Starting a retail-based business idea? Well think again BUSINESS IDEA INSIGHT There can be a right time and a
some common factors and patterns
THE INTERNET COMPLIMENTS THE BUSINESS
wrong time for launching a business.
you will find in these thriving
MODELS
Retail based business ideas can be
industries.
Another common theme is that
great, but there are many downsides
internet has allowed these business-
these days with how the internet and
COMMONALITIES AMONG THE THRIVING
es and business models to thrive by
other factors are changing the retail
BUSINESSES
driving people to their store fronts.
shopping landscape.
THE NEED FOR GREAT EXPERIENCES
Whereas the dying industries like the
A common theme among those five
furniture stores, shoe stores and
TIMING IS EVERYTHING
thriving industries is that they provide
hardware store are being over-taken
It’s important you pay attention to the
an experience for their customers
because the online experience is
timing of markets. You can have a
when they leave the home. These
much better and preferred.
great idea, but if the timing is off,
places make it pleasant for people to
you’ll fail. And 2020 has continued to
spend their time, which now is
THE DESIRE TO BETTER YOURSELF
show that trends in the retail space
proving to be more important than the
The last key theme among these
will continue their path.
amount of money a customer will
thriving retail businesses is that they
spend. If you can get them to spend
provide value in the person feeling
If we look at some of the industries in
their time with your business, that is a
better about themselves. A restaurant
retail businesses that are thriving,
success too as that will build over
will provide a great meal and that
such as restaurants, nails salon, pet
time to more money being spent
person will be full and happy. The nail
care and gyms. We will see some
because of brand loyalty.
salon may give someone new
commonalities. Let’s walk through
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MBE BUSINESS MAGAZINE APRIL / MAY 2020
confidence because of their fantastic W W W. M B E F O RYOU. C O M
