Chapter 1 - The basics of retailing. This chapter presents the following content: Discover the values that will guide your business, develop an effective signature line, develop strategies to guide your retail decisions. | Retailing in the 21st Century Ch. 1: The Basics of Retailing Explore the dynamic nature of retail Get started in the retail business Assess your “retail readiness” Focus in on your dream so you can turn it into reality Discover the values that will guide your business Develop an effective signature line Develop strategies to guide your retail decisions This is the overview of topics at the beginning of Chapter 1. Six Basic Steps Plan your business Validate your ideas Get the financing Orchestrate your grand opening Create your routine Grow your business The next few chapters of the book explain how to take each of these steps, one at a time. Retail’s Lifestyle Impact PROS CONS Not much travel; can stay close to home Variable work hours Multiple networking opportunities Income potential Being your own boss Creativity and excitement Temptation to be at store all the time Long work hours; working weekends Hard to find employees you trust Lots of responsibility Tedious when sales are . | Retailing in the 21st Century Ch. 1: The Basics of Retailing Explore the dynamic nature of retail Get started in the retail business Assess your “retail readiness” Focus in on your dream so you can turn it into reality Discover the values that will guide your business Develop an effective signature line Develop strategies to guide your retail decisions This is the overview of topics at the beginning of Chapter 1. Six Basic Steps Plan your business Validate your ideas Get the financing Orchestrate your grand opening Create your routine Grow your business The next few chapters of the book explain how to take each of these steps, one at a time. Retail’s Lifestyle Impact PROS CONS Not much travel; can stay close to home Variable work hours Multiple networking opportunities Income potential Being your own boss Creativity and excitement Temptation to be at store all the time Long work hours; working weekends Hard to find employees you trust Lots of responsibility Tedious when sales are slow How will becoming a retailer impact your current lifestyle? “The 8-Point Retail Filter” Product – What do you sell? Presentation – How is it displayed? What does your store look like? Procedures – How do you run the business, day to day? Pricing – What kinds of prices do you charge? Promotion – How do you advertise and market? Profitability – Are you able to make money? People – Who are your employees? Brand – How do your distinguish your store from others? Throughout the book, you will be prompted to use these guidelines to “filter” decisions about many different aspects of retail management. An Effective Signature Line Is made up of less than eight words. Can be placed after your logo every time your logo appears. Is memorable or can be repeated often enough that it gets remembered. Communicates who you are, what you do, and what customers can expect from you. Discuss examples of good signature lines (and bad) in class.
