Concept Evaluation
Now that you know you're ready, let's take a look at your idea!
Do you have an idea? Perhaps you feel your perfect for retail but are not sure where exactly you can fit in to the marketplace.
Where to find ideas:
Is your concept viable? Does it meet a need? Are there customers willing to buy it?
Perhaps you have an idea that you think is great, but have no idea whether or not it is feasible in the current retail market. That's where we come in. Retail Concepts offers a Concept Evaluation Package that can help you understand how to identify the right customers for your concept and what you need to do to capture their interest.
Does it pass the elevator test? Try to sum up your idea clearly and explain it in three minutes or less. Test it out on others and see if they understand what your store would offer them.
Remember, no matter how big or small the idea, it still has to fit in the three-minute slot. The key to selling is a simple concept that can easily be grasped by consumers. Try the elevator test and see if you pass!
What skills do you need? Do you have them or do you need to hire staff or outside consultants to help in these areas?
Accounting/Financial Skills
You
Need to hire
Knowledge of Local Retail and Zoning Laws
You
Need to hire
Negotiation Skills
You
Need to hire
Sales Skills
You
Need to hire
Recruiting/Hiring Skills
You
Need to hire
Daily Operations & Management
You
Need to hire
Do you have the financing you need?
If not, you will need a business plan to show to potential investors.
Are you up to speed on what is going on in your business and the market?
Here are some industry publications that you may want to use for research:
- Stores
- Women's Wear Daily
- Retail Wire (daily retail headlines delivered to your inbox)
- The Entrepreneur Radio Magazine Show
- Best Sites for Entrepreneurs
Do you have the professional support to make your retail idea a success?
If not, Retail Concepts can help you or direct you to the appropriate professional resources for any of the above areas.