The idea of owning your own retail business can be a heady thought and will change your entire lifestyle. Before you jump at the idea, come down out of the clouds and let’s analyze whether or not this is a decision you are ready to make.
Owning a retail business is a huge commitment and it’s just as important to ascertain whether or not your husband, wife or partner is as committed to supporting your efforts as you are. Clearly, if you own your own business rather than going to a job on a daily basis, it will be a different lifestyle and a larger commitment on your time. Time for your personal life will be reduced and this will affect relationships.
Going forward, start considering how much money you will have to raise to start your business. Do you have money set aside or will you need to take out a loan? Taking out a loan will generally require collateral. What about a location? Assuming your retail business is going to exist in a brick-and-mortar type of building, do you own one or will you have to pay rent?
These are just some of the considerations to owning a retail business. Let’s take a quick look at the pros and cons starting with the financial angle. While you will definitely have a chance to make more money than you could working for an employer you will also have to take a greater financial risk. Let’s be realistic – there is no real financial risk when you work for someone else.
Then there is the burden on your time, because as owner you will have to work longer hours and vacations may be few and far between in the beginning. While it might be nice to be the person in charge making decisions for your businesses’ success or failure, are you ready to be the person in charge of other people?
Owning your own retail business will allow you to implement your own ideas, be involved in every aspect of running the business and you’ll gain experience in the different jobs necessary for running a retail business, such as advertising and inventory tracking. This will most likely give you a lot of personal satisfaction but you will spend a lot of time learning all these details including dealing with difficult customers and firing employees.
Of course you’ll have pleasant customers that you’ll deal with too. Putting down roots in the business community creates a sense of belonging and permanence but in the beginning you may find that income is not very dependable and there may be times when you don’t have a lot of income coming in.
If you feel you’re able to deal with the bumps in the road and difficulties that will go with owning your own retail business then it just may be for you. Doing work you really enjoy, in an environment where you feel comfortable, while being able to build a retirement should provide a great feeling of well-being.