous about starting the endeavor.

First or all, I want to say “good for you!” It definitely sounds like you’re on the right track. (Two big thumbs up for the accounting course; this is extremely important.)

Starting a new business is risky but even riskier is starting a business without experience. You say you’ve never owned a retail store but have you worked in retail? I would recommend getting some work experience in a children’s store. You can use the opportunity to learn as much as you can about the industry.

Not only can learn the basics of retail management but you get insight into margins, sell through, and vendor relationships that would be applicable to your business.

Another possibility is to pursue a mentor in the retail sector. As you’ll see from my last post, I think mentorship is one of the best ways to learn when you’re new to a business.

Best wishes!add to sk*rt

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